Q2: Review Questions from Chapter 5: (up to 100-150 words for each) 5.1 How does activity-based costing (ABC) differ from the traditional approach? What is the underlying difference between their philosophies? 5.3 What are the main categories of quality costs that a business may incur and why is it use-ful to categorise them? 5.4 Identify the main phases of the total life cycle of a product or service and identify the particular phase(s) for which target costing and kaizen costing are particularly appropriate