Question 3 a. Risk occurs where there are several possible outcomes which can be assigned the likelihood of occurring without knowing which will happen. Explain these types of risks (5 Marks) b. Management uses Cost Volume Profit (CPV) analysis as a planning process to predict the future volume of activity, costs incurred, sales made and profit received. Required: i. List and explain FIVE assumptions in C-V-P analysis c. Discuss in detail Five benefits and drawbacks of throughput accounting. (10 Marks) (10 Marks). (Total 25 Marks)