"Following information is available of XYZ Limited for quarter ended June, 20XX
A. Rs 2,50,000
B. Rs 10,00,000
C. Rs 5,00,000
D. Rs 17,50,000
Select an option to see the answer and solution.
The P/v ratio of a company is 50% and margin of safety is 40%. If present sales is Rs 30,00,000 then Break Even Point in Rs will be
A. Rs 9,00,000
B. Rs 18,00,000
C. Rs 5,00,000
D. None of the above
Select an option to see the answer and solution.
Following information is available of PQR for year ended March, 20XX: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs 2.50 per unit is scrap value and Rs 46,000 incurred towards total process cost then amount on account of abnormal gain to be transferred to Costing P&L will be:-
A. Rs 2,500
B. Rs 2,000
C. Rs 4,000
D. Rs 3,500
Select an option to see the answer and solution.
In element-wise classification of overheads, which one of the following is not included —
A. Fixed overheads
B. Indirect labour
C. Indirect materials
D. Indirect expenditure
Select an option to see the answer and solution.
When the sales increase from Rs 40,000 to Rs 60,000 and profit increases by Rs 5,000, the P/V ratio is —
Select an option to see the answer and solution.
Labour related to manufacturing of product can be classified under
A. direct manufacturing labour costs
B. indirect manufacturing labour costs
C. work in process cost
D. finished costs
Select an option to see the answer and solution.
Direct material costs are added into direct manufacturing costs to calculate
A. discuss costs
B. prime costs
C. resale cost
D. merchandise costs
Select an option to see the answer and solution.
Direct manufacturing labour costs is added into manufacturing overhead cost to calculate
A. transaction costs
B. conversion costs
C. resale costs
D. merchandise costs
Select an option to see the answer and solution.
In cost terms, direct manufacturing labour cost is included in
A. manufacturing costs
B. prime costs
C. conversion costs
D. both B and C
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Conversion cost is 20000 an d man u f a c t u r in g o v er h e a d cos t i s
A. $27,000
B. $13,000
C. $130,000
D. $29,500
Select an option to see the answer and solution.
If direct service labour is 7000 , i d l e t im e w a g es a r e
A. $5,850
B. $5,950
C. $9,950
D. $10,050
Select an option to see the answer and solution.
Terms used in manufacturing cost systems are
A. manufacturing costs
B. prime costs
C. conversion costs
D. both B and C
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Direct service labour is 5000 , i d l e t im e w a g es a r e
A. $4,450
B. $6,450
C. $21,500
D. $14,300
Select an option to see the answer and solution.
In an income statement, when costs become cost of sold goods and manufactured products are sold, such costs are
A. inventoriable costs
B. finished costs
C. factory overhead costs
D. manufacturing overhead costs
Select an option to see the answer and solution.
Calculation of product cost, gathering information for planning and analyzing information for decisions making are features of
A. information accounting
B. cost accounting
C. analyzing accounts
D. marketing costs
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Prime cost is 50000 an dd i r ec t man u f a c t u r in g l ab o u r i s
A. $40,000
B. $60,000
C. $52,000
D. $20,000
Select an option to see the answer and solution.
An inventory, which consists of partially worked goods or work in progress is called
A. direct materials inventory
B. work in process inventory
C. finished goods inventory
D. indirect material inventory
Select an option to see the answer and solution.
Balance sheet, in which all costs of product that must be considered as its assets, is said to be
A. factory overhead costs
B. manufacturing overhead costs
C. Inventoriable costs
D. finished costs
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Direct material cost is 75000 an dd i r ec t man u f a c t u r in g l ab o u r i s
A. $55,000
B. $37,500
C. $95,000
D. $26,000
Select an option to see the answer and solution.
Period cost, which consists income statement of manufacturing companies belongs to
A. inventory costs
B. product costs
C. non-manufacturing costs
D. manufacturing costs
Select an option to see the answer and solution.
