Are the following statements True or False? 1. Cost accounting is a branch of financial accounting.
2. Cost unit and cost centre have the same meaning.
3. Main objective of cost accounting is to determine income.
4. Information provided by cost accounts is given to the company’s shareholders.
5. Variable cost per unit remains fixed.
6. Total fixed cost remains unaffected by changes in the volume of output.
7. Salaries paid to salesmen come under direct cost included in prime cost.
8. Abnormal costs are uncontrollable.
9. All the variable expenses are indirect expenses.
10. Cost of leather in shoe making in a direct cost.
11. Main objective of cost accounting is to maximise profit.
12. There is no difference in the meaning of costing and cost accounting.
13. Direct material cost is the material cost which can be allocated to cost centres or cost units.
14. In sugar mill, cost unit is per kg of sugar.
15. Direct material cost is controllable.