quiz
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1/10
1. The main purpose of cost accounting is to ______
- A) Maximize profits
- B) Help in inventory valuation
- C) Provide information to management for decision – making
- D)Aid in the fixation of selling price
2/10
2. Costs which are ascertained after they have been incurred are known as ________
- A) Imputed costs
- B) Sunk costs
- C) Historical costs
- D) Opportunity costs
3/10
3. The term cost refers to ________
- A) The present value of future benefits
- B) The value of the sacrifice made to acquire goods or services
- C) An asset that has given benefit and is now expired
- D) The price of products sold or service rendered
4/10
4. Cost accounting differs from financial accounting in respect of _______
- A) Reporting of cost
- B) Ascertaining cost
- C) Control of cost
- D) Recording cost
5/10
5. A purchases requisition is prepared by ________
- A) Store keeper
- B) Supplier
- C) Foreman
- D) Purchase manager
6/10
6.1. Cost Accounting helps in _________ .
- A) Reporting of cost
- B) Ascertaining cost
- C) Control of cost
- D) Recording cost
7/10
7. Perpetual inventory system involves _______.
- A)Bincard and stores ledger
- B) bill of material and material requisition
- C) purchase requisition
- D) inward and outward invoices
8/10
8. Pricing of material issues closely resembles the current market value under________
- A) Last-in-first-out
- B) First-in-first-out
- C) Simple average
- D)weighted average
9/10
9.Material requisition note is prepared by ________
- A)Purchase department
- B) Accounts department
- C) Production department
- D) Production control department
10/10
10. Under which method, issue of materials is priced at the latest purchase price
- A) FIFO
- B) LIFO
- C) NIFO
- D) HIFO
Finished!
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