FUNCTIONAL-BASED ACCOUNTING Definition

Bookmark and Share

FUNCTIONAL-BASED ACCOUNTING focuses on organizational units such as departments and plants, uses financial outcome measures and static standards and benchmarks to evaluate performance, and emphasizes status quo and organizational stability. On the other hand, activity-based accounting focuses on processes, uses both operational and financial measures and dynamic standards, and emphasizes and supports continuous improvement. Activity-based accounting adds a process perspective.

Learn new Accounting Terms

CONSULTING SERVICES performed by CPAs include consultations, advisory services,
implementation services, product services, transaction services, and staff and support services.

HARMONIZED SYSTEM is an internationally agreed upon classification system for trade. It provides code numbers to specify a goods classification; thereby making customs duty determination more predictable.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.