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    Internalll

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    Dev kumar Shaw

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    © All Rights Reserved
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    Internalll

    Uploaded by

    Dev kumar Shaw
    3 views2 pages

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    3 views2 pages

    Internalll

    Uploaded by

    Dev kumar Shaw

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    INTERNAL Q&A OF MANAGEMENT

    INTERNAL Q&A OF TAXATION -1


    ACCOUNTING
    1. Flexible Budget: A flexible budget is a budget that changes based on the
    level of activity. It is typically used for costs that are directly related to the
    level of activity, such as variable costs such as raw materials, direct labor, and
    commissions.
    2. Zero-based budgeting (ZBB): Zero-based budgeting is a budgeting method
    where each budget item is evaluated from a "zero base," meaning that every
    expense must be justified and approved for each budgeting period, with no
    assumption of previous budgets carrying over.
    3. Management Accounting: Management accounting, also known as
    managerial accounting, is a branch of accounting that focuses on providing
    financial and non-financial information to the management of an
    organization to support decision-making, planning, and control activities.
    4. Cash flow statement: A cash flow statement is a financial statement that
    provides a summary of the cash inflows and outflows from a company's
    operating, investing, and financing activities during a specific period.
    5. Balance Sheet Ratios: In case both variables are from the balance sheet, it is
    classified as balance sheet ratios. These ratios are used to assess a
    company's liquidity, solvency, and overall financial health. For example,
    ratio of current assets to current liabilities known as current ratio. It is
    calculated using both figures from balance sheet.
    6. Features of Management accounting:
    a) Internal focus: Management accounting is focused on providing
    information and analysis for internal decision-making and planning
    within an organization
    b) Decision-making support: Management accounting provides data and
    analysis to support strategic and operational decision-making, such as
    pricing, product mix, and investment decisions
    c) Cost control and efficiency: Management accounting focuses on cost
    analysis and control to improve efficiency and reduce waste in business
    operations
    d) Timeliness: Management accounting provides timely and relevant
    information to support decision-making and planning processes
    7. Standard Costing: Standard costing is a technique which is used in many
    industries, where production is of repetitive nature. It is a system of
    accounting that uses predetermined standard costs for direct material,
    direct labour, and factory overheads.
    8. Distinguish between Management Accounting and Financial Accounting:
    Basis Management Accounting Financial Accounting
    Application Management accounting Financial accounting is
    helps management to prepared to reflect true
    take meaningful steps and fair picture of financial
    and strategize affairs.
    Scope The scope is much The scope is pervasive, but
    border. not as much as the
    management accounting.
    Nature It records both qualitative It records quantitative
    and quantitative aspect. aspect only.
    Dependence Management accounting Financial accounting is not
    is dependent on both cost dependent management
    & financial accounting for accounting for successful
    successful implementation.
    implementation.

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