Goyal Brothers Prakashan solutions for कमर्शियल ॲप्लिकेशन्स [इंग्रजी] इयत्ता १० आयसीएसई chapter 8 - Fundamental Concepts of Cost [Latest edition]

The term “variable costs” refers to ______.

Variable costs per unit decrease as the level of production increases.

Assertion (A): Indirect costs are always fixed costs.

Reasoning (R): Indirect costs are expenses that cannot be directly attributed to a specific cost object.

Consider the following two statements regarding cost classification:

Assertion (A): Indirect costs can be traced directly to a specific product or service.

Reason (R): Indirect costs are typically overheads that benefit multiple products or services.

Which of the following is correct?

Total variable cost per unit increases ______.

‘The product has some value which can be measured in terms of money’ it is called ______.

A typical factory overhead cost is ______.

The cost of raw materials used in production is considered an indirect cost.

In element-wise classification of overheads, which one of the following is not included in?

Match the following types of costs with their correct examples:

Fixed cost per unit decreases when ______.

______ means amount spent on production or to provide services.

Consider the following two statements regarding cost behavior:

Assertion (A): Fixed costs per unit remain constant as production volume increases.

Reason (R): Fixed costs are not dependent on the level of production.

Which of the following is correct?

Indirect costs can be directly traced to a specific cost object, such as a product or department.

What describes variable costs in terms of cost behaviour?

1. They stay constant regardless of changes in activity.
2. They change proportionally with changes in activity levels.
3. They include both direct and indirect components.
4. They are fixed in nature.

Assertion (A): Opportunity costs are relevant in business decision making.

Reasoning (R): Opportunity cost reflects the value of the next best alternative foregone when a decision is made.

It refers to the expenses incurred on those items which are not directly chargeable to production. Salaries of timekeeper, foremen and watchmen are examples of this cost. This cost is incurred for the concern as a whole rather than a particular product.

Which definition best describes indirect costs?

To control costs, it is essential to keep control on ______.

Wages paid to a labour who was engaged in the production activities can be termed as ______.

Which of the following best describes a fixed cost?

Which of the following is best suited meaning of overhead?

Amount spent to purchase a machinery is the example of ______ cost.

Which of the following is overhead cost?

Variable cost per unit increases when ______.

An example of a production overhead would be ______.

A cost that is easily traceable to a cost object is known as ______.

What is a defining feature of semi-variable (mixed) costs?

1. They remain constant across various activity levels.
2. They solely consist of variable components.
3. They only apply to service industries.
4. They include both fixed and variable elements.

Fixed cost is a cost which remains same at ______.

Direct cost increases when ______.

Cost means ______.

Rent of an office premises is an example of ______.

Sacrifice made to acquire something is called as ______.

Costs incurred other than on material and labour for production and distribution are called ______.

A firm has to pay a fixed rent of ₹ 500 for the postpaid mobile bill and further pay extra charges for the calls made in a month. Identify the type of cost mentioned here.

Identify which of the following is not a direct cost in a cotton textile unit.

An example of manufacturing overhead is ______.

‘Abnormal costs are not recorded as part of production cost.’ Justify for or against.

Distinguish between Direct Labour cost and Indirect Labour cost.

Distinguish between direct costs and indirect costs.

Distinguish between Fixed cost and Variable cost.

Distinguish between Fixed cost and Variable cost.

What is meant by variable cost?

"The cost of sugarcane is an avoidable cost." Justify for or against.

What is indirect labor cost?

What are indirect expenses?

Give an example of indirect expenses.

"Some costs are semi-variable in nature." Comment.

What do you mean by office and administrative overhead?

What do you mean by Semi-Fixed cost?

Give an example of Semi-Fixed cost.

Name and explain any two types of overheads.

Justify the following sentence for or against and give a reason:

There are certain costs which are neither totally fixed nor fully variable.

Explain the following:

Material Cost

What do you mean by Semi-Fixed cost?

“The term ‘cost’ must be qualified according to its context.” Discuss this statement.

Classify cost according to its nature.

Name any two basic elements of cost. Give an example of each.

What are indirect expenses?

Explain various types of Overheads.

Explain with an example the meaning of fixed costs.

Explain with an example the meaning of variable costs.

What do you mean by Semi-Fixed cost?

Explain the different elements of cost.

Explain the different elements of cost.

Write a short note on direct labour cost.

Write a short note on indirect labour cost.

Write a short note on direct labour cost.

Write a short note on indirect labour cost.

With reference to cost, on the basis of behaviour explain:

Variable Cost

With reference to cost, on the basis of behaviour explain:

Semi-variable Cost

On what basis of distinction is fixed cost differentiated from variable cost?

Explain with an example the meaning of fixed costs.

Explain with an example the meaning of variable costs.

Name any two basic elements of cost. Give an example of each.

What do you mean by the term Overheads?

Explain various types of Overheads.

Name and give examples of any two types of Overheads.

Describe cost on the basis of behaviour.