OCT_Quiz_TAX II_Cost A/C

Basic objective of cost accounting is...

• Tax compliance

• Financial Audit

• Cost Ascertainment

• Profit Analysis

Process costing is suitable for

• Hospitals

• Oil Refining Firms

• Transport Firms

• Brick Laying Firms

Cost Classification can be done in

• Two Ways

• Three Ways

• Four ways

• Several Ways

Direct Expenses are also called

• Chargeable Expenses

• Major Expenses

• Overhead Expenses

• sundry Expenses

Which one out the following is not an Inventory valuation method?

• FIFO

• LIFO

• EOQ

• Wighted Average

If EOQ for one year is 15000 Packages, Demand in units for one year is 1500 units, then no. of deliveries in a year will be

• 16

• 12

• 10

• 14

Direct Material is a

• Fixed Cost

• Variable Cost

• Semi Variable Cost

• Semi Fixed Cost

In Case of Rising Prices (Inflation), FIFO method will :

• Provide lowest value of closing stock & Profit

• Provide highest value of closing Stock & Profit

• Provide Highest value of closing stock but lowest value of profit

• Provide highest value of profit but lowest value of closing stock

The branch of accounting is

• financial accounting

• cost accounting

• management accounting

• all of above

the information obtained from cost accounts is

• total cost

• per unit cost

• total & per unit cost

• none of above