Terms used in manufacturing cost systems are
A. manufacturing costs
B. prime costs
C. conversion costs
D. both B and C
Answer: Option D
Solution (By Examveda Team)
Terms used in manufacturing cost systems are prime costs and conversion costs. Manufacturing cost is the sum of costs of all resources consumed in the process of making a product.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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