Cost Accounting Test
| Description: Useful for commerce students, SET, UGC and other exams. | |
| Number of Questions: 30 | |
| Created by: Rani Rajan | |
| Tags: Cost Accounting Standard Costing and Variance Analysis Financial Management Accounts and Audit Nature and Scope of Management Accounting � Meaning & Behavior of Cost Accounting Cost Concepts: Analysis and Behaviour |
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Financial audit aims at the verification of a
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Volume variance is divided into capacity variance, calender variance and
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Management by exception exercise controls over
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_____ costing cannot be used in small concerns.
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_____ is the technique of exercising control over unfavourable items.
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Standard cost of labour - Actual cost of labour =
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_______ costing is a standardsation of the costing principles and practices in the same industry.
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The success of ______ costing depends on mutual trust and co-operation among the units.
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Uniform costing facilitates _____ comparison of cost of production.
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Uniform costing may lead to _____ conditions with in industry.
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Cost audit assists the
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______ is a booklet containing detailed instructions to be followed by various firms in an industry in connection with cost determination and control.
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______ is concerned with verification of cost accounts.
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Audit means examination of books of accounts and vouchers so as to establish their
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Lower level management requires more _____ report.
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The reports given to the higher level management must be
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Lower management requires _____ reports.
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______ reports are required by management at the top level.
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Lower level management requires _____ reports.
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Higher level management requires _____ reports.
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Clarity should not be sacrificed at the cost of
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Cost reduction should not be done by arbitrary cost
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Information delayed is information
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Speedy and frequent reports are desirable but ____ lose their effectiveness.
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Cost control is a preventive function where as cost reduction is a ____ function.
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Systematic identification of unnecessary costs is called
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The scope of cost accountancy includes
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Works cost + Administration overhead =
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Smaller sub-division of cost, attributable to products and services, is called a
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The difference between cost of sales and selling price represents