Question: (a) What is Value Chain? How does it help modern cost management? 2+4=6 (b) (i) What are the problems of Traditional Costing arising out

(a) What is Value Chain? How does it help modern cost management?

(a) What is Value Chain? How does it help modern cost management? 2+4=6 (b) (i) What are the problems of Traditional Costing arising out of volume-based cost allocation to products? (ii) How can Activity-Based Costing help refining such costing system? 1+3=4 (c) (i) What are relevant costs and relevant revenues? (ii) In making repetitive decisions using relevant costs and benefits, should a decision maker be aware of several pitfalls? If so, mention a few and briefly explain them. 2+4=6

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