The Management of Hindustan Ltd. is not happy with the company's current budgetary planning and control system and would wish to see it more effective than it is currently. For this purpose, you have been brought into the company with the title, "Management Accountant (Special Duties)".

Required

(i) Enumerate and comment on the benefits which may occur when using standard costing in conjunction with process accounts. [5 marks]

(ii) Evaluate strategic cost management initiatives which may be used in order to