Differentiate management accounting and cost

Question

Q 1. : Differentiate management accounting and cost accounting

Q 2. : Critique cost behavior as applied in manufacturing firms.

a) Should we reduce selling prices to sell more units?

b) How will costs and revenue change if output increased?

Q 3. : with appropriate illustration, discuss cost statements determining the prime cost, overhead/factory cost, and total cost.

Q 4. : With an appropriate illustration differentiate fifo from lifo

Q 5. : Discuss with illustration break even point analysis

Q 6. : Critique the economic order quantity with an appropriate illustration

Answer 1

Give the answer of each question step by step as per needed. Q 1. : Distinguish management accounting and cost accounting Q 2. : Critique cost behavior as applied in manufacturing firms. a) Should we decrease selling prices to sell more units? b) How will costs and revenue change if output enlarged? Q 3. : With suitable illustration, converse cost statements determining the prime cost, overhead/factory cost, and total cost. Q 4. : With a suitable illustration differentiate FIFO from LIFO Q 5. : Discuss with illustration break even point analysis Q 6. : Critique the economic order quantity by a suitable illustration