ECONOMICS

Detailed explanation-1: -While the purpose of cost accounting is to ascertain cost and profitability of goods and services, management accounting aims to aid management in long-term, strategic decision making. Cost accounting prevents businesses from spending beyond their budgeted amounts.

Detailed explanation-2: -The available parameters are Cost Organization, Item, Base Cost Book, Current Cost Book, Base Cost Date, Current Cost Date, Base Cost Status, Current Cost Status, Base Valuation Unit, and Current Valuation Unit.

Detailed explanation-3: -Process costing is a type of operation costing which is used to ascertain the cost of a product at each process or stage of manufacture. CIMA defines process costing as “The costing method applicable where goods or services result from a sequence of continuous or repetitive operations or processes.

Detailed explanation-4: -Use Receipt Accounting to: Create accruals for purchase order receipts that are expensed or shipped to inventory.