Top 50+ Solved Elements of Cost and Cost Sheet MCQ Questions Answer
Q. Cost accounting is the art, science and …………… cost of accountant
a. Profession
b. Management
c. Administration
d. none
Q. ………………. May be a location, a person, or an item of equipment or group of there
a. Cost centre
b. Cost unit
c. Profit center
d. none
Q. …………………. Is defined on the guidance and regulation by executive action of cost operatingand under taking
a. Cost reduction
b. Cost control
c. Cost estimation
d. none
Q. ………. is the cost incurred in the part has no effect on future decision making
a. Sunk cost
b. Historical cost
c. Imputed cost
d. none
Q. Cost of production is also called ………………..if there is no selling and distribution expense
a. Cost of sales
b. Office cost
c. Factory cost
d. none
Q. Statement prepared to show the different elements of cost
a. Time sheet
b. Cost sheet
c. Work sheet
d. none
Q. On the basis of ……………… cost can be classified into fixed and variable.
a. Behavior
b. Element
c. Function
d. none
Q. When material prices fluctuate widely the method of pricing that gives a best result in
a. Simple average
b. Weighted average
c. FIFO
d. none