Cost Accounting Quiz-3

Office cost is the summation of factory cost and ________ overheads.

Work Cost is the summation of:

Cost of Sales is derived by adding _______ overheads to the cost of goods sold.

To compute Cost of goods sold opening stock of ______ goods is added and closing stock of _______ goods is deducted in cost of production.

Work in Progress is in the form which is

Factory cost is not named as

Which of the following can be the another name of ‘Total Cost’?

Assertion(A): Cost sheet is a statement that presents the total and per unit cost of production with regard to any cost unit or cost centre for a specific period of time.

Reason(R): Cost sheet is also a managerial tool for cost manager to judge the efficiency of production.

Depreciation on plant is:

Assertion(A): Prime cost, work cost, office cost and total cost are components of cost sheet.

Reason(R): Cost sheet tells about quality and labour efficiency of the production.