Match the following.
List-I | List-II |
a. Cost control purposes | 1. . . . . . . . . is a predetermined cost |
b. Standard cost | 2. Responsibility accounting fixes responsibility for . . . . . . . . |
c. Integrates | 3. Cost accounting guides future . . . . . . . . |
d. Production policies | 4. Budgeting system . . . . . . . . key managerial functions |
A. a-4, b-3, c-2, d-1
B. a-2, b-1, c-4, d-3
C. a-2, b-3, c-4, d-1
D. a-3, b-2, c-4, d-1
Answer: Option B
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
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
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