1. Accounting is a procedure for recording a business-related financial transactions. The accounting process involves the summarization, analysis and reporting of transactions to supervisory bodies, authorities and tax collectors.

a.The cost of assets or resources that have been sacrificed to purchase other assets may be characterised as the value. Explain briefly and give instances for the Cost and Cost Unit.

b.Goodday Bakery has a building of 80,000 Ft sq. sq., including production, distribution and business. Baked cookies, brownies, cakes and goods are produced in the company that can well pack and transport. One primary mounting line contains ingredient mixing stations, mechanised form cut-overs, extrusion of biscuits shaped like doughnuts, bakeries in stoves, hand packaging in trays or containers, and boxing. The first line is made of bakery. Employees are educated in several assembly line functions and are able to work with every product type manufactured in the plant. In retail outlets, non-food things like bowls, leashes, novels, bowls, t-shirts are also available. Given these circumstances, specify the following elements in the production department as direct or indirect costs and fixed or variable costs.