| List-I | List-II |
| a. Earning ability of firm | 1. Basis of accounting |
| b. Conservatism | 2. P/V ratio |
| c. Cash profit | 3. Cash flow statement |
| d. Cash and accrual | 4. Prudence |
A. a-2, b-4, c-3, d-1
B. a-2, b-1, c-4, d-3
C. a-3, b-4, c-1, d-2
D. a-3, b-4, c-2, d-1
Answer: Option A
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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