Define managerial accounting and explain its significance in decision-making. Define and explain the following cost concepts: Variable costs Fixed costs Mixed costs Provide examples for each type of cost and discuss how they behave in relation to changes in activity levels. Q3 (6 marks): Discuss the purpose and importance of CVP analysis in managerial decision-making. Explain the components of CVP analysis Illustrate how CVP analysis can be used to make strategic business decisions. Q4 (4 marks): Explain how variable costing treats fixed manufacturing overhead compared to absorption costing. Discuss the impact of production levels on reported profits under both costing methods. - Q5 (2 marks): Demonstrate how these managerial accounting tools can be used to make informed business decisions.