Cost & Management Accounting

Description

Cost & Management Accounting Revision
Pavan G
Quiz by Pavan G, updated more than 1 year ago
Pavan G
Created by Pavan G over 7 years ago
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Resource summary

Question 1

Question
[blank_start]Cost Objects[blank_end] are the lowest level where costs are accumulated
Answer
  • Cost Objects

Question 2

Question
Prime Cost Consists of
Answer
  • Direct Materials
  • Direct Labour
  • Direct Expenses
  • Factory Overhead
  • Manufacturing Cost

Question 3

Question
Which of the following about conversion Cost is true?
Answer
  • Conversion cost consists of direct labour and factory overhead
  • Conversion Cost is also called Value-added cost.
  • It provides the information about how much the unit is spending to convert the materials or componenets into end product
  • If conversion cost is high, there is a scope to earn more profit
  • If conversion cost is low, there is a scope to earn more profit
  • cost relates to unit manufactured during the year
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