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JAMB Principles of Accounts 1998 Question 2

Question 2

Manufacturing Accounts

Cost reports for the attention of management should reflect

  1. A.as much details as possible
  2. B.summary figures only
  3. C.details of non-controllable expenses
  4. D.cost and comparable data useful in decision-making.
Show the answer and explanation

Answer: D (cost and comparable data useful in decision-making.)

Explanation

Reports to management should give costs and comparisons that help managers make decisions.