MEMBED Ltd has been in business for the past 20 years. In the last meeting of the Board of Directors, it was proposed that a cost accounting system be established and a Cost Accountant employed. However, the Managing Director disputed this proposal on the grounds that there is no need for a cost accounting system. He also argued that there is no need for a Cost Accountant as the Accountant of the company is enough for all accounting functions. You are a trainee accountant who has just joined the company as an intern. Required: Write a report to the MD explaining what a cost accounting system is and discuss the argument by the Managing Director. (Total 20 marks)