New Flashcards
1
Q
What is gross domestic product?
A
The value of all economic activity that take place in a country
Often estimated by measuring household expenditure
2
Q
Purpose of ratio analysis?
A
To asses the performance of the management
To assess liquidity of the organisation
3
Q
What is a cost centre?
A
A department within the business in which costs can be allocated
4
Q
What is total absorption costing?
A
A method of costing whereby all costs of the entity are charged to particular products, irrespective of their nature
