The ascertainment of costs after they have been incurred is known as _________.
A. marginal costing
B. historical costing
C. sunk cost
D. notional cost
Answer: Option B
Solution(By Examveda Team)
The ascertainment of costs after they have been incurred is known as historical costing. In this type of costing system, the costs are ascertained only after they have been incurred.Join The Discussion
Comments ( 1 )
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
I think the answer is sunk cost.