The cost which does not vary proportionately but simultaneously and does not remain stationary at all times is known as

 

a. cost pool

 

b. marginal cost

 

c. semi-variable cost

 

d. variable cost

 

 

 

 

 

The cost that refers to an advantage in measurable terms that have foregone on account of not using the facilities in the manner originally planned is called

 

a. opportunity

 

b. imputed

 

c. durable

 

d. compound

 

 

 

 

 

The kind of cost that deals in sequence of operations beginning with making the packed product available for dispatch and ending with making the reconditioned returned empty package is called

 

a. distribution

 

b. production

 

c. marketing

 

d. selling

 

 

 

 

 

The type of cost that do not involve cash outlay is called

 

a. relevant cost

 

b. imputed/hypothetical

 

c. future

 

d. variance

 

 

 

The method of controlling physical stock level by ensuring that the amount of stock level of every item is accounted for at all times is called

 

a. marginal cost

 

b. perpetual

 

c. average

 

d. variable

 

 

 

 

 

The cost of transforming direct materials into finished products excluding direct materials cost is called

 

a. progressive

 

b. mannual

 

c. conversion

 

d. target

 

 

 

 

 

The process of accounting for cost which begins with the recording of income and expenditure is refers to

 

a. cost accounting

 

b. auditing

 

c. production

 

d. management

 

 

 

 

 

Those materials that become an integral part of the finished product, the cost of which are directly assigned to the specific physical units and charged to the prime cost are known as

 

a. direct overheads

 

b. direct material

 

c. indirect material

 

d.direct expenses

 

 

 

 

 

The quantity of materials an organization will purchase at a time to enjoy economy of scale is known as

 

a. demand

 

b. economic order

 

c. carrying inward

 

d. order place

 

 

 

 

 

The three scope of cost accounting are cost control, cost record and

 

a. behavior

 

b. ascertainment

 

c. center

 

d. unit

 

 

 

The four nature of accounting are Profession, art, science, and

 

a. knwledge

 

b. investment

 

c. language

 

d. discipline

 

 

 

The four areas that are related to forecasting are sales, production, earning and

 

a. cost

 

b. record

 

c. allocation

 

d. determination

 

 

 

 

The accounting system that recognizes price changes of commodity from time to time is refers to as

 

a. deflation

 

b. economy of scale

 

c. inflation..

 

d. demand

 

 

 

 

 

 

A plan quantified in monetary terms, prepared and approved prior to a defined period of time usually showing planned income to be generated expenditure is known as.

 

a. budget

 

b. estimate

 

c. standard cost

 

d. forecast

 

 

 

 

 

The amount of time it takes for the material to be delivered from the supplier after an order has been placed is called

 

a. unit order

 

b. quantity order

 

c. lead time

 

d. order level

 

 

 

 

The lowest level of stock that is established by management which is considered at a lead time and demand for materials is called

 

a. minimum

 

b. stock level

 

c. maximum

 

d. lead time

 

 

the measurement of Cost and value of people for the organization is called

 

a. cost management

 

b. human resource accounting

 

c. recruitment

 

d. cost accounting

 

 

 

 

which of this is not an essentials of an ideal cost accounting system

 

a. reliable

 

b. elasticity

 

c. accuracy

 

d. simplicity

 

 

 

The process of accounting for cost which begins with the recording of income and expenditure is refers to

 

a. auditing

 

b. production

 

c. management

 

d. cost accounting

 

 

 

The four areas that are related to forecasting are sales, production, earning and

 

a. record

 

b. cost

 

c. determination

 

d. allocation

 

 

Total cost is the combination of variable and

 

a. average cost

 

b. marginal cost

 

c. fixed cost

 

d. sunk cost

 

 

The accounting system that recognizes price changes of commodity from time to time is refers to as

 

a. demand

 

b. deflation

 

c. economy of scale

 

d. inflation

 

 

The four nature of accounting are Profession, art, science, and

 

a. investment

 

b. discipline

 

c. knwledge

 

d. language

 

 

 

 

 

The kind of cost which cannot be influenced by the action of a specified member of an undertaking is called

 

a. controllable

 

b. demand cost

 

c. uncontrollable

 

d. irrelevant cost

 

 

 

 

 

The essentials of cost accounting that apportioned indirect expenses to products, departments or jobs that must be fair and equitable is called the essentials of

 

a. equity

 

b. accuracy

 

c. reliable

 

d. timeliness

 

 

 

 

The midway between the minimum stock level and the maximum stock is called

 

a. medium

 

b. marginal

 

c. average

 

d. total cost

 

 

 

 

 

An additional stock held by an organization over and above the minimum stock is called

 

a. order level

 

b. buffer/ safety

 

c. quantity demanded

 

d. supply

 

 

 

Those materials that become an integral part of the finished product, the cost of which are directly assigned to the specific physical units and charged to the prime cost are known as

 

a. direct expenses

 

b. direct material

 

c. direct overheads

 

d. indirect material

 

 

 

 

 

The quantity of materials an organization will purchase at a time to enjoy economy of scale is known as

 

a. demand

 

b. economic order

 

c. carrying inward

 

d. order place

 

 

 

 

The method of controlling physical stock level by ensuring that the amount of stock level of every item is accounted for at all times is called

 

a. average

 

b. variable

 

c. marginal cost

 

d. perpetual

 

 

 

Which of these is not a branch of accounting

 

a. financial

 

b. costing

 

c. investment

 

d. management

 

 

 

which of this is not an essentials of an ideal cost accounting system

 

a. elasticity

 

b. accuracy

 

c. reliable

 

d. simplicity

 

 

 

The cost that refers to an advantage in measurable terms that have foregone on account of not using the facilities in the manner originally planned is called

 

a. compound

 

b. opportunity

 

c. imputed

 

d. durable

 

 

Financial accounting provides information mostly at

 

a. yearly basis

 

b. monthly

 

c. quaterly

 

d. two years

 

 

 

 

The combination of fixed cost and Variable Costs is known as

 

a. average

 

b. marginal

 

c. total cost

 

d. unit

 

 

Cost which can be influenced by the action of specified member of an undertaking is called

 

a. normal cost

 

b. department

 

c. section

 

d. controllable cost

 

 

 

The process where actual costs is keep within acceptable limits is refers to as

 

a. cost allocation

 

b. cost control

 

c. cost reduction

 

d. cost absorption

 

 

The process whereby the business assess whether the benefits and revenues of a proposed business is more than costs is known as what

 

a. cost-benefit-analysis

 

b. cost allocation

 

c. cost management

 

d. cost analysis

 

 

 

Which one of this is not elements of cost

 

a. expenses

 

b. budget….

 

c. material

 

d. labour

 

 

 

The charging of the apportioned cost centre overhead to cost units is referred to as ?

 

a. apportionment

 

b. absorption cost

 

c. labour cost

 

d. material cost

 

 

The process of cost accounting system capable of adapting itself to the changing situations of business is known as what

 

a. elasticity

 

b. simplicity

 

c. durable

 

d. adaptability

 

 

A situation where an old established standard designed principally to satisfy a given objective is known as

 

a. job specifics

 

b. absorption

 

c. quality assurance

 

d. basic standard

 

 

 

 

A situation where an old established standard designed principally to satisfy a given objective is known as

 

a. job specifics

 

b. absorption

 

c. quality assurance

 

d. basic standard

 

 

 

 

 

A plan quantified in monetary terms, prepared and approved prior to a defined period of time usually showing planned income to be generated expenditure is known as.

 

a. standard cost

 

b. estimate

 

c. budget

 

d. forecast

 

 

 

 

 

The process of tracking the expenses incurred on a job against the revenue produced by that job

 

a. overheads

 

b. job costing

 

c. standard costing

 

d. process costing