List of top Cost Accounting Questions on Cost Sheet and Cost Concepts

Explain the following in brief:
(a) Prime cost
(b) Fixed cost

Compute Prime Cost:
Direct material = Rs. 24,000
Direct labour = Rs. 15,000
Direct expenses = Rs. 12,000
Other overheads = Rs. 40,000

Carriage outwards is _______ overheads.

Estimated cost sheet is based on predictable cost figures which are estimated by looking at past figures and analysing the _______ situation.

State whether the following statement is True or False: “Direct cost, Works cost, Cost of production and Total cost are the components of Cost Sheet.”

Total cost is also known as

Which of the following is not indicated by cost sheet?