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5 (8 marks) A friend, an accounting student, made the following remark, In my view, allocations being arbitrary are just a waste of time and

5 (8 marks) A friend, an accounting student, made the following remark, "In my view, allocations being arbitrary are just a waste of time and energy". Do you agree? If not, why not? State some of the important points that accountants keep in view for a meaningful allocation of costs. Is there any strategic role reserved for allocations in cost accounting? Discuss

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