941. Closing stock in the Trial Balance implies that:
A: It is already adjusted in the opening stock
B: It is adjusted in the Purchase A/c
C: It is adjusted in the Cost of Sale A/c
(D: It is adjusted in the Purchase A/c)
942. The main purpose of cost accounting is to :
A. Maximise profits
B. Help in inventory valuation
C. Provide management with information for decision-making purposes
D. Aid in the fixation of selling prices
943. In cost planning, one of the most important tools is:
A. Direct cost
B. Cost sheet
C. Budget
D. Marginal costing
944. The purpose of cost accounting is to provide information for :
A. Preparing a costing P and L account
B. Cost control
C. Identifying the factors that cause waste and losses
D. Assessing the profitability and financial position of the firm
945. Fixed cost per unit increases when :
A. Variable cost per unit increases
B. Variable cost per unit decreases
C. Production volume increases
D. Production volume decreases
946. Variable cost per unit :
A. Varies when output varies
B. Remains constant
C. Increases when output increases
D. Decreases when output decreases
947. Increase in total variable cost is due to :
A. Increase in fixed cost
B. Increase in production
C. Increase in sales
D. Increase in total cost
948. An example of variable cost is :
A. Property taxes
B. Direct material cost
C. Interest on capital
D. Depreciation of machinery
949. An example of fixed cost is :
A. Direct material cost
B. Depreciation of machinery
C. Works manager’s salary
D. Chargeable expenses
950. Cost accounting concepts include all of the following except :
A. Planning
B. Profit-sharing
C. Controlling
D. Product costing
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