121. Cash budget:
It is a summary statement of firm’s expected cash inflow and outflow
over a specified time period.
122. Master budget: A summary of budget schedules in capsule form
made for the purpose of presenting in one report the highlights of the budget
forecast.
123. Fixed budget: It is a budget which is designed to remain
unchanged irrespective of the level of activity actually attained.
124. Zero- base- budgeting: It is a management tool which provides a
systematic method for evaluating all operations and programmes, current of new
allows for budget reductions and expansions in a rational manner and allows
reallocation of source from low to high priority programs.
125. Goodwill: The present value of firm’s anticipated excess
earnings.
126. BRS: It is a statement reconciling the balance as
shown by the bank pass book and balance shown by the cash book.
127. Objective of BRS: The objective of preparing
such a statement is to know the causes of difference between the two balances
and pass necessary correcting or
adjusting entries in the books of the firm.
128. Responsibilities of accounting: It is a system of control by delegating and
locating the responsibilities for costs.
129. Profit centre: A centre whose performance is measured in
terms of both the expense incurs and revenue it earns.
130. Cost centre: A location, person or item of equipment for
which cost may be ascertained and used for the purpose of cost control.
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