Explainoneof the following five CMA concepts in depth and examine how the application or the analysis of the concept is practically relevant in your area or field of experience and expertise.

1. Product costsversusPeriod costs

2. Activity based cost allocationversusdepartment-based cost allocation

3. Relevant costs in a make versus buy decisions

4. 'Different costs for differentpurposes'

5. Flexible budgetversusmaster budget.

(concept explanation - 60%; practical application - 40%)