В. Explain the following: Product costs and Period costs and one example of each. Distinguish clearly between Financial Accounting and Management Accounting under 3 (THREE) different factors, which are: i. Stakeholders, ii. Time frame and iii. Regulations. С. Before calculating costs we need to understand how different costs behave. In cost accounting we typically classify costs by three types of behaviour: Fixed costs - costs which don't change as the activity level changes Variable costs - costs which change in direct proportion to changes in the activity level Semi-variable costs- costs which have both fixed and variable elements. Explain the purpose classifying costs into the behavior patterns. D.
В. Explain the following: Product costs and Period costs and one example of each. Distinguish clearly between Financial Accounting and Management Accounting under 3 (THREE) different factors, which are: i. Stakeholders, ii. Time frame and iii. Regulations. С. Before calculating costs we need to understand how different costs behave. In cost accounting we typically classify costs by three types of behaviour: Fixed costs - costs which don't change as the activity level changes Variable costs - costs which change in direct proportion to changes in the activity level Semi-variable costs- costs which have both fixed and variable elements. Explain the purpose classifying costs into the behavior patterns. D.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:В.
Explain the following: Product costs and Period costs and one example of each.
Distinguish clearly between Financial Accounting and Management Accounting under 3
(THREE) different factors, which are: i. Stakeholders, ii. Time frame and iii. Regulations.
С.
Before calculating costs we need to understand how different costs behave. In cost
accounting we typically classify costs by three types of behaviour: Fixed costs - costs
which don't change as the activity level changes Variable costs - costs which change in
direct proportion to changes in the activity level Semi-variable costs- costs which have
both fixed and variable elements. Explain the purpose classifying costs into the behavior
patterns.
D.
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