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Question 1
Question
[blank_start]Cost Objects[blank_end] are the lowest level where costs are accumulated
Answer
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Cost Objects
Question 2
Question
Prime Cost Consists of
Answer
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Direct Materials
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Direct Labour
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Direct Expenses
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Factory Overhead
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Manufacturing Cost
Question 3
Question
Which of the following about conversion Cost is true?
Answer
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Conversion cost consists of direct labour and factory overhead
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Conversion Cost is also called Value-added cost.
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It provides the information about how much the unit is spending to convert the materials or componenets into end product
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If conversion cost is high, there is a scope to earn more profit
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If conversion cost is low, there is a scope to earn more profit
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cost relates to unit manufactured during the year
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