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Question 1 1.1 Describe how the following cost methods works: a) Absorption costing b) ABC costing c) Marginal costing d) Historical costing e) Standard

Question 1 1.1 Describe how the following cost methods works: a) Absorption costing b) ABC costing c) Marginal costing d) Historical costing e) Standard costing 1.2 Which of the above methods is the best and why? 1.3 Why do you think cost accounting is important?

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