COST ACCOUNTING
METHODS OF COSTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What are the missing words in the following definition of the “Matching Competitors” costing method? A ____ e and estimate what the competition is spending and c ____ y them
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Attune, Convey
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Accrue, Clarify
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Analyse, Copy
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Explanation:
Detailed explanation-1: -Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.
Detailed explanation-2: -Competitive cost analysis is determining how your company’s costs compare with those of your competition on a product, process, or struc-tural basis. It helps make pricing and invest-ment decisions and identifies where and how to reduce costs.
Detailed explanation-3: -Cost accounting is based on three principal elements: materials, labor and overhead.
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