Cost accounting

1. Basic objective of cost accounting is ________

• tax compliance

• financial audit

• cost ascertainment

• profit analysis

Process costing is suitable for ________.

• hospitals

• oil refining firms

• transport firms

• brick manufacturing firms

Cost classification can be done in ________.

• two ways

• three ways

• several ways

• none of the above

Indirect expenses are also called ________.

• chargeable expenses

• overheads

• secondary expenses

• sundry expenses

………………is the oldest branch of accounting.

• financial accounting

• cost accounting

• management accounting

• none of these

Indicate which of the following fall under the category methods of costing -

• standard costing

• marginal costing

• processscosting

• none of these

cost unit applicable for bus transport business

• number

• passenger - kilometre

• tonne

• kilometre

According to CIMA, England, “the technique and process of ascertaining cost” is called

• cost

• costing

• cost accounting

• cost accountancy

The information provided by financial statements is ________ in nature.

• standard

• marginal

• historical

• uniform

“The amount of expenditure (actual or notional) incurred or attributable to a given thing” is

• expense

• cost

• revenue

• value