Question # 1

Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called

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Future cost

Replacement cost

Imputed cost

Sunk 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

Section of the business to which cost can be charged is termed as

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Cost driver

Cost center

Cost unit

All of above

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

What is amortization?

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Decrease in the value of fixed assets

Decrease in the value of intangible assets

Increase in the value of fixed assets

Increase in the value of intangible assets

What is accumulated depreciation?

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Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

The cost flow must match the

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Output

Outflow

Inflow

Workflow

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

Which one is not a functional classification?

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Manufacturing cost

Marketing cost

Finance cost

Mixed cost

Provision of doubtful debts are also known as:

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Allowances for uncollectable

Allowances for collectable

Bad debts

None

Trading account shows ----------- result.

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Net

Gross

Profit

Loss

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