Match the items of List-I with the items of List-II and choose the correct answer.
| List-I (Critical Control Standards) | List-II (Critical Points) |
| a. Physical standards | 1. Material cost per unit |
| b. Cost standards | 2. Labour hours per unit of output |
| c. Revenue standards | 3. Timing of production |
| d. Programme standards | 4. Average sales per customer |
A. a-2, b-1, c-4, d-3
B. a-2, b-1, c-3, d-4
C. a-1, b-2, c-4, d-3
D. a-4, b-1, c-3, d-2
Answer: Option A
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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