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Omnipotent View of Management Definition: Omnipotent view of management is the view that managers are directly responsible for an organization’s success or failure. Recommended Books ! Or Download E accounting book in MS-word format for just 20 $ - Click here to Download
Linear Programming Techniques-General Observations: The maximization and minimization studies, together with the exercises and presented in this section, are realistic examples of the types of problems management faces. By maximizing certain managerial objectives such as contribution margin and utilization of available labor hours or
Linear Programming Solved Problems: This page is under construction, Solved problems about linear programming will be available soon. Sorry for any inconvenience. You may also be interested in other articles from “linear programming technique” chapter Linear Programming-Maximization of Contribution Margin-Graphical Method Linear Programming-Maximization of
Linear Programming and Maximization of Contribution Margin – Simplex Method: Learning Objective of the Article: Define and explain linear programming simplex method. How a profit maximization problem is solved using linear programming simplex method. Definition and Explanation of Simplex Method: Simplex method is considered
Linear Programming Questions and Answers: Questions: Q:1 Define and discuss the linear programming technique, including assumptions of linear programming and accounting data used therein. See answer. Q:2 What is meant by the unit cost in linear programming problems? See answer. Q:3 Hale Company manufactures
Linear Programming and Minimization of Cost-Graphical Method: Linear programming graphical method can be applied to minimization problems in the same manner as illustrated on maximization example page. An example can help us explain the procedure of minimizing cost using linear programming graphical method. Example:
Linear Programming and Maximization of Contribution Margin – Graphical Method: Learning Objective of the Article: Define and explain linear programming graphical method. How profit maximization problem is solved using linear programming graphical method. The contribution margin is one measure of whether management is making
Linear Programming – Minimization of Cost – Simplex Method: Linear programming simplex method can be used in problems whose objective is to minimize the variable cost. An example can help us explain the procedure of minimizing cost using linear programming simplex method. Example: Assume
Linear Programming Technique: After studying this chapter you should be able to: Definition and Explanation: Linear programming is a mathematical technique which permits determination of the best use of available resources. It is a valuable aid to management because it provides a systematic and
Line Definition: A position in an organization that is directly related to the achievement of the organization’s basic objectives.
Defects/Limitations/Disadvantages of Single Entry System of Accounting: Learning Objectives: What are the limitations or disadvantages of single entry system of bookkeeping. The limitations or defects or disadvantages of single entry system may be summed up as follows: Under this system only partial and incomplete
Limitations, Criticism or Disadvantage of Residual Income Method: The residual income approach has one major disadvantage. It cannot be used to compare the performance of divisions of different sizes. You would expect larger divisions to have more residual income than smaller divisions, not necessarily
Limitations of Financial Statement Analysis: Although financial statement analysis is highly useful tool, it has two limitations. These two limitations involve the comparability of financial data between companies and the need to look beyond ratios. Comparison of Financial Data: Comparison of one company with
Limitations of Cost-Volume-Profit (CVP) Analysis: Cost volume profit (CVP) is a short run, marginal analysis: it assumes that unit variable costs and unit revenues are constant, which is appropriate for small deviations from current production and sales, and assumes a neat division between fixed
Advantages, Disadvantages and Limitations of Activity Based Costing (ABC) System: Learning Objectives: What are the advantages and disadvantages of activity based costing system? Contents: Advantages of activity based costing system Disadvantages of activity based costing system Advantages of Activity Based Costing System: Activity based
Last In First Out (LIFO) Method Definition: A method that operates under the assumption that materials issued should carry the cost of the most recent purchase, although the physical flow may actually be different. In other words, the last receipt of materials are issued
Last In First Out (LIFO) – Materials and Inventory Costing Method: Learning Objectives: Define and explain last in first out (LIFO) method. Give an example of LIFO costing method What are advantages and disadvantages of LIFO method? Definition and explanation of LIFO method Example
Ledger: Learning Objectives: Define and explain the term ledger. What are the main advantages of ledger? What is the difference between ledger and journal? Explain the method of posting. What are the different methods of preparing a trial balance? Why a trial balance is