Costing - Study Mode
[#571] In cost accounting, conference, quantitative analysis and account analysis methods are considered as
Correct Answer
(A) cost estimation methods
Explanation
Solution: In cost accounting, conference, quantitative analysis and account analysis methods are considered as cost estimation methods. Cost estimation methods provide a way for companies to anticipate the costs involved in business operations and new undertakings.
[#572] Component of total cost, which never changes with change in level of production is classified as
Correct Answer
(A) fixed cost
Explanation
Solution: Component of total cost, which never changes with change in level of production is classified as fixed cost. A fixed cost is an expense that does not change as production volume increases or decreases within a relevant range.
[#573] . . . . . . . . budget gives an estimate of the anticipated receipts and payment of cash during the budget period.
Correct Answer
(C) Cash
[#574] In time wage system, wages are paid according to the . . . . . . . .
Correct Answer
(B) time
[#575] Worker's participation implies their right to take part in:
Correct Answer
(B) Decision making