1. Explain the following regarding a Just-In-Time purchasing system.

a. Benefits. (3 marks)

b. Limitations. (3 marks)

2. Explain the three advantages of using marginal costing as the basis of providing managers with information for decision making. (6 marks)

3. State and briefly explain three types of standards and their behavioural implications. (9 marks)

4. Differentiate between a

a. profit centre and an investment centre. (4 marks)

b. sunk cost and opportunity cost. (4 marks)