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WorksheetsCOST ACCOUNTING- 2
Total questions: 10
Worksheet time: 3mins
The main purpose of cost Accounting is to_______
Maximize profits
Help in inventory
Provide information to management for decision making
Aid in the fixation of Selling price
An example of fixed cost is____________.
Direct material cost
Works manager's r salary
Depreciation of machinery
Chargeable expenses
The purpose of financial accounting is to provide information for___________.
Assessing the profitability and financial position of the firm
Fixing prices
Locating factors leading to wastages and losses
cost control
The term 'Sunk cost' refers to______
cost that are directly influenced by unit manager
Past cost that are now irrevocable
Cost that should be incurred in a particular production process
Benefits lost from rejecting the next best alternative
On the basis of behavior, cost can be classified as_________,_____________ and________________.
(a)
The main function of financial accounting is (a) reporting.
The technique and process of ascertaining cost is known as (a) .
_____________Cost remains constant with changes in volume, while____________ cost fluctuate with volume.
(a)
Costing, cost accounting, cost accountancy mean the same
TRUE
FALSE
Direct cost and direct expenses are the same
TRUE
FALSE
