1- Define Cost Accounting. (2m) 2- What do you think are the objectives of cost accounting? (3m) 3- List 5 functions of cost accounting. ( 5m) 4- Do a comparison between Cost accounting \& Financial accounting. (6m) 5- What do you think the disadvantages faced by the companies that do not prepare cost accounting? (4m) 6- Give opinion for the case below. (5m) As one of the pioneers in the low-cost airline market, easyJet bases its business on several principles: - Minimize distribution costs by using the internet to take bookings. About 90 percent of all easyJet's are sold via Web. This makes the company one of Europe's largest internet retailers. - Maximize efficient use of assets, by increasing turnaround time at airports. - A "simple-service model" means the end of free on-board catering. - Ticketless travel, where passengers receive an e-mail confirming their booking, cuts the cost of issuing, distributing, and processing tickets. - Intensive use of IT in administration and management, aiming to run a paperless office. How can the management accounting function provide information to support a lowcost strategy? (6m)