Material or anything for which cost is to be measured is known as
A. measurement object
B. cost object
C. accounting object
D. budget object
Answer: Option B
Solution(By Examveda Team)
Material or anything for which cost is to be measured is known as cost object. A cost object is any item for which costs are being separately measured. It is a key concept used in managing the costs of a business.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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