Question: Briefly discuss cost classification. ( 1 mark) b) List six (6) concepts/basis useful in classifying costs and briefly discuss any three (3). ( 3 marks)

Briefly discuss cost classification. (1 mark)

b) List six (6) concepts/basis useful in classifying costs and briefly discuss any three (3).

(3 marks)

c) Define product and period costs and explain how they impact financial statements

(2 mark

d) Differentiate between production and conversion costs and state the costs involved in each. (2 marks)

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