List of practice Questions

Appropriation of profits is shown under which account?

Undervaluation of Opening Stock in Cost Accounts will lead to:

State and briefly explain the types of objects used in a sentence.

In final process, the output is called:

Name an industry/company that uses operating costing.

Operating costing is concerned with ascertainment of operating cost for rendering unit of _______

Composite cost unit under operating costing refers to _______ of service.

Semi-variable cost comprises _______ and _______ cost elements.

Chef's cost comes under the category of _______ cost.

After completion of the contract, with which price is the contractee's account debited and contractor's account credited?

Give any one general principle of process costing.

Normal loss is borne by production department, but it leads to _______ in cost per annum.

Paper manufacturing industries adopts _______ costing. Why?

Define normal loss.

In each process all direct costs and overheads are:

Write an objective of Job Costing.

The list of materials required for a particular job for smooth execution of the job, prepared by the planning department, is called:

Name an industry where batch costing is suitable.

_______ costing is suitable for bridge construction.

Salary and wages paid to labourers engaged at site are direct cost hence debited to:

The work shall be judged by contractee's architect, surveyor or engineer who issue a certificate, stating the value of work done so far. This certificate is called:

What is meant by the term “Retention money”?

Carriage outwards is _______ overheads.

Estimated cost sheet is based on predictable cost figures which are estimated by looking at past figures and analysing the _______ situation.

State whether the following statement is True or False: “Direct cost, Works cost, Cost of production and Total cost are the components of Cost Sheet.”