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Fair Price Limited produces a single product "Zed': The store‟s manager has provided thefollowing information relating to the month of August 2010:
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Distinguish between the following terminologies as used in cost accounting:i) Relevant range and relevant costs.ii) Opportunity costs and discretionary costs.iii) By-products and joint products.
Date posted: February 15, 2019 . Answers (1)
Distinguish between 'committed fixed costs' and 'discretionary fixed costs'.
Explain the meaning of the following term in the context of cost accounting:- Cost centre.
Understanding of cost behavior patterns is important in making financial planning and costcontrol decisions.Required:In relation to the above statement, describe three ways in which costs might be classifiedaccording to behavior.
Afya Bora Health Centre has a capacity of 20 beds. The following information relates to thecentre's operations for the year ended 30 June 2014:
Cost accounting is often described as the provision of information required by management forspecific purposes'Required:State six of these specific purposes.
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.
Describe five ways in which cost accounting complements financial accounting in terms ofproviding information to managers for better decision making.
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.