QUESTION 7 Which one of the following businesses are most likely to apply a process costing system? A. The refinery business of Shell OB. A custom furniture factory C. A chartered accounts firm - PWC OD. A consultancy project for the National Defence Department QUESTION 8 Which of the following statements best explains a sunk cost? A. It is a historical cost that doesn't change depending on the course of action chosen. B. It is a historical cost that, in certain instances, may be relevant for future decision making. C. It is an outlay expected to be incurred in the future. D. It is relevant to a decision because it changes depending on the alternative course of action selected