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Question 2: - "It is now fairly widely accepted that conventional cost accounting distorts management's view of business through unrepresentative overhead allocation and inappropriate product costing. This is because the traditional approach usually absorbs overhead costs across products and orders solely on the basis of the direct labour involved in their manufacture. And as direct labour as a proportion of total manufacturing cost continues to fall, this leads to more and more distortion and misrepresentation of the impact of particular products on total overhead costs." (From articles: Financial Times) Task: You are required to discuss the above statement and to provide your opinion what approaches are being adopted by the management accountants to overcome such criticism. You need to support your suggestion with minimal 10 academic references or journals and 2000 words at least. Hint:- The answer to the question should describe two stage overhead allocation process and indicate that most cost systems use direct labour hours in the second stage. You may use any illustration or assumption to explain your thoughts. (50 marks)