Question: Question 1 a. Define cost accounting and explain the difference between financial, cost and management accounting. (5 marks) (5 Marks) b. Explain the planning horizon

Question 1 a. Define cost accounting and explain the difference between

Question 1 a. Define cost accounting and explain the difference between financial, cost and management accounting. (5 marks) (5 Marks) b. Explain the planning horizon c. Tick the correct answer from the boxes below Planning Control Decision making Preparation of the annual budget for a cost centre Revise budgets for next period for a cost centre Implement decisions based on information provided Set organization's objectives for next period Compare actual and expected results for a period d. Define outsourcing and outline its advantages and disadvantages. (5 Marks) (2.5 marks) (17.5 marks) Page 1 of 5

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