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Accounting For Management

1. Define Management Accounting?
Ans:- “ Management Accounting is concerned with accounting information that is useful to Management”. “ Such of its techniques and procedures by which accounting mainly seeks to aid the management collectively have come to be known as management Accounting”.
2. What is Convention (principle) of Consistency?
Ans:- “ The consistency requires that once a company had decided on one method, it will treat all subsequent events of the same character in the same fashion unless it has a sound reason to do otherwise”. If there is any change, its effect should be clearly stated in the financial statements.
3. What is revenue expenditure?

Revenue expenditure are Recurring in nature. The amount of expenditure is small.

4. What do you mean by Accounting cycle?

Ans:- The accounting cycle is a periodic process by which a firm's financial position - as expressed in the accounting records - is formally updated to summarize transactions that......


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Approximate Word Count: 2502
Approximate Pages: 11 (250 words per double-spaced page)

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