Answer ALL ten questions [2 marks each question, 20 marks in total] Question 1 Which of the following statement is true with respect to Activity Based Costing (ABC) system? A. ABC system costs less to administer than a factory-wide absorption costing system. B. ABC system provides a more accurate allocation of overheads to products than a factory- wide absorption costing system. C. ABC system is easier to administer than a factory-wide absorption costing system. D. ABC system is less detailed than a factory-wide absorption costing system. Question 2 As the level of production increases the fixed costs per unit produced: A. Decrease B. Remain unchanged. C. Increase D. Remain unchanged unless the selling price increases. Question 3 Which one of the following statement is NOT correct? A. Management accounting information should be timely and future oriented. B. Management accounting information is detailed rather than aggregated for the entire organisation C. Management accounting is highly regulated by IFRS, GAAP, etc. D. Management accounting information is prepared for internal use