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Q. What item is not included in cost accounting?

Q. Job costing is used when a business entity carries out tasks or jobs to meet specific customer orders.

Q. Which of the following costs of management is likely to have least control?

Q. Identify the circumstances where under- or over-recovery of overhead will occur:

Q. Since a by-product does not have any substantial value, there is no sense in charging it with a share of the common processing costs.

Q. A job is a cost unit which consists of a single order or contract.

Q. If it is assumed that all losses in process occur at the end of the process, units of abnormal loss are costed in exactly the same way in the as units of finished output.

Q. When actual loss is less than the expected (normal) loss there is:

Q. A separate record must therefore be maintained to show the details of individual jobs. Such records are often known as job cost sheets or job cost cards.

Q. Indirect production costs are incurred in three main ways: • Production activities: costs arising in production departments such as fuel, depreciation, supervision • Service activities: the cost of operating non-producing departments such as materials handling, canteen • Establishment costs: general production overheads such as factory rent/rates, heating and lighting