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Which type of classification is based on time frames like years, quarters, and months?
  • a)
    Geographical Classification
  • b)
    Qualitative Classification
  • c)
    Chronological Classification
  • d)
    Condition Series
Correct answer is option 'C'. Can you explain this answer?
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Which type of classification is based on time frames like years, quart...
Chronological classification is based on time frames such as years, quarters, months, or weeks. It arranges data in ascending or descending order with respect to a particular time frame, making it useful for tracking trends and changes over time.
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Direction: Read the following passage and answer the question that follows:Jordan Cement Factories Company was set up in December 1951 as a share holding company. In March 1954, the company commenced business with the first bag of cement.In order to ascertain the cost of products for a particular period of time, the company prepares cost sheet, the cost sheet data are collected from various statements of accounts which have been written in cost accounts either on day to day or regular records. The main elements of cost sheet are prime cost,work cost and cost of production.The main principle that underlines the cost classifications of main elements of the cost is fixed and variable cost basis. The company does not consider any others basis like direct and indirect costs or revenue and capital cost or functional classification for cost classification. Fixed and variable cost is based on the changes in activity or volume. Fixed cost or period cost remain unchanged in spite of changes in volume or activity.Variable cost or product cost vary in complete proportion to the volume of output. Capital and revenue basis depends on the purpose of expenditure. Any cost incurred in purchasing assets either to earn income or increasing the earning capacity of the business is known as capital cost. But any cost incurred for the purpose of maintaining the earning capacity of the business it is revenue expenditure.Q. The main principle underlying the cost classification is the main element of the cost in ..................... and ..................... cost basis.

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Which type of classification is based on time frames like years, quarters, and months?a)Geographical Classificationb)Qualitative Classificationc)Chronological Classificationd)Condition SeriesCorrect answer is option 'C'. Can you explain this answer?
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