TOPIC 1 BASIC COST ACCOUNTING SESI 1 2024/2025

Costing Accounting is a qualitative method that spreading the accounting information.

• TRUE

• FALSE

Which of the following explain the importance of cost accounting to management.

• To determine product cost.

• To prepare SOCI and SOFP

• To help preparation on Trial Balance

• To provides general information on the financial position

Given below are the elements of COST EXCEPT....

• Production Cost

• Administration Cost

• Cost of Goods Sold

• Research & Development Cost

Which of the following is NOT the element of PRIME COST

• Direct Materials

• Indirect Labour

• Direct Expenses

• Direct Labour

Production Overhead is NOT consist of.....................

• Indirect Materials

• Indirect Labour

• Indirect Expenses

• Indirect Expenditure

Fixed cost is the cost ............................................

• remain unchanged when the production activity changes over a certain relevant range.

• change in direct proportion with production activity.

• made up of fixed and variable elements.

• that are influenced by the decision or action of a manager.

Proper ledgers maintained for expenses, income, assets and liabilities. The purpose for the existence is to provide general information on the financial position of an enterprise. This is elaboration for

• Cost Accounting

• Financial Accounting

• Management Accounting

• Taxation

In order to construct furniture which of the following considered as DIRECT MATERIAL

• Supervisor

• Wood

• Electricity

• Power

The wages paid to workers who are directly involved in the manufacture of a specific product or in performing a service is called.......

• Direct Labour

• Direct Wages

• Direct Expenses

• Overhead

What is a method used if there is semi variable cost involved.

• High Low Method

• Accounting method

• Costing Method

• Under Upper Method