State whether the following statements are true or false. If false explain why.

(a) The two main branches of management accounting are cost accounting and decision making.

(b) Total absorption costing is where all the overheads incurred by a company are recovered in the valuation of inventory.

(c) The difference between absorption costing and marginal costing as a form of costing for inventory valuation is that absorption costing includes direct materials, direct labour and all production overheads. By contrast, marginal costing only includes direct materials, direct labour and all variable production overheads. Marginal costing, therefore, excludes fixed production overheads.

(d) Strategic management accounting is concerned principally with short-term operational decisions.

(e) Discounted cash flow discounts the future expected cash flows of a project back to their present-day monetary values.