QUESTION $4$

$($a$)$ Define the following costing terms:

$($i$)$ Normal loss $(2$ marks

$($ii$)$ Contribution $(2$ marks$)$

$($iii$)$ Cost center $(2$ marks$)$

$($iv$)$ Cost unit $(2$ marks$)$

$($b$)$ Describe the following costing concepts

$($i$)$ Economic order quantity $(3$ marks$)$

$($ii$)$ Marginal costing $(3$ marks$)$

$($iii$)$ Absorption costing $(3$ marks$)$

$($iv$)$ Prime cost $(3$ marks$)$