Cost Accounting (CIA-I -2021-2022)

Which of the following is an accounting record?

• Stores Ledger

• Bin card

• Bills of materials

• ABC

A Purchase requisition is prepared by

• Stores Keeper

• Supplier

• Foreman

• Purchase Manager

Purchase requisition is generally prepared in

• Triplicate

• Single

• Duplicate

• Quadruplicate

Prime Cost plus variable overheads is known as

• Cost of Sales

• Production Cost

• Total Cost

• Marginal Cost

Which one of the following constitutes the cost of production?

• Works cost+ office and administration overheads

• Prime cost +Factory Overheads

• Works cost+ Prime cost

• Works Cost+ Selling and distribution Overheads

The total cost of a product is ₹64000 and if 20% of the sale price is the profit to be added, what is the sale price?

• 80000

• 76800

• 72000

• 68000

The main purpose of cost accounting is to

• Maximize profits

• Help in inventory valuation

• Provide information to management for decision making

• Aid in the fixation of selling price

An example of fixed cost is

• Direct material

• Works manager's salary

• Depreciation of machinery

• Chargeable expenses

Increase in total variable cost is due to

• Increase in fixed cost

• Increase in sales

• Increase in production

• Increase in profit

Costs which are associated after they have been incurred are known as

• Imputed cost

• Sunk cost

• Historical cost

• Opportunity cost