Cost accounting was developed because of the _________.
A. limitations of the financial accounting
B. limitations of the management accounting
C. limitations of the human resource accounting
D. limitations of the double entry accounting
Answer: Option A
Solution(By Examveda Team)Cost accounting was developed because of the limitations of the financial accounting. The limitations of financial statements are those factors that a user should be aware of before relying on them to an excessive extent. The following are all limitations of financial statements: Dependence on historical costs. Transactions are initially recorded at their cost.
"Which of the following statements is/are correct?
1. A materials requisition note is used to record the issue of direct material to a specific job.
2. A typical job cost will contain actual costs for material, labour and production overheads, and non –production overheads are often added as a percentage of total production cost.
3. The job costing method can be applied in costing batches"
A. (1) only
B. (1) and (2) only
C. (1) and (3) only
D. (2) and (3) only
A. carrying costs
B. relevant total costs
C. economic order quantity
D. reorder point
A. cumulative average time learning model
B. cumulative mean learning model
C. cumulative weighted learning model
D. cumulative average pricing model
A. disadvantage of low high method
B. disadvantage of high low method
C. advantage of high low method
D. advantage of low high method