Cost accounting

Costing refers to the techniques and processes of __________

• ascertainment of costs.

• allocation of costs.

• apportion of costs.

• distribution of costs

Wages paid to labor who was engaged in production activities can be termed as.

• direct cost.

• indirect cost.

• sunk cost.

• imputed cost.

Elements of costs are ----------------

• 3

• 4

• 5

• 6

Warehouse rent is a part of _________.

• factory cost.

• prime cost

• production cost.

• distribution cost.

Indirect material scrap is adjusted along with ________.

• labour cost.

• prime cost.

• factory cost

• cost of goods sold

Factory overhead can be charged on the basis of___________-.

• labour cost.

• material cost

• prime cost.

• direct expenses

Material consumed is Rs. 5,00,000 Opening stock of raw material is Rs. 50,000 and Closing stock of raw material is Rs. 25,000. What is the cost of raw material purchased?

• Rs. 4,50,000.

• Rs. 5,25,000

• Rs. 4,75,000

• Rs. 5, 50,000

Process costing is suitable for _________.

• hospitals.

• transport firms

• oil refining firms.

• brick laying firms.

Normal loss in a process is ………………………………………

• Un avoidable

• Avoidable

• Arise due to defective

• Standard

Prime cost comprises the following combination of costs _______________

• Direct labour and factory overhead

• Direct material direct labour and direct expense

• Direct materials and factory overhead

• None of these