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Daniel Mutiso, the Cost Accountant of Abra Ltd. feels that he is getting overworked and hasrecommended that a management accountant be employed to take up other responsibilities in theorganization.However, the management of the company equally argues that the work is the same and that adecision to hire a management accountant is against their cost reduction policy.Required:In the light of the above statement, explain to the management three differences between managementaccounting and cost accounting to help them make a fair decision.
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Describe five ways in which cost accounting complements financial accounting in terms ofproviding information to managers for better decision making.
Date posted: February 15, 2019 . Answers (1)
The success of an organisation in cost control and cost reduction depends largely on theinstallation of an ideal cost accounting system which identifies, classifies and records all costsaccurately and promptly.Required;With reference to the above statement, explain four conditions for an effective costing system.