a) In your own words, provide a definition of the terms fixed costs and variable costs. Briefly explain the importance of the distinction between fixed costs and variable costs for business managers. Your explanation can be handwritten OR typed (approximately 130 words) (5 marks) b) In your own words, outline five differences between financial accounting and management accounting. Your explanation can be handwritten OR typed (approximately 130 words) (5 marks) c) In your own words, provide a definition of the term contribution and explain how contribution is calculated. Briefly comment upon its importance for decision making. Your explanation can be handwritten OR typed (approximately 130 words) (5 marks) ii. Why is it important to recognise qualitative factors when presenting information for decision making? Use examples of qualitative factors to support your arguments. Your explanation can be handwritten OR typed (approximately 270 words) (10 marks)