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Test: Introduction to Cost Accounting- 3 - B Com MCQ


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10 Questions MCQ Test - Test: Introduction to Cost Accounting- 3

Test: Introduction to Cost Accounting- 3 for B Com 2024 is part of B Com preparation. The Test: Introduction to Cost Accounting- 3 questions and answers have been prepared according to the B Com exam syllabus.The Test: Introduction to Cost Accounting- 3 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- 3 below.
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Test: Introduction to Cost Accounting- 3 - Question 1
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What are accounting costs also known as?

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Accounting costs are also known as money costs or entrepreneur's costs. These costs are the expenses incurred by an organization during action and are entered in the books of accounts. They include out of pocket expenses, historical costs, depreciation, and other bookkeeping entries.
Test: Introduction to Cost Accounting- 3 - Question 2
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Which of the following is an example of an explicit cost?

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Explicit costs refer to the payments incurred by an organization in exchange for acquiring various resources. Maintenance charges are an example of explicit costs as they are payments made for services provided by outsiders.
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Test: Introduction to Cost Accounting- 3 - Question 3
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What is the definition of opportunity cost?

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Opportunity cost is the cost incurred on the next best alternative that is foregone to acquire or produce a particular good. It is the value of the alternative product that could have been produced using the resources used in its production.
Test: Introduction to Cost Accounting- 3 - Question 4
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Which of the following costs are not included in the calculation of average cost?
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Average cost is the total cost of production per unit of output. It includes explicit costs, such as fixed costs and variable costs, but does not include implicit costs, which are the costs of the organization's self-owned resources.
Test: Introduction to Cost Accounting- 3 - Question 5
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What are analytical costs used for?
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Analytical costs are those costs that are taken into account for analyzing the production activities of an organization. They are used as the deciding criteria for carrying out business activities and making organizational decisions.
Test: Introduction to Cost Accounting- 3 - Question 6
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Which of the following costs remain constant for a certain amount of output?
Detailed Solution for Test: Introduction to Cost Accounting- 3 - Question 6
Fixed costs are those costs that remain constant for a certain amount of output. They include costs incurred on managerial and administrative staff, depreciation of machinery, and maintenance of lands and buildings.
Test: Introduction to Cost Accounting- 3 - Question 7
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What is the addition to the total cost for producing an additional unit of the product called?
Detailed Solution for Test: Introduction to Cost Accounting- 3 - Question 7
Marginal cost is the addition to the total cost for producing an additional unit of the product. It can be calculated as the rate of change of the total cost or as the difference between the total cost of producing n units and n-1 units.
Test: Introduction to Cost Accounting- 3 - Question 8
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Which period allows an organization to change its output by changing only variable factors?
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In the short run, an organization can change its output by changing only variable factors, such as labor and capital. The fixed factors, such as land and machinery, remain the same in this period.
Test: Introduction to Cost Accounting- 3 - Question 9
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What are social costs borne by?
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Social costs are costs that are borne by the society and are not explicitly paid by the organization. These costs include pollution and global warming caused by the production activities of an organization.
Test: Introduction to Cost Accounting- 3 - Question 10
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What are sunk costs based on?
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Sunk costs are costs that are incurred whether there is an expansion or not. They are based on prior commitments and cannot be revised or recovered. Examples of sunk costs include rent and operational charges for hired machinery.
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