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.
ABNORMAL EXPENSE see EXTRAORDINARY ITEMS.
AGENCY is the relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.
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