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Question:
A friend of yours is revising for his examination in management accounting and needs some help from you. He asks you the following questions. Write brief notes on each one, giving examples to illustrate the points being made.
a) What is the difference between management accounting and financial accounting?
b) What is the difference between marginal costing and absorption costing?
c) What benefits will a company obtain if they use a standard costing system?
d) Why are fixed costs sometimes referred to as period costs?
Replacement cost It is the cost of replacing a material or asset, by purchase from the current market. If an X material was originally purchased @ Rs. 250 per Kg. And know i
What would be the Nominal Payback Period for an account with 4% compounded annually for 5 years.
State Material price variance Difference among standard price and the actual price of the material is the material price variance. This variance arises because of various facto
Limitation of break even charts Despite many advantages a break even chart suffers from the following limitations: 1) A break even chart is based upon a number of assumption
Gather Data about Alternatives When potential areas of activity are specified, management must assess the potential growth rate of the activities, the capability of the company
accepted#Regarding the Overhead costs, these are allocated based on Direct Labor;
Gather data concerning the relationship among the dependent and independent variables Collecting data is generally the most hard and time-consuming element of CER development.
5 application areas of linear programing in management accounting
Ask question #1.The annual overhead costs for Mona Claire Holdings which has three production centres and two service centres as follows; Indirect wages and supervision Machine
Economies or Diseconomies of Scale The costs of a value activity are often subject to economies or diseconomies of scale. Economies of scale occur from the capability to perfo
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