The aim of just in time system is to produce the required items of high quality at the time they are required. Outline any five characteristics of just in time to the environment

Question one:
a) What is the relationship between costing, management accounting, and financial accounting.( 3 marks)
b) Distinguish between cost apportionment and cost allocation. (2 marks)
c) The aim of just in time system is to produce the required items of high quality at the time they are required. Outline any five characteristics of just in time to the environment. (5 marks)
d) What is the economic order quantity when demand is 25% per working day,ordering cost are 150 pounds per order, the item cost three pounds each and carring costs are 12% per year. ( 5 marks)
e) Define the terms as used in costing:
i. Cost drivers
ii. Cost pools
iii. Profit center
iv. Break- even point
v. Limiting factor(5 marks)

 

 

 

 

 

 

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