ECA QUIZ

What is the primary purpose of a cost sheet?

• Monitoring employee performance

• Tracking inventory turnover

• Revealing total cost and cost per unit of goods produced

• Analyzing market trends

Which interval is commonly used for preparing a cost sheet?

• Hourly

• Monthly

• Yearly

• Randomly

What information does a cost sheet disclose?

• Customer preferences

• Breakup of total cost into different elements

• Employee salaries

• Market competition analysis

What does Cost Accountancy encompass in a business context?

• Product advertising techniques

• Principles, conventions, techniques, and systems in business planning

• Employee training programs

• Market research strategies

Which objective is a key focus of Cost Accounting?

• Boosting employee satisfaction

• Determining market trends

• Guiding business policy

• Forecasting consumer behavior

Which statement accurately describes a characteristic of Financial Accounting?

• Emphasizes cost control and reduction

• Not compulsory for all companies

• Provides detailed cost and profit figures for individual products

• Focuses on uniform reporting

What is a distinctive feature of Cost Accounting compared to Financial Accounting?

• Emphasizes uniform reporting

• Shows figures of cost for individual products and processes

• Compulsory for all companies

• Conducted annually

2.Which category includes materials used in production but are not part of the finished product?

• Direct Materials

• Indirect Materials

• Supplies

• Component parts

How is Labour Cost defined

according to CAS-7?

• Strictly limited to salary payments

• Future budget for employee training

• The sum of all considerations for services by employees

• Payment made to external contractors

____ _______ – The main function of this department is to accurately record each worker’s

time of arrival and departure