Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
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Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
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Cost classification can be done in ________.
A. two ways
B. three ways
C. four ways
D. several ways
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The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
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Direct expenses are also called ________.
A. major expenses
B. chargeable expenses
C. overhead expenses
D. sundry expenses
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Indirect material used in production is classified as ________.
A. office overhead
B. selling overhead
C. distribution overhead
D. factory overhead
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Warehouse rent is a part of ________.
A. prime cost
B. factory cost
C. distribution cost
D. production cost
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Indirect material scrap is adjusted along with ________.
A. prime cost
B. factory cost
C. labour cost
D. cost of goods sold
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Tender is an _______.
A. estimation of profit
B. estimation of cost
C. estimation of selling price
D. estimation of units
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Total of all direct costs is termed as ________.
A. prime cost
B. works cost
C. cost of sales
D. cost of production
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Audit fess is a part of _______.
A. works on cost
B. selling overhead
C. distribution overhead
D. administration overhead
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Cost accounting concepts include all the following except ________.
A. planning
B. controlling
C. profit sharing
D. product costing
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Toy manufacturing industry should use _______.
A. unit costing
B. process costing
C. batch costing
D. multiple costing
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Cost unit of a sugar industry can be ________.
A. per litre
B. per tonne
C. per acre
D. per metre
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The ascertainment of costs after they have been incurred is known as _________.
A. marginal costing
B. historical costing
C. sunk cost
D. notional cost
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Over time is ________.
A. actual hours being more than normal time
B. actual hours being more than standard time
C. standard hours being more than actual hours
D. actual hours being less than standard time
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Time keeping refers to _______.
A. time spent by worker on their job
B. time spent by workers in the factory
C. time spent by workers without work
D. time spent by workers off their job
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Labour productivity can NOT be measured by comparing ________.
A. actual time with standard time
B. total output with total man hours
C. added value for the product with total wage cost
D. total wage and total output
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Given that for a job standard time is 8 hrs, actual time taken is 6 hrs and the time rate is Rs 2 per hr What is the total wages under Halsey premium plan?
A. Rs. 12
B. Rs. 14
C. Rs. 16
D. Rs. 18
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Comparing Rowan plan and Halsey plan, it is seen that when the time saved is less than 50% of the standard time ________._
A. Rowan plan allows more wages to a worker than Halsey plan
B. Rowan plan allows less wages to a worker than Halsey plan
C. Rowan and Halsey plan allow equal wages to a worker
D. Rowan plan and Halsey plan are equal to ordinary time wage
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