Inventory turnover in days = Days during the period ÷ __________.
The scope of cost accounting include __________ and __________.
__________ is a technique of stock control which leads to saving of time of the management because attention is required to be paid only to some of the items rather than on all the items.
__________ is a post mortem of past costs.
Service costing is used in industries producing __________.
The principle types of inventories are raw materials and __________ and finished goods.
In automobile, __________ costing is used.
__________ helps in ascertaining costs beforehand.
__________ is the value of a benefit where no actual cost is incurred.
__________ is the cost which involves payment to outsiders.
Standard costs is __________.
__________ is the smallest segment of activity or area or responsibility for which costs are accumulated.
Re-ordering level = Maximum consumption x __________.
__________ provides information for income determination.
__________ is the maximum possible alternative earning that might have been earned if the productive capacity is put to some alternative use.
__________ aids in price fixation.
__________ are costs which have been applied against revenue of particular accounting period.
__________ is used primarily for control of spare parts.
The total of all direct expenses is known as __________ cost.
An item of cost that is direct for one business may be __________ for another business.
__________ is the oldest branch of accounting.
Cost accounting disclose __________.
__________ includes financial and cost accounting, tax planning and tax accounting.
__________ cost is irrecoverable cost.
__________ is a technique of material cost control which leads to low carrying cost as a result of low investment in inventory.
__________ obviates the necessity for the physical checking of all items of stores at the end of the year and thereby avoids dislocation of production.
Inventory turnover ratio = Cost of __________ during the period ÷ Cost of average inventory held during the period.
Re-ordering level = __________ X Maximum re-order period.
Inventory turnover ratio = Cost of inventory consumed during the period ÷ Cost of __________ held during the period.
The primary emphasis of __________ cost is on the planning function of management.