Open System Definition
Sana Ahmed Open System Definition: Open system is a system that dynamically interact with their environment.
Market Value Method or Reversal Cost Method
Shamsa Rafique Market Value Method or Reversal Cost Method: Learning Objectives: Define and explain market value method. Explain the use of market value method while costing by-products Market value method or Reversal…
Direct Materials Price and Quantity Standards
Abida Rehman Direct Materials Price and Quantity Standards: Learning Objective of the articles: Define and explain direct materials price standards and direct materials quantity standards. Explain how direct materials price and quantity…
Omnipotent View of Management Definition
Omnipotent View of Management Definition: Omnipotent view of management is the view that managers are directly responsible for an organization's success or failure.
Market Price Definition
Market Price Definition: Market price is the price being charged for an item on the open market. OR The current price at which an asset or service can be bought or…
Linear Programming Techniques-General Observations
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…
Linear Programming Solved Problems
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…
Linear Programming and Maximization of Contribution Margin – Simplex Method
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…
Net Present Value (NPV) Method Versus Internal Rate of Return (IRR) Method
Sidra Farid Net Present Value (NPV) Method Versus Internal Rate of Return (IRR) Method Learning Objectives: What is the difference between net present value (NPV) method and internal rate of return (IRR)…
Linear Programming Questions and Answers
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…
Direct Materials Quantity Variance
Direct Materials Quantity Variance: Learning Objective of the articles: Define and explain "direct materials quantity variance" and its significance. How is it calculated? How direct materials quantity variance is interpreted?…
Linear Programming and Minimization of Cost-Graphical Method
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…
Linear Programming and Maximization of Contribution Margin – Graphical Method
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…
Direct Materials Price Variance
Direct Materials Price Variance: Learning Objective of the articles: Define and explain "direct materials price variance" and its significance. How is it calculated? How direct materials price variance is interpreted?…
Linear Programming – Minimization of Cost – Simplex Method
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…
Linear Programming Technique
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…
Direct Materials Budget Definition
Direct Materials Budget Definition: A detailed plan showing the amount of raw materials that must be purchased during a period to meet both production and inventory needs. Click here to…
Line Definition
Line Definition: A position in an organization that is directly related to the achievement of the organization's basic objectives.