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Cost Sheet Interview Questions & Answers - Learning Mode

Cost Sheet Interview Questions & Answers - Learning Mode

A cost sheet is a report on which is accumulated all of the costs associated with a product or production job. A cost sheet is used to compile the margin earned on a product or job, and can form the basis for the setting of prices on similar products in the future. It can also be used as the basis for a variety of cost control measures. Despite the name, a cost sheet can be compiled and viewed on a computer screen, as well as being manually developed on paper.

Try Cost Sheet Interview Questions & Answers - Exam Mode


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Cost Sheet Interview Questions & Answers - Learning Mode
Try Cost Sheet Interview Questions & Answers - Exam Mode
Question: What is the difference between normal and abnormal costs.

Answer: Normal costs are a part of cost of production whereas abnormal cost is charged to costing Profit and Loss Account.
Question: Define standard cost?

Answer: Standard cost has been described as a predetermined cost, an estimated future cost, an expected cost, a budgeted unit cost, a forecast cost, or a "should be" cost. Standard costs are often a part of a manufacturer's annual profit plan and operating budgets. Standard costs will be established for the following year's direct materials, direct labor, and manufacturing overhead. If standard costs are used, there will be:
a) A standard cost for each unit of input (e.g., $30 per hour of dir Source:
Question: Give examples of indirect expenses.

Answer: Accounting, audit, and legal fees
a)Business permits
b)Office expenses
d)Supervisor salaries
e)Telephone expense
Question: What are the items to be excluded from cost sheet?

Answer: a. Cash discount
b. Interest paid
c. Preliminary expenses written off
d. Goodwill written off
e. Dividend paid
f. Income tax paid
g. Donations Source:
Question: Give few examples of indirect costs.

Answer: Depreciation of machinery,lighting, insurance, power,rent etc.
Question: What is direct cost?

Answer: These are those costs which are incurred for and conveniently identified with a particular cost unit, process or department. Cost of raw materials used are common examples of direct costs.
Question: Give examples of costs which are difficult to be controlled.

Answer: Factory rent, managerial salaries etc.
Question: What is labor cost?

Answer: This is the cost of remuneration(wages,salaries, commission,bonuses etc. ) of the employees of an undertaking.
Question: Give examples of direct and indirect labor.

Answer: Machine operator, shoe-maker, carpenter, weaver, tailor are the various examples of direct labor.
Supervisor, inspector, cleaner, clerk, peon, watchman are the various examples of indirect labor. Source:
Question: What are the examples of direct or chargeable expenses?

Answer: Hire of a special plant for a particular job, cost of patent rights, experimental costs, royalty paid in mining etc. Source:
Question: Give examples of indirect materials?

Answer: Lubricating oil,sand paper,nuts and bolts,coal, small tools,office stationery. Source:
Question: What are direct materials?

Answer: Direct materials cost is that which can be conveniently identified with and allocated to cost units. For example cotton used in a textile mill, clay in bricks, steel in machines, leather in shoes, cloth in garments etc.
Question: What are controllable costs?

Answer: These are the costs which may be directly regulated at a given level of management authority. For example, cost of raw materials may be controlled by purchasing in larger quantities.
Question: Name the two types of inventory system.

Answer: a. Periodic Inventory System
b. Perpetual Inventory System Source:


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Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
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Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
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A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
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When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
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