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


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

Test: Introduction to Cost Accounting- 1 for B Com 2024 is part of B Com 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.
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Test: Introduction to Cost Accounting- 1 - Question 1
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What is the main objective of cost accounting?

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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
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What is the scope of cost accounting?

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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.
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Test: Introduction to Cost Accounting- 1 - Question 3
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What is standard costing?

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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
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What is activity-based costing (ABC)?
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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
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What is the difference between costing and cost accounting?
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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
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What is marginal costing?
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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
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What is the importance of cost accounting to management?
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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
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What is lean accounting?
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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
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How does cost accounting benefit employees?
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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
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How does cost accounting benefit the national economy?
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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.
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