Commercial Applications
'The product has some value which can be measured in terms of money' it is called ……………
- Historical value
- Exchange value
- Zero value
- Positive value
Cost
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Answer
Exchange value
Reason — Exchange value is the value of a product expressed in terms of money — that is, the price at which the product can be exchanged in the market. Cost is closely linked to exchange value because cost reflects the money paid or sacrifice made to acquire goods or services. Historical value refers to the original price paid in the past, while zero/positive values are not standard cost concepts.
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Related Questions
Assertion (A): Indirect costs can be traced directly to a specific product or service.
Reason (R): Indirect costs are typically overheads that benefit multiple products or services.
Which of the following is correct?
- Both A and R are true, and R explains A.
- Both A and R are true, but R does not explain A.
- A is true, but R is false.
- A is false, but R is true.
Total variable cost per unit increases ……………
- When production grows
- When demand decreases
- Change in government rules
- Change in availability of raw material
A typical factory overhead cost is ……………
- Audit
- Compensation of plant manager
- Design distribution
- Internal
The cost of raw materials used in production is considered an indirect cost.
- True
- False