Question 2: Taking the small construction company to the next level of financial success, requires implementation of cost accounting. Cost accounting is a measurement tool in accounting. By grouping costs and assigning them to a project, a reviewer of financial results can pinpoint discrepancies between the estimated cost and the actual cost. Cost accounting sorts the receipts into the respective groups and this information is used by the contractor to compare to his original estimate for that aspect of construction Questions for Discussion: (3 +4+3 + 5 = 15 Marks) a. How cost accounting helps the construction firm in determining the contract price? (300 words) b. Which kind of decision can be taken by construction firm using cost accounting method? (350 words) c. Which technique of costing can be used in construction firm and why that technique can be used? (300 words) d. What are the benefits enjoyed by construction firm by adopting cost accounting? (400 words)