Costing Methods & Techniques

Contract Costing is a

• Specific Order Costing

• Operations Costing

• Process Costing

• None of the above

Retention Money is 

• Value of Work Certified - Cash received

• Value of Work Certified + cash received

• Work-in-progress + Cash received

• Contract Price +Cash received

The three Elements of Cost are

• Material, Overheads, Expenses

• Material, Labour, Expenses

• Material, Purchases, Sales

• None of the above

Identify functional Budget from the following

• Sales Budget, Production Budget, Purchase Budget

• Fixed Budget, Variable Budget, Semi-variable Budget

• Cash Budget, Flexible Budget

• None of the above

System of controlling cost through preparation of budget is known as

• Budget

• Budgeting

• Budgetary Control

• Forecast