Question: What is the key difference between a static budget and a flexible budget? (3 marks) List three causes of material price variance.(2 marks) How do

What is the key difference between a static budget and a flexible budget?(3 marks)

List three causes of material price variance.(2 marks)

How do you classify the cost in term of behaviour?(3 marks)

What are the general assumptions of CVP Analysis?(5 marks)

Define the following cost terminology(8 marks)

a.Conversion cost

b.Prime cost

c.Period cost

d.Product cost

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