Basic Cost Accounting

Costs that remain the same in total regardless of changes in the activity level.

• Variable Cost

• Fixed Cost

• Relevant Cost

• Sunk Cost

Cost is classified into:

• Cost and expense
• Expense and revenue
• Indirect expense and Overheads
• Direct cost and Indirect cost

Costs that possess characteristics of both fixed and variable cost are called...

• Semi-variable cost
• Step cost
• variable cost
• fixed cost

Remains fixed cost until production increases above certain limit:

• Step Cost
• Fixed Cost
• Semi-variable cost
• Variable cost

The following is the objective of cost accounting except....

• Ascertainment of cost

• Planning and controlling cost

• Decision making

• Observations

What is a cost unit?

• Cost of a product or services

• Expenditure

• A quantitative units of product or service to which costs can be related

• Cost per unit

The followings are the type of cost centre except..

• Overhead cost centre

• Production cost centre

• Process cost centre

• Setvice cost centre

Management Accounting helps in _______________________

• only planning

• only decision making

• only controlling

• planning, decision making and controlling

Total Fixed cost _________

• remains constant irrespective of the output

• is directly related to the output

• is inversely related to the output

• no relation with output

What is a semi variable or semi fixed cost?

• cost which is fixed in nature

• cost which is variable in nature

• cost which is partly fixed and partly variablein nature