Question

A ……… is an important document prepared by the costing department which shows the analysis for the different elements of cost of the job or product. *

a) Cost Sheet

b) Cost Analysis

c) Revenue Cost

d) Product Cost​

Answer 1

Answer:

A cost sheet is an important document prepared by the costing department. It is prepared to analyse the components of total cost, thereby determining prime cost, works cost, cost of production, cost of sales and profit. Cost sheet is a statement showing the total cost under proper classification in a logical order.

Explanation:

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Answer 2

Explanation:

Cost sheet is a device used to determine and present the cost under unit costing. Cost sheet format is a statement of costs incurred at each level of manufacturing a product or service. It includes Prime cost, Factory/manufacturing cost, cost of production, cost of sale, Profit/loss etc.

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