Cost Accounting Basics Quiz
Accounting information is important for everyÂ business which will serve the needs of variety ofÂ interested parties. To satisfy the needs of allÂ interested parties a sound accounting system is veryÂ necessary. Accounting may be divided into threeÂ parts i. financial accounting ii. cost accounting iii.management accounting.
Financial accounting is mostly concerned to record Â the business transactions in books of accounts soÂ that final accounts can be prepared.Â Cost accounting is developed to help the internal Â management in decision making. The informationÂ provided by cost accounting acts as a managerialÂ tool so that business can utilise the available
resources at optimum level.
Cost is the amount of resource given up in exchange for some goods or services. The resources given upÂ are money or moneyâs equivalent expressed in monetary units.Â The Chartered Institute of Management Accountants, London defines cost as âthe amount ofÂ expenditure (actual or notional) incurred on, or attributable to a specified thing or activityâ.
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- Question 1 of 10
1. Question1 points
The First Battle of Panipat was fought in the yearCorrectIncorrect
- Question 2 of 10
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Changiz Khan invaded India during the rule ofCorrectIncorrect
- Question 3 of 10
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The first to invade India out of the following wereCorrectIncorrect
- Question 4 of 10
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The Battle of Plassey was fought in the yearCorrectIncorrect
- Question 5 of 10
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Chinese pilgrim Fahien visited India inCorrectIncorrect
- Question 6 of 10
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The Second Battle of Panipat was fought inCorrectIncorrect
- Question 7 of 10
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Megasthenes was the Ambassador ofCorrectIncorrect
- Question 8 of 10
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The coin rupia was first issued byCorrectIncorrect
- Question 9 of 10
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Among the following,whose empire was the largest ?CorrectIncorrect
- Question 10 of 10
10. Question1 points
Which of the following renders a proof of trade with Rome in old times ?CorrectIncorrect