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CS Executive Practice Test: Overview of Cost – Corporate and Management Accounting
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Avg score: 61% • Most missed: “Which of the following is generally used as a cost unit in the cement industry”
CS Executive Practice Test: Overview of Cost – Corporate and Management Accounting
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25 Questions

1. The ascertainment of costs after they have been incurred is called
2. Which one of the following is the correct sequence of the purchase procedure of inventory___
3. Identify the cost which is not relevant or useful for decision-making__
4. FIFO method of valuing material issues is suitable in times of___
5. The cost unit applicable to the bicycle industry is
6. Which of the following is not a type of job costing
7. Allotment of the entire costs to a cost centre or unit is known as___
8. A cost centre is
9. Sunk costs are____
10. Which element of the total cost is common in prime cost and conversion cost
11. Which of the following is/are a tool(s) and technique(s) of management accounting
12. When the amount of overheads absorbed is less than the number of overheads incurred, it is called___
13. Which of the following is generally used as a cost unit in the cement industry
14. Relevant costs are
15. Labour hour rate Administrative overheads are absorbed on the basis of
16. Which of the following is not a part of the job order cost sheet___
17. Which of the following is the social purpose of cost audit –
18. Which of the following is not an objective of time-booking__
19. Which of the following is known as full costing
20. If the actual expenses fall short of the amount absorbed, it is known as___
21. In the management information system (MIS), top-level management uses
22. A process in which management is looking outward to examine how others achieve their performance levels and to understand the process they use, is called___
23. A business unit is known to be a profit centre
24. According to Section 2(13) of the Companies Act, 2013, ‘books of account’ does not require maintenance of which of the following records
25. Rent, rates and taxes paid for the building are apportioned on the basis of____

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