Fundamental Concept of Cost ICSE Class 10 Questions And Solutions

Students can refer to Fundamental Concept of Cost ICSE Class 10 notes and exam questions provided for ICSE students. This is an important chapter in ICSE commercial studies class 9. We have provided here questions and answers which are expected to come in the upcoming ICSE exams for class 10th. Prepared based on the latest examination pattern and guidelines issued by ICSE. You can also refer to ICSE Books in pdf available for the latest academic session.

ICSE Class 10 Commercial Studies Fundamental Concept of Cost Important Questions

Students should learn the important questions and answers given below for Chapter Definitions From Topo Maps in Commercial Studies for ICSE Class 10. These board questions are expected to come in the upcoming exams. Students of ICSE Class 10th should go through the Important questions and answers ICSE Class 10 Commercial Studies which will help them to get more marks in exams.

Board Exam Questions Fundamental Concept of Cost ICSE Class 10 Commercial Studies

Question: Define the term ‘cost’.
Ans. The term ‘cost’ generally means the amount of expenditure (actual or notional) incurred on, or attributable to, a given thing.

Question: Distinguish between Variable Cost and Semi-Variable Cost.
Ans.

Question: Explain ‘Indirect cost’. 
Ans. Indirect cost refers to the expenses incurred on those items which are not directly chargeable to production. Salaries of timekeeper, foremen are examples of indirect costs. In the running of a particular train, cost of railway staff are indirect costs. Indirect cost is incurred for the concern as a whole rather than for a particular product. Indirect costs include materials, indirect labour and indirect expenses.

Question: Distinguish between Direct Costs and Indirect Costs.
                                               OR
Explain different Components of Direct Costs and Indirect Costs.
Ans.

Question: Distinguish between Direct Costs and Indirect Costs.
Ans.

Question:  Distinguish between Fixed Cost and Variable Cost. 
Ans.

Question: Distinguish between Fixed Costs and Variable Costs.
Ans.

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