Question: QUESTION 1 a. Define the term activity in ABC costing. b. Explain the differences between traditional and ABC systems. c. Define cost drivers and explain

QUESTION 1

a. Define the term activity in ABC costing.

b. Explain the differences between traditional and ABC systems.

c. Define cost drivers and explain the differences between volume-based drivers and non-volume based drivers.

d. Describe the steps for allocation process in ABC costing.

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