WorksheetsOCT_Quiz_TAX II_Cost A/C
Total questions: 10
Worksheet time: 5mins
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
