"The term 'cost' must be qualified according to its context". Discuss this statement referring to important concepts of cost. (10marks)

b) "Financial accounting treats costs very broadly while cost accounting does this in much greater detail" Explain this statement and state the limitations of financial accounting.(15 marks)

QuestionSIX

The following information relates to the personnel department of a factory for the month of April, 2005: Number of employees on April 1, 2005 950
Number of employees on April 30, 2005	1,050
Number of workers who quit the factory in April	10
Number of workers discharged in April	30
Number of workers engaged in April (Including 120 on account of expansion scheme)	140
Calculate the labour turnover rate and equivalent annual rate under the different methods