1) Briefly explain what cost accounting is. 3 marks

2) Describe the functions for source documents. 6 marks

3) In your opinion, which inventory pricing method will you recommend? Why? 9 marks

4) Define piecework system and time base system. States the advantages and examples for

piecework system. 6 marks

5) Describe how LIFO and FIFO affect the cost of goods sold and the valuation of closing

stock. 4 marks

Answer rating: 100% (QA)

1 Briefly explain what cost accounting is 3 marks Cost accounting is a branch of accounting that focuses on the identification measurement and allocation of costs within an organization It involves th... View the full answer