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Risk:
Risk includes circumstances or events that may or may not take place though whose probability of occurrence can be predicted from the past records. In this atmosphere, the states of nature are not certain however probability distribution can be assigned.
Fundamental uncertainty:
Uncertain events are those whose output can’t be predicted with statistical confidence. In this atmosphere the states of nature are not recognized nor are their probability distribution. The decision making procedure depend on risk attitude of the decision maker.
Competition:
In this environment the decisions prepared by the firm are exaggerated by decisions made by another firms with contrasting interests.Decision Making Beneath Risk and Uncertainty:
Before looking at the various methods of making decisions beneath risk, we shall look at the three major risk attitudes that distinguish various decision makers.
Describe the Principles of cost accounting Principles of cost accounting: The fundamental principles of costing are identical and are given below: 1. Cost is related to
Correlation coefficient (r) Correlation coefficient measures the degree of association between two variables such as the cost and the activity level. r = nΣxy - Σx Σy
accepted#Regarding the Overhead costs, these are allocated based on Direct Labor;
Organizing (1) It is the establishment of the framework within which the required activities are to be performed and the designation of who should perform such activities. It inc
what is Long term budgets Long term budgets: The budgets are prepared to depict long term planning of the business. The period of long term begets various between five to ten
Interest coverage ratio (or debt service ratio) Meaning: this ratio establishes a relationship among net profits before interest and taxes and interest on long debt. Obj
1. Explain the modern control methods with examples. 2. What are the reports produced for performance measurement? Demonstrate.
A bill is explained as an unconditional order in writing, addressed through one person to the other, signed through the person providing it, requiring the person to whom it is addr
INCOME STATEMENTS
ADVANTAGES OF "ABC ANALYSIS" The advantages derived from this analysis and its consequent follow up are summarized below: 1) Facilities selective control and thereby save va
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