Question: Explain and differentiate the various alternative costing methods. Discuss the nature and purpose of budgeting, apply statistical techniques, prepare budgets, and understand the budgetary control

Explain and differentiate the various alternative costing methods.

Discuss the nature and purpose of budgeting, apply statistical techniques, prepare budgets, and understand the budgetary control and behavioral aspects of budgeting.

Discuss the purpose and role of performance measurements, the different measures of financial performance and non-financial measures, and explain the various performance indicators and critical success factors in the balance scorecard, describe the measures for performance utilization and resources utilization, calculate for the ROI and residual income, describe and evaluate cost reduction methods, discuss the importance of non-financial measures and produce reports highlighting the key areas and recommendations for improvements.

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The main alternative costing methods include Job costing It is an accounting tool which entails accumulating or keeping track of the costs of raw materials labor and other costs incurred during the pr... View full answer

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