Question: Question 3 [15 Marks] a. Write shorts notes on the following key terms employed in decision making 1. Shadow Prices 2. Slacks 3. Limiting factor

Question 3 [15 Marks] a. Write shorts notes on the following key terms employed in decision making 1. Shadow Prices 2. Slacks 3. Limiting factor 4. Principal Budget Factor b. Explain the extent to which you agree or disagree with the following statements: 1. Management accounting relies solely on cost accounting information 2. The joint product of a process forms the by products 3. Relevant costing is for short term decision making 4. Marginal Costing is superior to absorption costing

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