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QUESTION ONE a ) Explain the following concepts as applied in Management Accounting: Standard Costing Fixed costs Variance analysis Contribution Margin ( 4 Marks )
QUESTION ONE
a Explain the following concepts as applied in Management Accounting:
Standard Costing
Fixed costs
Variance analysis
Contribution Margin Marks
b Joan Piri and Joseph Tatu decided to venture into the same business in the year They sell the same type of produc in the same type of market. The following is their budgeted Income Statement for the year ending June ;
Joan Piri
Business
Sh
Joseph Tatu
Business
Sh
Sales
Variable cost
Fixed Cost
Budgeted Profit
Required: Calculate:
Breakeven point for each business Marks
The sales volume at which each business will earn a profit of shs Marks
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