Question: Explain what you understand by cost classification in management accounting (5 marks). Identify five cost classifications with examples aiding decision-making (5 marks). A company

Explain what you understand by cost classification in management accounting (5 marks). Identify five cost classifications with examples aiding decision-making (5 marks). A company produces various products, each with different cost structures. Discuss five (5) benefits of activity-based costing (ABC) in allocating costs more accurately than traditional costing methods

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Cost classification in management accounting refers to the process of categorizing costs based on their nature behavior or function to facilitate decisionmaking and financial analysis This classificat... View full answer

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