Question: a. Explain what you understand by the term 'Prime Cost'. (3 marks) b. Sketch a graph that depicts the following types of costs. i. Variable

a. Explain what you understand by the term 'Prime Cost'. (3 marks) b. Sketch a graph that depicts the following types of costs. i. Variable costs. ii. Fixed costs iii. Stepped costs iv. Total cost (4 marks) c. Describe the following types of costs as used in cost accounting studies a. Conversion cost (3 marks) b. Opportunity cost (4 marks) c. Sunk cost (3 marks) d. Committed cost

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