Cost management

Question 1 Differentiate between Management Accounting and Financial Accounting. (5 marks) Question 2 Define the terms below: a) Production cost b) Selling cost c) Product cost (15 marks) Question 3 Describe TWO (2) characteristics of Management Accounting Information. (10 marks) Question 4 The quantity and cost data belonging to Department Z of Daya Company for the month of July is presented below: Quantity data: Units received from department Y: 24,000 . Units transferred to finished goods storeroom: 18,000 Units in ending inventory (70% converted): 4,000 Expected normal loss: 5% of good output . Abnormal loss: ? Cost data: Cost of units received from preceding department: RM168,000 . Cost incurred in Department Z: - Materials: RM36,000 - Labor and factory overhead: RM91,200 In Department Z, conversion costs are incurred uniformly throughout the process and materials are added at the end of the process, following inspection. Required: Prepare a cost of production report for Department Z of Daya Company. (20 marks)