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Q1. The roles and responsibilities of accounts manager are different from cost manager as both the types of accounting differs from each other. Prepare a presentation highlighting the points of difference between financial accounting and cost accounting. (10 Marks)
Q2. Discuss any five costs other than the accounting costs, with suitable example, which are usually taken into consideration by managers for financial decision making. (10 Marks)
Q3. The following information is available about a product for the month of June 2019.
Material Purchased 24000 kgs@ 105600
Material consumed 22800 kgs
Actual wages paid for 5940 hours Rs 29700
Units produced 2160
Standard rates and prices are as follows
Direct material cost Rs4 per unit
Direct labour cost Rs4 per hour
Standard input 10kg for one unit
Based on the data and information, calculate relevant-
a. Material variances (5 Marks)
b. Labour variances (5 Marks)