Goyal Brothers Prakashan solutions for Commercial Studies [English] Class 10 ICSE chapter 8 - Fundamental Concepts of Cost [null edition]

Indirect material scrap is adjusted along with ______.

Overheads are often related to accounting concepts such as fixed cost and ______ cost.

Variable cost is a cost that ______.

Total variable cost per unit increases ______.

A typical factory overhead cost is ______.

______ means amount spent on production or to provide services.

The cost remains same at all levels of output is called ______ cost.

Which cost decreases with increase in the volume of output?

Which of the following cost is time based?

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?

“A fixed cost is a cost that a business must pay whether it produces one product or a million. Regardless of output, the business must pay the same,” amount spent to purchase a ______ is the example of fixed cost.

Which of the following is overhead cost?

An example of a production overhead would be ______.

Overhead is actually the total of ______.

Fixed cost is a cost which remains same at ______.

Direct cost increases when ______.

All indirect expenses are count under the head of ______.

The cost which changes as per the levels of production is ______.

Which of the following is related to office and administrative overheads?

Cotton used in manufacturing cloth, sugarcane used in producing sugar, rubber used in producing shoes are examples of ______.

The cost which does not vary proportionately but do not remain constant with changes in the volume of output are known as ______ cost.

Which of the following is not the example of direct expense?

Expenses may be direct or ______.

Cost of sugarcane in making sugar is an example of ______.

Telephone cost is an example of ______ cost.

Salary paid to a mill manager is an example of ______ cost.

______ cost is activity-based. It increases with increase in output.

Costs like rent, insurance etc. which do not change inspite of changes in the volume of output are ______ costs.

ASSERTION: Timekeeper’s salary is an example of direct labour.

REASONING: All material which becomes an integral part of the finished product, and which can be conveniently assigned to specific physical units of the finished product, is known as direct material.

Which of the following is true regarding Variable Cost?

1. Variable costs are fixed in total but vary per unit.
2. Variable Costs vary in proportion to changes in the volume of output.
3. Variable Costs are time-based.
4. Variable Costs are activity-based.

Which of the following is an example of Indirect Cost?

Which of the following is NOT a fixed cost?

Indirect costs refer to the expenses incurred on those items which are not directly chargeable production.

On the Basis of nature cost can be classified into ______.

A variable cost, also known as a mixed cost or a semi-fixed cost, it is an expense that contains both fixed and variable components.

Which of the following is incorrect for fixed cost?

Observe the image and state the type of cost.

Observe the given image and identify the element of cost shown.

Wages of carpenter is an example of indirect cost.

In the running of a particular train, cost of railway station and railway staff are indirect costs.

Observe the image and identify the type of cost.

ASSERTION: Consumable stores, oil lubricants and cotton waste, printing and stationery material, nails, glue and polish used in making furniture, etc., are a few examples of indirect material.

REASONING: Such material may be used in the factory, office or selling and distribution division.

In the production of an article, materials are purchased, wages are paid to workers, and certain other expenses are incurred directly. All these take an active and direct part in the manufacture of a product and are, therefore, called indirect costs.

ASSERTION: Variable costs are fixed per unit but vary in total.

REASONING: Variable costs decrease with Increase in the volume of output.

Define the term ‘cost’.

What is semi-variable cost?

Give one example of semi-variable cost.

What is Variable Cost?

Give one example of Variable cost.

What is Fixed Cost?

Give an example of a fixed cost.

Explain ‘Indirect cost’.

Distinguish between variable cost and semi-variable cost.

Distinguish between Direct Labour cost and Indirect Labour cost.

What do you mean by ‘Indirect Material’?

Give two examples of Indirect Material.

Define fixed cost. Give an example.

Write a short note on direct costs.

Distinguish between direct costs and indirect costs.

Explain the different elements of cost.

Distinguish between direct costs and indirect costs.

Explain the different components of direct costs.

Explain the different components of indirect costs.

Distinguish between Fixed cost and Variable cost.

Explain with an example the meaning of fixed costs.

Explain with an example the meaning of variable costs.

What do you understand by semi-variable cost? Explain with the help of an example.

“The interpretation of cost varies based on its context.” Discuss this notion in relation to significant cost related concepts.

Prepare a list of all the expenses which you have incurred on your studies during the last one year. Classify these expenses into direct and indirect categories. Which category is higher in amount and why?

Explain the different elements of cost.

Explain the different components of direct costs.

Explain the different components of indirect costs.

Define Direct Cost.

Describe cost on the basis of behaviour.

Distinguish between variable cost and semi-variable cost.

Cotton used in manufacturing cloth is an examples of direct material. Explain Direct material and give examples of it.

Material used in the office such as printing and stationery material, brooms and dusters, etc are examples of indirect costs. Explain why?

Salesman commission is a semi-variable cost, also known as a mixed cost. Explain with an example.

What is opportunity cost?

Give an example of opportunity cost.