Cost Accounting Quiz

Prime cost is equal to
(a) Variable cost plus administrative cost
(b) Variable cost plus fixed costs
(c) Variable cost only
(d) Fixed cost only

Answer. (a)

An expenditure that has been made and cannot be recovered is called
(a) Variable cost
(b) Opportunity cost
(c) Sunk cost
(d) Operational cost

Answer. (c)

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Which of the following cost curve is never ā€˜Uā€™ shaped?
(a) Marginal cost curve
(b) Average variable cost curve
(c) Average fixed cost curve
(d) Average cost curve

Answer. (c)

The addition to total cost by producing an additional unit of output by a firm is called
(a) Variable cost
(b) Average cost
(c) Marginal cost
(d) Opportunity cost

Answer. (c)

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Jaspreet

Jaspreet (Masters in Commerce-LLB) not only have exceptional command of Accounts and Commerce subjects but also have keen interest in Law. He is consistent in producing high quality assignments.

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