QUESTION $1[6$ MARKS$]$

Explain any three $(3)$ differences between Financial Accounting and Management Accounting

$(6$ marks$)$

QUESTION $2[12$ MARKS$]$

a$)$ Differentiate between relevant and irrelevant costs. Provide examples $(4$ marks$)$

b$)$ Clearly, describe each the following costing approaches: $(8$ marks$)$

i$.$ Absorption costing

ii$.$ Marginal costing

iii. ABC Costing

iv$.$ Standard Costing