The fields of accounting and finance are broad and are divisible into many sub-fields: (a) Differentiate between management accounting and financial accounting
The fields of accounting and finance are broad and are divisible into many sub-fields: (a) Differentiate between management accounting and financial accounting
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
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)
(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$500 000
- 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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