All Courses
Get the App Signup / Login
Sign in Open App
B Com Exam  >  B Com Tests  >  Cost Accounting  >  Test: Introduction to Cost Accounting- 1 - B Com MCQ

Test: Introduction to Cost Accounting- 1 - B Com MCQ


Test Description

10 Questions MCQ Test Cost Accounting - Test: Introduction to Cost Accounting- 1

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

What is the main objective of cost accounting?

Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 1

The main objective of cost accounting is to determine the selling price of a product, control costs, and provide information for decision-making. Cost accounting helps in determining the cost of products and services, which is essential in deciding the selling price. It also aids in controlling costs through techniques like budgetary control and standard costing. Additionally, cost accounting provides information for managerial decisions, such as cost-volume-profit relationship, make or buy decisions, and replacement of machinery.

Test: Introduction to Cost Accounting- 1 - Question 2
Save

What is the scope of cost accounting?

Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 2
The scope of cost accounting includes various functional activities such as cost book-keeping, cost system, cost ascertainment, cost analysis, cost comparisons, cost control, and cost reports. Cost accounting covers the classification, analysis, and interpretation of costs, providing valuable information for managerial decision-making.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Introduction to Cost Accounting- 1 - Question 3
Save

What is standard costing?

Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 3
Standard costing is a method of assigning standard costs, which are budgeted amounts, to goods or services. It is based on an efficient use of labor and materials to produce the goods or services under standard operating conditions. Actual costs are then compared to the standard costs to determine variances.
Test: Introduction to Cost Accounting- 1 - Question 4
Save
What is activity-based costing (ABC)?
Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 4
Activity-based costing (ABC) is a cost accounting method that identifies overhead costs from each department and assigns them to specific cost objects, such as goods or services. It is based on activities, which are events or tasks with specific goals, and uses these activities as cost drivers for allocating overhead costs.
Test: Introduction to Cost Accounting- 1 - Question 5
Save
What is the difference between costing and cost accounting?
Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 5
Costing and cost accounting are often used interchangeably, but there are some differences between the two. Costing refers to the process of determining costs, while cost accounting involves the classification, analysis, and interpretation of costs. Costing includes techniques and processes of ascertaining costs, while cost accounting includes the classifying, recording, and allocation of expenditure for cost determination.
Test: Introduction to Cost Accounting- 1 - Question 6
Save
What is marginal costing?
Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 6
Marginal costing, also known as cost-volume-profit analysis, is the calculation of the impact on the cost of a product by adding one additional unit into production. It helps in analyzing the variable costs and volume of production to determine the overall impact on operating profit. Marginal costing is useful for short-term economic decisions, such as determining the profitability of new products or the impact of marketing campaigns.
Test: Introduction to Cost Accounting- 1 - Question 7
Save
What is the importance of cost accounting to management?
Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 7
Cost accounting is invaluable to management as it helps in ascertaining cost, controlling cost, and providing information for decision-making. It enables management to determine the cost of products or services, control costs through budgetary control and standard costing, and make informed decisions based on cost data and analysis.
Test: Introduction to Cost Accounting- 1 - Question 8
Save
What is lean accounting?
Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 8
Lean accounting is an extension of the philosophy of lean manufacturing and production, which aims to minimize waste and optimize productivity. Lean accounting focuses on improving financial management practices within an organization, replacing traditional costing methods with value-based pricing and lean-focused performance measurements. It helps in making financial decisions based on the impact on the company's total value stream profitability.
Test: Introduction to Cost Accounting- 1 - Question 9
Save
How does cost accounting benefit employees?
Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 9
Cost accounting benefits employees by increasing productivity and earning capacity. An efficient costing system can provide incentives through performance-based rewards, which motivate employees to work more efficiently. By improving the overall financial performance of the organization, employees can also benefit from increased job security and better job opportunities.
Test: Introduction to Cost Accounting- 1 - Question 10
Save
How does cost accounting benefit the national economy?
Detailed Solution for Test: Introduction to Cost Accounting- 1 - Question 10
An efficient costing system benefits the national economy by stepping up government revenue through increased production. Cost accounting helps in achieving higher production efficiency, reducing wastage, and improving overall economic development. It provides valuable information for decision-making and cost control, which ultimately contributes to the growth and prosperity of the country.
106 videos|173 docs|18 tests
Join Course
Information about Test: Introduction to Cost Accounting- 1 Page
In this test you can find the Exam questions for Test: Introduction to Cost Accounting- 1 solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Introduction to Cost Accounting- 1, EduRev gives you an ample number of Online tests for practice
106 videos|173 docs|18 tests
Join Course
Download as PDF

Important Questions for Introduction to Cost Accounting- 1

Find all the important questions for Introduction to Cost Accounting- 1 at EduRev.Get fully prepared for Introduction to Cost Accounting- 1 with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Introduction to Cost Accounting- 1 syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Introduction to Cost Accounting- 1 resources.

Introduction to Cost Accounting- 1 MCQs with Answers

Prepare for the Introduction to Cost Accounting- 1 within the B Com exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Introduction to Cost Accounting- 1 Cost Accounting

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Introduction to Cost Accounting- 1 with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup