TEC Assessment 4 Answers
Understanding Cost Structures
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TEC Exam Questions and Answers:Understanding Cost Structures
1. ________ costs are those that have been completely consumed or the benefits from which have been received by the business.
2. Costs that do not vary in the short term, regardless of changes in output levels, are called ________ costs.
-
Direct Cost
Indirect Cost
Fixed Cost
3. etail companies like Reliance Fresh, D-Mart, Big Bazaar have __________ to a __________ degree of conversion.
-
Low to Medium
Medium to High
Low to High
4. _________ cost includes salaries, bonuses, insurance, pension benefits, earned leave paid to the individuals involved.
-
Surplus
Direct Material Cost
Direct Labour Cost
5. _________ is the monetary value of resources, like material, labour and overheads, used in the making of a product or delivery of a service.
- Inputs
Inventories
6.Costs that vary with the output levels are called variable costs
Direct Material Cost
Variable Cost
Fixed Cost
7. Direct vs indirect costs are based their association with different cost objects.
-
TRUE
8. __________ is the cost of any material directly used in the production of the output.
-
Expired Cost
Unexpired Costs
9.Cost allocation is a method through which a business allocates or distributes an indirect cost across various cost objects..
-
TRUE
10. ____________ the key determinants of the cost of goods sold (COGS), which appears on the P&L statement.
- Indirect Cost
Fixed Cost
Expired Cost
Product Cost
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