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