I.Define the nature of each system and describe the cost flows of the system and identify its appropriate use:

1.J ob order costing

2. Process costing

3. Activity based costing

4. Life cycle costing

II. Identify and describe the benefits and limitations of each system.

III. Explain the accounting treatment for normal and abnormal spoilage.

IV. Define the elements of activity-based costing such as cost pool, cost driver, resource driver, activity driver, and value-added activity.