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explain the following questions in detail with appropriate examples a)Definition and Background of Activity Based Costing b)How does ABC work? c)What is a cost driver?

explain the following questions in detail with appropriate examples

a)Definition and Background of Activity Based Costing

b)How does ABC work?

c)What is a cost driver? List at least five cost drivers

d)Difference between traditional and Activity Based Costing system

e)Benefits of an ABC system

Note: These are related with activity based costing chapter.

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