Part B

1)Describe the two functions of management that budgeting fulfils.

2)What is difference between Management Accounting and Financial Accounting?

3)Describe the benefits of Budgetary Control.

4)Explainthedifference,ifany,betweenCostAccountingandManagementAccounting.

5)How will increases in production affect the variable and the fixed overhead in the cost

per unit?

6)What is "Mark-up"? Provide an example.

7)State if the following statements below are True/ False:

True/ False

a) Cost accounting information is not useful in planning future activity because it relates to past production.

b) A major aim of cost accounting is to calculate a unit cost for each unit of production.

c) Non-manufacturing organizations still require costing information.

d) A unit cost of production is not calculated in a process costing system.

e) The financial accountant does not utilize any information produced by the cost accounting department.

f) The wages of a factory cleaner would be classified as an indirect labour cost.

g) A period cost is one, which varies with the number of units produced in a period.

h) Cost accounting helps measure the operating efficiency of the business.

i) Manufacturing overhead is an indirect cost.

j) Repairs made to factory machinery are classified as indirect materials.