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Cost Accounting Estimating Fixed and Variable costs and budgeting and forecasting


Explain how you would analyze cost information within a business

Explain what methods you would use to reduce costs and enhance value within a business

Demonstrate and explain how you would prepare forecasts and budgets for a business

Demonstrate how you would monitor performance against budgets within a business


The question belongs to Accounting, particularly Management accounting and it deals with cost of the product or service, which includes a combination of both fixed and variable costs. Methods of reducing cost of production, budgeting and forecasting costs and monitoring costs and performance have been answered in the solution.

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