Assessment 1 - Written Responses 1. Classify the following information. Does it relate to the Management Accounting or to the Financial Accounting function? No. Information Your answers: Management Accounting or Financial Accounting? 1 Income tax return 2 Budget variance analysis 3 Product costing 4 Balance Sheet 5 Management reports 6 Overhead cost allocation 2. Use one sentence to define the following costs giving an example of each. No. Costs Definition (ONE sentence) Example (ONE) 1 Fixed costs 2 Variable costs 3 Semi-variable costs 3. Discuss the following statement, giving examples to illustrate the points you make: "Fixed costs do not necessarily remain the same in total outside the relevant range"