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Additional resources for Costing: An Introduction
4(a) Describe the role of the cost accountant in a maoufacturing organization. (8 marks) (b) Explain whether you agree with each of the following statements: (i) 'all direct costs are variable'; (ii) 'variable costs are controllable and fixed costs are not'; (iii) 'sunk costs are irrelevant when providing decision-making information'. S'Costs may be classified in a variety of ways according to their nature and the information needs of management: Explain and discuss this statement illustrating with examples of the classifications required for different purposes.
However, we shall also briefly consider in Chapters 3-8 the extent to which product costs accumulated for stock valuation purposes should be adjusted for decision-making. For this reason it is important that you should understand the various methods of classifying costs for decision-making and the conflicting requirements of providing cost information for stock valuation and decision-making. Classification for control The allocation of costs to products is inappropriate for cost control, since the manufacture of the product may consist of several different operations, all of which are the responsibility of different individuals.
A profit centre where managers are accountable for sales revenue and expenses; for example a division of a company that is responsible for the selling and production of a product. 3. An investment centre where managers are normally accountable for sales revenue and expenses, but in addition are responsible for some capital investment decisions and are thus able to influence the size of the investment. Controllable and non-controllable costs and revenues Costs and revenues allocated to responsibility centres should be classified according to whether or not they are controllable or non-controllable by the manager of the responsibility centre.