Question: FOUR (20 Marks) Write explanatory notes on the following concepts of cost accounting: 3) Distinction between cost accounting and financial accounting b) Importance of budgeting

FOUR (20 Marks) Write explanatory notes on the following concepts of cost accounting: 3) Distinction between cost accounting and financial accounting b) Importance of budgeting to a firm. c) Cost classification according to cost traceability. d) Element of product cost. e) Product costing techniques. (3 Marks) (5 Marks) (5 Marks) (2 Marks)

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