(a) Explain the term "costs" as used in managerial accounting and show how costs are different from expenses as used in financial accounting. In the context of the hotel industry, give four (4) examples of costs. (b) Discuss why in management accounting, so much attention is focused on costs and efficiency.

(c) Examine how the understanding of cost behaviour can help the hotel industry.

(d) Explain the meaning of cost objects. Give four (4) examples of cost objects from the hotel industry. Show why managers might be interested in knowing the costs.

(e) When analysing cost behaviour, explain the meaning of "level of activity". Give four (4) examples of activity in the hotel industry.