Costing is specialized branch of accounting which deals with:

Related MCQs

• Process costing provides a system of costing where the following characteristics occur. Identify which of the following are correct:
• A job costing system is usually based on absorption costing principles, and in addition a cost is included for non-production overheads.
• Job costing is a costing method applied where work is undertaken to customers’ special requirements and each order is of comparatively short duration.
• Batch costing is similar to job costing in that each batch of similar articles is separately identifiable.
• The job costing method can therefore be applied in costing batches. The only difference is that a number of items are being costed together as a single unit, instead of a single item or service.
• When the abnormal has a scrape value the net cost of abnormal loss (cost of abnormal loss minus its scrap value) is then transferred as a cost to the cost accounting income statement at the end of the accounting period.
• Specific order costing methods are appropriate for organizations which produce cost units which are separately identifiable from one another.
• . Which of the following is not considered to be a benefit of activity-based costing?
• Which of the following statement is correct with regard to job costing?
• Contract costing is not used in one of the following industries.