1. Identify the differences between actual costing, normal costing, and activity based costing. 2. What has happened in recent industrial history to reduce the usefulness of direct labor hours as the primary basis for allocating overhead costs to products? 3. What is a cost driver? What makes a cost driver accurate and appropriate? 4. What are the advantages of activity based costing? What are the disadvantages of activity based costing? 5. What factors may indicate that activity based costing may be appropriate? 6. Describe Value-Added Activity analysis management. Distinguish between value-added activities and non-value added activities. 7. If a company wants to use just-in time-processing, list two requirements of that system. What advantages are associated with just-in time processing? What are disadvantages of the just-in time processing system?