WorksheetsCost Accounting. Module 1
Total questions: 15
Worksheet time: 7mins
Which method is used in hospitals for determining cost?
Job costing
Unit costing
Operating costing
Process costing
Which of the following statements are correct.
a. Prime cost is the total of direct wages and variable overheads.
b. Abnormal cost is uncontrollable.
c. Contract costing method is used in ship building.
d. Cost accounting is a techinique of managerial control.
All statements are correct
Statements A , C & D are correct
Except statement 'C' is correct
Only statements 'C' & 'D' are correct
Which one of the following is not a limitation of cost accounting?
a. Cost of installation of costing system is very high.
b. Difficult to be implemented by small business concerns.
c. Involves an element of judgement or estimation.
d. Cost accounting is not a pure science but is an art.
Statements A & C
Statement D only
Statements B & D
None of the above
Identify the correct statements from the following;
a. Cost control is only a temporary technique
b. Cost reduction is a preventive function
c. Cost control emphasis on past and present costs
d. Cost control begins where cost reduction ends
Statements A & B
Statements C & D
Only Statement A
Statements A & C
Prime cost =
Indirect materials + Indirect labour + Indirect expenses
Total material + Total labour + Other expenses
Total cost + selling costs + distribution costs
Direct material + Direct labour + Direct expenses
Which one of the following is not treated as a method of costing?
Job costing & Operating costing
Batch costing & Contract costing
Marginal costing & Absorption costing
Process costing & Unit costing
The main object of Cost Accounting is---
to record day –to-day transactions of the business
to reveal managerial efficiency
to ascertain true cost of product & services
to determine tender price
Which among the following is an example of behavior wise classification of cost.
Controllable cost
Normal cost
Indirect labour
Semi variable cost
State objectives of cost accounting
A.Determination of cost
B. Fixing selling price
C. Cost control and cost reduction
D.Helps in managerial decision-making
E. All of the above
Advertising expenses are a part of
A. Factory overheads
B. Administrative overheads
C. selling and distribution overheads
D. None of the above
Prime cost =
Indirect materials + Indirect labour + Indirect expenses
Total material + Total labour + Other expenses
Total cost + selling costs + distribution costs
Direct material + Direct labour + Direct expenses
The loss which arises due to abnormal circumstances is _____ loss.
Normal
abnormal
net
gross
