The fields of accounting and finance are broad and are divisible into many sub-fields:(a) Differentiate between management accounting and financial accounting(b) Using illustrations distinguish between the following:(i) Job costing and process costing(ii) Avoidable and unavoidable costs(iii) Describe the two purposes for which cost information is requested(c) Calculate direct material used, direct labour, and manufacturing overheads given that;Total conversion cost is N$500 000Direct labour and the other element of conversion cost are in the ratio of 3:2 to total converstion costDirect material is 5 times more than indirect material and 3 times more than direct labour.Indirect material is already included in the N$500 000 conversion cost.

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7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 2MCQ: Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b....

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The fields of accounting and finance are broad and are divisible into many sub-fields:

(a) Differentiate between management accounting and financial accounting

(b) Using illustrations distinguish between the following:

(i) Job costing and process costing

(ii) Avoidable and unavoidable costs

(iii) Describe the two purposes for which cost information is requested

Total conversion cost is N$500 000
Direct labour and the other element of conversion cost are in the ratio of 3:2 to total converstion cost
Direct material is 5 times more than indirect material and 3 times more than direct labour.
Indirect material is already included in the N$500 000 conversion cost.

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