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Cost Accounting

Cost Accounting

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Q1. In how many ways can one attempt cost classification?
1. 2
2. Numerous ways
3. 4
4. 3
Q2. What is the basic objective of cost accounting?
1. Financial audit
2. Cost ascertainment
3. Tax compliance
4. Profit analysis
Q3. What are the indirect production resources called?
1. Factory overhead
2. Distribution overhead
3. Selling overhead
4. Office overhead
Q4. What is time keeping in cost accounting?
1. Time spent by workers on any job
2. Time spent by workers without any job
3. Time spent their workers with or without any job
4. Time spent by workers in the factory
Q5. How can I define overtime in cost accounting?
1. Actual hours less than standard house
2. Extension of actual hours beyond the standard timing
3. Extension of actual hours beyond the normal timing
4. Actual hours being way more than standard time.
Q6. One of the following options is not included under cost accounting:
1. Product sharing
2. Profit sharing
3. Costing of products
4. Product controlling
Q7. What is the other term for direct expenses?
1. Major expenses
2. Chargeable expenses
3. Sundry expenses
4. Overhead expenses
Q8. What is process costing suitable for?
1. Brick and sand companies
2. IT companies
3. Transportation companies
4. Oil refining companies
Q9. What is a tender?
1. Estimation of profit and loss
2. The estimation of costs
3. Estimation of units
4. Estimation of selling price
Q10. What is the total of all direct costs called?
1. Cost of sales
2. Cost of production
3. Prime cost
4. Total cost

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Advanced Diploma in Financial Accounting

4.4 (20)

₹4,720 ₹12,800

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