Q. The term …………….may be defined as the systematic control over the procurement of materials.
✅ Correct Answer: (B)
Purchase control
Cost and Works Accounting 1 MCQs and Notes
Q. ………………..purchase procedure should be installed to ensure that the purchases are made at favourable prices.
✅ Correct Answer: (B)
Standard
Q. The term……………..is defined as a system that ensures the provision of the required quantity of material of the required quality at the required time with the minimum amount of capital.
✅ Correct Answer: (A)
Material Control
Q. The term………..refers to all commodities that are consumed in the process of production, assembly and fabricated parts
✅ Correct Answer: (B)
Material
Q. ……….. is the first and most important element of cost.
✅ Correct Answer: (C)
Material
Q. When material prices fluctuate widely the method of pricing that gives a best result in
✅ Correct Answer: (B)
Weighted average
Q. Rent on own building is a ………………..
✅ Correct Answer: (B)
Imputed cost
Q. Operating costing is applicable to
✅ Correct Answer: (A)
Transport
Q. Direct expense are also called ……………… expenses
✅ Correct Answer: (B)
Chargeable
Q. On the basis of ……………… cost can be classified into fixed and variable.
✅ Correct Answer: (A)
Behavior