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Test: Cost Management - B Com MCQ


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10 Questions MCQ Test Cost Management - Test: Cost Management

Test: Cost Management for B Com 2024 is part of Cost Management preparation. The Test: Cost Management questions and answers have been prepared according to the B Com exam syllabus.The Test: Cost Management MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Cost Management below.
Solutions of Test: Cost Management questions in English are available as part of our Cost Management for B Com & Test: Cost Management solutions in Hindi for Cost Management course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Cost Management | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Cost Management for B Com Exam | Download free PDF with solutions
Test: Cost Management - Question 1
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Which of the following is a purpose of costing in business?

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Costing in business serves the purpose of assigning costs to various elements of the business, such as products, customers, and processes. This helps in understanding and managing the cost structure of the organization.
Test: Cost Management - Question 2
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What is the primary purpose of target costing?

Detailed Solution for Test: Cost Management - Question 2
The primary purpose of target costing is to align the cost of producing a product with the price that customers are willing to pay for that product. It focuses on meeting customer price expectations while maintaining profitability.
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Test: Cost Management - Question 3
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What is the main principle of Activity Based Costing (ABC)?

Detailed Solution for Test: Cost Management - Question 3
The main principle of Activity Based Costing (ABC) is to link costs to specific activities within an organization. It aims to provide a more accurate representation of the cost of products or services by considering the activities that drive those costs.
Test: Cost Management - Question 4
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What does benchmarking involve in terms of information sharing?
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Benchmarking involves collecting data from competitors or other organizations to compare performance and practices. This data is typically kept confidential and used for improving one's own processes.
Test: Cost Management - Question 5
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Which factor is essential for a good Cost Accounting System?
Detailed Solution for Test: Cost Management - Question 5
A good Cost Accounting System should be economical to the organization and provide more benefits than its installation and operating costs. It should be cost-effective and beneficial.
Test: Cost Management - Question 6
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Which quality management approach emphasizes the importance of continuous improvement and quality at every stage of a process?
Detailed Solution for Test: Cost Management - Question 6
Total Quality Management (TQM) emphasizes the importance of continuous improvement and maintaining quality at every stage of a process. It aims to instill a culture of quality throughout an organization.
Test: Cost Management - Question 7
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What should a Cost Accounting System be designed to do with regards to cost control?
Detailed Solution for Test: Cost Management - Question 7
A Cost Accounting System should be designed to facilitate cost control and support decision-making by providing accurate cost information to management.
Test: Cost Management - Question 8
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What is one of the key challenges in implementing a Cost Accounting System?
Detailed Solution for Test: Cost Management - Question 8
One of the key challenges in implementing a Cost Accounting System is the lack of support from top management. Without management's backing, the system may face difficulties in gaining acceptance and achieving its objectives.
Test: Cost Management - Question 9
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Why is it important for a Cost Accounting System to be flexible?
Detailed Solution for Test: Cost Management - Question 9
Flexibility in a Cost Accounting System is important because it allows the system to adapt to changing business situations and information needs. It ensures that the system remains relevant and effective over time.
Test: Cost Management - Question 10
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What is the main goal of benchmarking in cost management?
Detailed Solution for Test: Cost Management - Question 10
The main goal of benchmarking in cost management is to identify areas for improvement and achieve cost efficiency by comparing performance and practices with benchmark organizations. It aims to learn from best practices and make necessary improvements.
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Important Questions for Cost Management

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Cost Management MCQs with Answers

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