ACC313 Tma Solutions

ACC313

Question: Establishing product costs helps
Answer: The total cost

Question: The method of costing used in firms where production is made on continuous basis is called…
Answer: Batch Costing

Question: For any business organization, ascertainment of costs is
Answer: Compulsory

Question: Elements of costing include the following except:
Answer: cost of idleness

Question: The cost that involves human labour which can be identified with a given unit of product is
Answer: indirect wages

Question: Costing system adopted in any organization should be â€|â€|.
Answer: should be flexibble

Question: The main objective of ….. is to have a benchmark against the actual performance.
Answer: standard costing

Question: Costing refers to a system of calculating the amount of money …
Answer: it takes to produce goods or operate a business.

Question: Differential costs are also known as…..
Answer: incremental cost

Question: The limitations of financial accounting gave birth to
Answer: Cost Accounting

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