Question # 1

Section of the business to which cost can be charged is termed as

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Cost driver

Cost center

Cost unit

All of above

According to possible for an event or transaction which is not measurable in terms of money

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True

False

May be

None

Statement of a affairs is a sort of -----------

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Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

Which one is not a classification according to the accounting period?

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the above

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

How many types of inventories are in cost of goods sold statement?

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1

2

3

4

Sales prices is calculated as follow:-

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Cost + operating expense

Direct material + Direct labour + F.o.H

Cost + operating expenses + profit

None of above

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

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Trade bills

Bill of exchange

In-land bills

Foreign bills

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