Question # 1

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

Doubtful debts are shown on:

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Profit side of statement of profit and loss

Liabilities side of balance sheet

Asset side of balance sheet

Not shown anywhere

Name the main accounts which are prepared in accounting?

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Assets, liabilities, income and expenses

Assets, liabilities, income and revenue

Assets, owner's equity, income and expenses

Assets, liabilities and expenses

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

If spoiled good are considered as abnormal part of production process then debited to

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Work in process

General expense

F-o-H control

None of above

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

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

Depreciation is a loss due to wear and tear of an asset.

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Correct

Incorrent

May be

None

Quick assets are

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Cash in hand

Cash at bank

Debtors

All of the above

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

Costs whose consumption may be identified with specific production units in called

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Direct labour cost

Indirect labour cost

Direct material cost

Indirect material cost

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