cost accounting
Description
Discuss what is a joint process, and the difference between a by-product and a main product.
Explain how joint costs are allocated.
Discuss what factors are considered in choosing a joint cost allocation method.
Discuss how budgets contribute to the strategic management process.
Discuss what are flexible budgets, and how can they be used for sensitivity analysis.
Watch the short video in the following link:
Static and Flexible Budgets
10.3 Test your Knowledge (Question):
Discuss the concept of Joint Product and By-Product Costing. Difference between a by-product and a main product.
- Explain the significance of budget for an organization. Discuss the role of budgets in the strategic management process.
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