a) “Although the income statement and the statement of cost of goods manufactured are valuable
in guiding business, they do not supply enough information to achieve the greatest efficiency
and profit under competitive conditions.”
Discuss the purposes of cost accounting in the light of this statement (7 Marks)
b) Briefly, explain the following terms as used in cost accounting highlighting their effect on
decision making if any
i) Cost drivers/allocation base
ii) Cause –and- effect allocation
iii) Joint products
iv) By-products (8 Marks)
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