ExamVeda
Login
Home

In accounting cost incurred in past or in historical financial statements...

This question belongs to Commerce Costing
Costing
?

In accounting, cost incurred in past or in historical financial statements is classified as

Answer & Solution
Correct Answer: Option A
In accounting, cost incurred in past or in historical financial statements is classified as actual cost. Actual cost is the actual expenditure made to acquire an asset, which includes the supplier-invoiced expense, plus the costs to deliver, set up, and test the asset.
Examveda
Question posted by Examveda
Community

Join the Discussion

No comments yet Be the first to discuss this question.
Keep Learning

Related Questions on Costing

Basic objective of cost accounting is ________
A. tax compliance. B. financial audit. C. cost ascertainment. D. profit analysis.
Process costing is suitable for ________.
A. hospitals B. oil refing firms C. transport firms D. brick laying firms
Cost classification can be done in ________.
A. two ways B. three ways C. four ways D. several ways
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost B. historical cost C. sunk cost D. shutdown cost
More Related Questions on Costing