List - I List - II (Cost) (Examples) (A) Hidden Cost (I) Payroll payments (B) Semi-Variable Overhead Cost (II) Pilferage in delivery points (C) Food Cost (III) Loss due to repair and maintenance (D) Labour Cost (IV) Loss due to spillage
Choose the correct answer from the options given below :
Matching Costs with Examples
The question requires matching different types of costs (List - I) with their appropriate examples (List - II).
Here's the breakdown based on the correct matching:
- (A) Hidden Cost is matched with (IV) Loss due to spillage. Spillage represents a cost that might not be immediately obvious but impacts the final product cost.
- (B) Semi-Variable Overhead Cost is matched with (III) Loss due to repair and maintenance. These costs often contain both fixed and variable components, fluctuating based on usage or necessity.
- (C) Food Cost is matched with (II) Pilferage in delivery points. Pilferage leads to a direct reduction in available inventory, thus affecting the calculated food cost.
- (D) Labour Cost is matched with (I) Payroll payments. Payroll payments are the direct monetary compensation to employees for their work.
Therefore, the correct matching is (A)-(IV), (B)-(III), (C)-(II), (D)-(I).
| List - I (Cost) | List - II (Examples) | Matched Pair |
|---|---|---|
| (A) Hidden Cost | (I) Payroll payments | (A)-(IV) |
| (B) Semi-Variable Overhead Cost | (II) Pilferage in delivery points | (B)-(III) |
| (C) Food Cost | (III) Loss due to repair and maintenance | (C)-(II) |
| (D) Labour Cost | (IV) Loss due to spillage | (D)-(I) |
Important Questions from Basics of Accounting
Match the following accounting concepts with the meaning/implications.
Accounting
Concept
Meaning
Implication
(i)
Money
measurement
concept(a)
Capital of the proprietor is considered as a liability
(ii)
Business
entity concept(b)
Fixed assets are
valued on a cost basis(iii)
Going concern concept
(c)
Changes in purchasing power are ignored
Which of the following statements is INCORRECT?
Which of the following statements is correct?
Which of the following statements is correct?
______ is defined as a statement or a list of all ledger account balances taken from various ledger books on a particular date to check the arithmetical accuracy.
