Question

1.Financial Accounting is done for the benefit of…………………………………… d. All of the above a. Investors b....

1.Financial Accounting is done for the benefit of……………………………………

d. All of the above

a. Investors

b. Creditors

c. Government

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2. The cost that can be attributed to specific cost object is called………………….

a. Direct Cost

b. Indirect Cost

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3. Manufacturing Overheads are an example of…………………………………………….

b. Indirect Cost

a. Direct Cost

Business   Accounting   
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Homework Answers

Answer #1

1.

Financial Accounting is done for the benefit of Investors , Creditors and Government.

Correct option is (d)

Information provided by the Financial Accounting is useful for all stakeholders i.e. Investors , Creditors and Government.

2.

The cost that can be attributed to specific cost object is called Direct Cost.

For example, plastic used to make pen is a direct cost.

The cost that cannot be attributed to specific cost object is called Indirect Cost.

3.

Manufacturing Overheads are an example of Indirect Cost.

Raw materials and direct labor specifically used for the production of a particular product are termed as direct costs.

Other production overheads like factory rent, factory supervisor salaries, depreciation of factory machines etc. are known as Manufacturing Overheads.

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