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Question 1 a) Briefly elaborate how cost accounting supports financial and management accounting b) List 3 assumptions of Cost - Volume - Profit (CVP). Elaborate
Question 1
a) Briefly elaborate how cost accounting supports financial and management accounting
b) List 3 assumptions of Cost - Volume - Profit (CVP). Elaborate how CVP can assist managers in their decision making.
Question 2
a) Discuss the difference between the variable and absorption costing methods. Which method is required for external/financial reporting? Which method is required for internal reporting?
b) Briefly explain the 3 methods under absorption costing that manager will be able to use to improve operating income.
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