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Illustrate the term accounting?
Accounting:
It is an art of classifying and recording data. Here, the data considers to transactions consisting of monetary or financial values. As per this, accounting is merely an art and not a science. Such contention is held due to the fact which the principles and rules of accounting are not based upon general truths and natural laws as any mathematical or physical science. Accounting has its own laws that apply equally well within similar circumstances for same business transactions.
What is delegation of authority and responsibility? Delegation of Authority and Responsibility: Authority means the right to command and also power to act. Respons
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It allocates costs based on the price elasticity of demand. Yet higher the elasticity (elastic), the lower the charge of fixed costs when allocated amongst products.
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