Explain the significance of variance analysis in decision making. Classify the various material and labour variance. Also give reasons for their occurrence. Meaning of Variance:- The difference between the standard cost and actual cost is known as the variance. So it is the next process, after the establishment of standard cost. When actual cost is …
What is meant by management Accounting? Explain the advantages and limitations of Management Accounting. Meaning:- Management Accounting is the Identification, Accumulation, Measurement, Analysis, Preparation, Interpretation and Communication of information that helps Managers in fulfilling organisation goals. Management Accounting is a source of information which supplies the right information to the right person at the right …