In accounting, the cost incurred in past or in historical financial statements is classified as ________?

Related Mcqs:

1. In accounting, the cost which is predicted to be incurred or future cost is known as ________?

   A. past cost
   B. incurred cost
   C. actual cost
   D. budgeted cost

2. The type of accounting, which reports financial and non-financial data about the cost of material and acquiring of resources is classified as ____________?

   A. material accounting
   B. cost accounting
   C. supplies accounting
   D. business accounting

3. If an actual indirect cost incurred is $25000 and the indirect cost allocated is $23000, then the over allocated indirect cost would be ________?

   A. $48,000
   B. −$2000
   C. $2,000
   D. −$48000

4. In cost accounting, the financial way of charging price for product above the cost, of acquiring or producing the goods is known as ___________?

   A. sales margin
   B. cost margin
   C. Gross margin
   D. income margin

5. The type of accounting which measures, reports and analysis of the non-financial and financial information to help in decision making is called _____________?

   A. financial accounting
   B. management accounting
   C. cost accounting
   D. decision accounting

6. An accounting which records and measures the business transactions and is followed by generally accepted accounting principles is classified as ____________?

   A. external accounting
   B. internal accounting
   C. business accounting
   D. financial accounting

7. In process costing method, when the work done in current accounting period, and beginning inventory before current accounting period, is classified as _________?

   A. partial inventory costing method
   B. current period inventory method
   C. Last-in, first-out method
   D. First-in, first-out method

8. If an allocated indirect cost is $1500 and the actual incurred indirect cost is $1200, then this is classified as __________?

   A. applied indirect cost
   B. applied direct cost
   C. incurred indirect cost
   D. over allocated indirect cost

9. In financial accounting, the investors, banks, suppliers and government agencies are classified as _____________?

   A. external parties
   B. internal parties
   C. environmental parties
   D. transactional parties

10. The per unit opportunity cost to the selling subunit of company, is added into per unit incremental cost is incurred at point of transfer to calculate ____________?

    A. minimum operating cost
    B. maximum operating costs
    C. maximum transfer price
    D. minimum transfer price