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QUESTION 4 A. The limitations of the Traditional Costing System is...

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Accounting

QUESTION 4
A. The limitations of the Traditional Costing System is believed to have been resolved by the introduction of Activity Bases Costing;
Briefly:
(i) State the merits of the ABC system
(ii) Explain the limitations of the Traditional Costing System
B. For the purpose of Control, responsibility centers may be grouped into three;
(i) Cost Center
(ii) Profit Center
(iii) Investment Center
Required:
Briefly explain these concepts and state how divisional managers could be evaluated under each concept.
C. Discuss the following terms as they relate to Cost - Volume Profit (CVP) analysis
(i) Relevant Range
(ii) Contribution
(iii) Break even Point
(iv) Margin of Safety
D. Describe the role of the Management Accountant in a manufacturing organization.

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