1.The main objective of Cost accounting is to ascertain the financial position on a particular date.
False
True
2.Job order costing is also known as:
Product costing
Process costing operation costing
None of the above.
3.Cost accounting is the best tool for management control
Yes
No
4.Cost accounting is done by:
Actuarialist
Financial accountant
Cost accountant
Store keeper
5.Process costing is a costing method used for:
Batch of products
Construction projects
When mass production of identical goods are produced by passing through multiple processes.
- Cost accounting and financial accounting should produce reports that reconcile each other:
True
False
7.Labour accounting considers:
Machine hours spent on production
Time sheets of labour
Time sheet of office staff
8.Cost accounting divided cost into direct and indirect?
True
False
9.The cost accountant should depend on financial accountant:
True
False
10.To implement cost accounting system, top level management support is not necessary.
True
False
Answers: False, none of the above, yes, cost accountant, When mass production of identical goods are produced by passing through multiple processes, True, time sheet of labour, True, False, False