Define activity based costing.Explain how an activity based costing system can alleviate the problems managers have using a traditional, volume based product costing system.Is one approach better than the other?If so, how would an organization make the decision between the two?(Chapter 5)

Describe the importance of cost behavior patterns in planning, control and decision making.Identify a cost driver for each of the following organizations:1) hotel; 2) hospital; 3) computer manufacturer; 4) public accounting firm and 5) college or university.How does your selected driver for each impact the organization and why?(Chapter 6)