5. Which of the following statements regarding activity based costing (ABC) is incorrect? (2 Points) Activity costs are absorbed into products Apportionment of overhead costs is not required Cost drivers need to be determined for each activity ABC can be used by non- production organisations 7. For a company using environmental costing, the cost of disposing of harmful waste is likely to be classified as which type of cost? (2 Points) Appraisal cost O Prevention cost Internal failure cost External failure cost 8. Which of the following information is required when deciding (purely on financial grounds) whether or not to further process a joint product? (2 Points) The value of the common process costs The method of apportioning the common costs between joint products The sales value of the joint products at the separation point The running costs for the common process