Following is (are) called the element(s) of Cost

Related MCQs

• Which of the following statements are true? (a) Marginal costing is not an independent system of costing. (b) In marginal costing all elements of cost are divided into fixed and variable components. (c) In marginal costing fixed costs are treated as product cost. (d) Marginal costing is not a technique of cost analysis.
• Which of the following are the assumptions of marginal costing? 1) All the elements of cost can be divided into fixed and variable components. 2) Total fixed cost remains constant at all levels of output. 3) Total variable costs vary in proportion to the volume of output. 4) Per unit selling price remain unchanged at all levels of operating activity.
• What are the objectives of Cost accounting?I)Cost Ascertainment II)Cost Control
• When selling price is Rs.200 Per unit, Variable Cost Rs.150 per unit and Fixed Cost is Rs.50000 at which capacity level the cost per unit would be minimum.
• When selling price of product A is Rs.25 and product B is Rs. 20 and respective variable cost is Rs. 23 and Rs.16. The fixed cost is Rs.750, which of the following sales mix of product A and product B should be adopted to maximize the profit.
• The Carl Care Company established the following direct labour cost standards for one unit of product Z: •Standard hours: 1.5 hours •Standard rate: $20 per hour •Standard cost: $30 (1.5 hours @ $20 per hour) During the month of July, 20,000 direct labour hours were worked, and 12,500 units of product Z were manufactured. The total wages related to direct labour in July were $405,000. The direct labour rate variance for July was:
• Cost of goods sold for a company is Rs 30,00,000, Rs 24,00,000 and Rs 18,00,000 for 2015, 2014 and 2013 respectively. If 2013 is the base year the percentage increase in cost of goods sold from 2013 to 2015 is
• Abnormal cost is the cost ___________.
• Fixed cost is a cost -
• When the actual cost is less than the standard cost, the difference is termed as