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Introduction to Management Accounting

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Added on  2019-09-22

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The report explains the importance of the product costing system and how the standard costing will help the firm to find more accurate control. It also analyzes how it will be useful to the company. The report also includes a brief description of the purpose of a product costing system and why it is necessary. It also provides solutions to various problems related to cost accounting.
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2Table of ContentsSolution to (b)3-4Solution to (c)5-6References7
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3 IntroductionThe Seafarer Kayaks is engaged in the manufacturing of the various Kayaks, Firms oil accounts were notable to continue due to its disability and hence as a new accountant i have been appointed. The report willaddress the owner the importance of the product costing system. Also it explains how the standard costingwill help firm to find more accurate control. It is to be noted that for any company determination of pricecomes under the critical business decision. For determination of the price the actual cost of the priceshould be known accurately and for that product costing system require. Standard costing system onanother hand works as controlling tool , the report also analyse how it will be useful to the company.
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