……….. is the first and most important element of cost.

Related MCQs

• Classification of cost into factory cost, administrative cost, selling & distribution cost and research and development cost is done on the basis of…………...
• ………………cost is predetermined cost for each element of cost.
• The term…………………. is comprehensively used to include various aspects such as costing, cost accounting, cost control, cost audit and budgetary control.
• Every……………of cost is divided into direct cost and indirect cost.
• ………………..is an important element in purchase procedure.
• The expenses which can be identified with and allocated to cost centers and cost units are termed as……………..
• Material, Labour and Expenses are the three important…………. of cost.
• Cost accountancy is the science, art and of cost accountant.
• Cost accounting is the art, science and …………… cost of accountant
• …………..cost represents the increase or decrease in total cost which occurs with change in output.