accqs
Cost concept MCQs 1. What is the basic concept of cost concept? A) Cost ascertainment. B) Tax compliance. C) Financial audit D) Profit analysis Answer: A 2. Process costing is appropriate for which firm? A) Bricklaying firms B) Transport firms C) Hospitals D) Oil refining firms Answer: D 3. In how many ways cost classification can be done? A) Three ways B) Two ways C) Four ways D) Many ways Answer: D 4. Which cost is incurred even if the company is closed? A) Sunk cost B) Historical cost C) Shutdown cost D) Imputed cost Answer: C 5. Direct expenses are also known as A) Overhead expenses B) Sundry expenses C) Chargeable expenses D) Major expenses Answer: C 6. Warehouse rent is a part of which cost? A) Production cost B) Distribution cost C) Prime cost D) Factory cost Answer: B 7. What is tender? A) Estimation of cost B) Estimation of profit C) Estimation of units D) Estimation of the selling price Answer: D 8. A total of all the direct costs is known as A) Cost of production B) Cost of ...