The accounting approach in which
expected benefits exceed the expected costs is classified as:
Cost-benefit approach
Cost
approach
Accounting
approach
Benefit
approach
One of the most important tools
in cost planning is
Direct
cost
Cost
sheet
Budget
A costing system is used in
situation where single homogenous product is produced
Job
order costing
Process costing
Absorption
costing
Product
costing
The main
purpose of cost accounting is:
Maximize profit
Provide information to management to make decision
Help in inventory
valuation
Aid in the fixation
of selling prices
Which of the
following is an effective technique of cost control
Budgetary control
Uniform costing
Standard costing
Marginal costing
A costing
system is used in situation where single homogenous product is produced
Job order costing
Process costing
Absorption costing
Product costing
If a company
wishes to establish a factory overhead budget system in which estimated cost
can be derived directly from estimates of activity level, it should prepare a:
Cash budget
Master budget
Fixed budget
Flexible
budget
Unfavorable
variances are the result of management use of:
Ideal
standards
Efficiency
standards
Basic standards
Attainable standards
Calendar
variance is a sub variance of
Expenditure variance
Volume
variance
Efficiency variance
Variable overhead
cost variance
Which
variance cannot exit under direct costing :
Production
volume variance
Price variance
Efficiency variance
Quantity variance
The
storekeeper should initiate a purchase requisition when stock reaches:
Minimum level
Re-order level
Maximum level
Average level
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