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Cost Concept Practice Test Questions
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Avg score: 83% • Most missed: “Rent is considered as a part of which cost?”

Cost Concept refers to the amount of payment made to acquire any goods and services. Basically, the concept of cost is a financial valuation of resources, materials, risks, time and utilities consumed to purchase goods and services.

Cost Concept Practice Test Questions
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10 Questions

1. Batch Costing is used by which kind of companies?
2. What are Outlay Costs?
3. Does shutdown Cost arise at the time of?
4. Rent is considered as a part of which cost?
5. What are Accounting Costs?
6. Cost Classification is done in how many ways?
7. What is the Cost Concept?
8. Oil Refining companies use which form of costing process?
9. What are Economic Costs?
10. All direct costs combined are known as?

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