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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?
Standard costing in modern environment Standard costing has traditionally been associated with labor-intensive operations, but it can be applied to capital-intensive production
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I WANT TO KNOW THE RULES FOR DOING LIFO AND FIFO
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You want to purchase a house that costs $325,000. You have a down payment of $65,000 and will take out a mortgage to make up the difference. The AMC Mortgage Corporation offers a q
The significant functions of a treasury department are as given below: a) Setting up corporate financial goals Financial strategies and aim Treasury and financial po
Explain the tools of management accounting
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Why might managers favour this ABC system instead of the older system that allocated all MOH costs on the basis of direct? labour?
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