Cost Accounting

Cost Accounting is...

• the recording of all the costs incurred in a business
• the recording of all the expenses incurred in a business
• the recording of all the direct costs incurred in a business
• the recording of all the revenue incurred in a business

Cost unit is calculated as

• Total Expense/Quantity
• Quantity/Total Cost
• Total Cost/Quantity
• Quantity/Total Expense

Cost is classified into:

• Cost and expense
• Expense and revenue
• Indirect expense and Overheads
• Direct cost and Indirect cost

Prime cost is calculated as:

• Direct Material+Direct Labour+Direct Expense
• Direct Labour - DirectExpense
• Direct Expense+overheads
• Direct Cost + Indirect Cost

• Worker
• Labour
• Inventory
• Cost

Total Cost =

• Direct Cost + Indirect Cost
• Prime Cost + Factory Overhead
• Direct Expense + Indirect Expense
• Prime Cost + Production Cost

Costs that possess characteristics of both fixed and variable cost are called...

• Semi-variable cost
• Step cost
• variable cost
• fixed cost

Remains fixed cost until production increases above certain limit:

• Step Cost
• Fixed Cost
• Semi-variable cost
• Variable cost

Depreciation charged on fixed asset is...

• Unexpired cost
• Fixed Cost
• Expired Cost
• Product Cost

Total Variable Cost is ____________ Production

• inversely proportional to
• equal to
• half of
• proportional to