Write short notes

1. CVP analysis is not free of assumptions. What is your view?
2. Opportunity costs are relevant for decision-making and as good as out-of-pocket costs. Elucidate with example.
3. Variable costing (with respect to absorption costing) is considered better for managerial decision-making. What is your view?
4. Master budget is very crucial for planning, resource allocation, coordination, and control. Explain.
5. Only exceptional variances are investigated by management. What is your view?