Fundamental concepts of cost - class-XII
Description: fundamental concepts of cost | |
Number of Questions: 29 | |
Created by: Shankara Prabhu | |
Tags: commercial applications book keeping and accountancy cost accounting: an introduction fundamental concepts of cost |
Absorption costing technique is also termed as ___________________.
Cost, which is related to specific cost object and economically traceable, will be classified as ____________.
Aggregate of direct costs is known as _________.
Variable cost per unit ___________________.
The work of factory employees that can be physically associated with converting raw material into finished goods is classified as ________________.
The principle types of inventories are raw materials, ___________ and finished goods.
When factory overhead control account has an ending debit balance, factory overhead was ___________.
When _________ is used on the basis of budgeted overheads and the rate is applied to the actual base, the actual overhead expenses may be different from the charged overheads.
________ forms part of cost of production.
A flexible budget requires careful study and classification of expenses into_____________.
Period cost means
The type of costing which is most suitable for cost control purpose is
All costs are controllable in the __________ .
The type of standard that is best suited from cost control point of view is
Standard costs are
Excess direct labour wages will be disclosed in which type of variance?
Preliminaries to setting of standards:
I. Establishment of cost centres
II. Classification and Codification of accounts
III. Period of use
IV. Reasonable or desirable level of attainment
Of these
Product costs under direct costing included.
Match the following:
1. | Total fixed cost | a) | increase in proportion to output |
---|---|---|---|
2. | Total variable cost | b) | remains constant in total |
3. | Unit variable cost | c) | decrease with rise in output |
4. | Unit fixed cost | d) | remains constant per unit |
Process Cost is very much applicable in _____________.
An input of 5,000 kg of material introduced into the process and the expected loss is 8% and if the actual output from the process is 4,300, the abnormal loss is __________ kg.
Out of the overheads given, the following is an example of distribution overheads.
EOQ is the quantity that minimizes ________________.
In considering a special order situation that will enable a company to make use of currently idle capacity, which of the following cost will be irrelevant?
Recorder quantity is ___________________.
Factory overhead application rates best reflect anticipated fluctuations in sales over several year when rates are computed using figures based on
ABC Analysis is useful for analyzing the inventories based on __________.
A company sells goods on credit valued at Rs 25000 to a customer. At what point in the sales cycle should this sale be recognized in the accounts?
_________ cost refers to the cost which have already been incurred and cannot be altered by any decision in the future.