Q1. Distinguish between discretionary fixed costs and committed fixed costs with examples. Q2. A costing system that simply records for the purpose of fixing sale prices has accomplished only a small part of its mission. Discuss. What other functions does costing perform? Q3. What are the essential factors for installing a cost accounting system? Explain Q4. Discuss the various reports provided by cost accounting department. Q5. Explain the treatment of over and under absorption of overheads in cost accounts