Question 1.

1. Differentiate between contract costing and service costing. Provide your answer in tabular form with three differences.
2. List five (5) industries which are most likely to apply contract costing in their operations.
3. In a tabular form, provide two (2) similarities and two (2) differences each between Activity Based Costing (ABC) method and the Traditional method of charging overheads.
4. How different in management accounting from cost accounting? Provide a brief commentary in two paragraphs.

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