Cost accounting 2 marks imp questions with answers
1)What is costing? Ans: Costing is the technique and process of ascertaining cost. 2) what is cost unit? Ans: The cost unit is a defined as the unit of product, services, time, activity or combination in a relation to which cost is estimated. 3) What is indirect material cost? Ans: Indirect materials are materials used in the production process, but which cannot be linked to a specific product or job. 4) What are the components of prime cost? * Direct materials * Direct wages * Direct expenses 5) What is the piece wage system? Ans: peace wage system is a system where workers wages are paid on the basis of output turned out by him. 6) Mention 2 features of halsey bonus plan. Ans: *Guaranteed time wage. * Bonus @50% of time saved. * Standard time in fixed a well in ...