Cost accounting objective type questions

  • What is the main objective of cost accounting and why is it so important?

    Cost accounting involves assigning costs to cost objects that can include a company's products, services, and any business activities.
    Cost accounting is helpful because it can identify where a company is spending its money, how much it earns, and where money is being lost..

  • Answer & Solution
    Basic objective of cost accounting is cost ascertainment.
    It involves the ascertainment of the cost of every job, order, product, process or service.
Nov 3, 2023The correct answer is Total Cost. Key Points The profitability of buying from an external supplier in a "make or buy" decision isn't solely 

Are there any objective type cost accounting MCQ with answers?

This article provides top 15 objective type cost accounting MCQ with answers.
These are useful for university exams, UGC NET, SET, MPS, UPSC and other competitive entrance exams.
These solved cost accounting multiple choice questions are useful for MBA, MMS, PGDM, BBA, B Com , M Com, CA and other management students.

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How many types of costs are there?

Classification of cost is useful . to find gross profit. to find net profit. to identify costs. to identify efficiency. 14.
Elements of costs are. three types. four types. five types. seven types. 15.
Direct expenses are also called ________ . major expenses. chargeable expenses. overhead expenses. sundry expenses. 16.

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What are the objectives of cost accounting?

The basic objective of cost accounting is a department ascertaining profit a centre for inventory valuation a responsibility centre in which performance is measured none of these 3. 9. costing systems costing methods cost estimates cost unit and cost centre a. 4. 10.
Cost reduction can be attained by 5. 11.
Conversion cost excludes .


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