Identify and Give the Historical Significance of Each of the Following

question 95

Essay

Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-Vertical and horizontal

Differentiate between various costs related to manufacturing and how they are accounted for.

Understand the role and types of responsibility centres in managing costs and performance.

Acknowledge the significance of inventory accounts and their management in manufacturing.

Comprehend how cost behaviour impacts decision making at various levels of the business.

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Definitions:

Partnership

A legal arrangement where two or more persons agree to share the profits of a business which they run together.

Malpractice

Failure of a professional to perform their duties to the required standard of care, resulting in harm to their client or patient.

Corporation

A legal entity recognized by law as separate from its owners, with rights to own property, sue or be sued, and conduct business.

General Corporation

A type of business organization that is legally separate from its owners, with the ability to own property, incur liabilities, and conduct business in its own name.