Q1. Describe the meaning of the Sunk Cost.
Q2. Differentiate between the cost allocation and cost apportionment.
Q3. Illustrate the two differences between the Process costing and Job costing.
Q4. Illustrate the meaning of Composite Unit? Write down an illustration.
Q5. Illustrate in brief the treatment of under absorption of overheads while reconciling the costing profits with financial profits.
Q6. Define the term Opportunity Cost citing an illustration.
Q7. Illustrate the meaning of Cost Drivers?