Question 2

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