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