Q1a- (3 Marks: a 1:3): Identify the correct Alternative Time left 1:52:26 1. Budgeted cost is: A cost that has incurred a. b A cost that will incur C. A predicted cost None of the above. d. 2. will almost never equal budgeted costs a Indirect cost b. Nominal cost ?. Actual cost d. None of the above 3 There are main guidelines for refining a costing system a. Five b. Seven C Nine d. None of the above Time left 1:52:10 4 a. sell tangible products without changing their form. Budget sector Manufacturing sector Merchandising sector b. C. d. Service sector. the cost object is masses of identical or similar units of a 5. In a product or service a. ABC costing b Process costing C Simple costing d. All of the above is a term referring to direct labor and indirect manufacturing 6. costs a. Direct cost b. Conversion cost Time left 1:51:57 C Prime cost d. All of the above Q1b-02 Marks: a1:2): Give four points of differences between Simple Costing and Activity Based Costing(2M)