COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following statements regarding techniques of inventory control are correct?
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Fixation of selling price with good profit
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Establishment of inventory budgets
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Establishment of inventory sales
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Fixation of profit with high return
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Explanation:
Detailed explanation-1: -Under the Standard Costing System, which of the following actions is true about the cost variance? Explanation: The real cost of material cost, direct labor, and administration to produce a unit of product is known as actual cost. Variance is the difference between the actual and standard costs.
Detailed explanation-2: -One of the limitations of ABC analysis is that excess stocks are always in jeopardy of obsolescence or damage.
Detailed explanation-3: -Inventory includes raw materials, finished goods and work-in-progress.
Detailed explanation-4: -The main objective of cost accounting is to ascertain the cost of goods and services.
There is 1 question to complete.