Match the group of
List-I with those of
List-II and choose the correct answer
List-I List-II
a. Direct wages
1. Factory expenditure
b. Packing
2. Prime cost
c. Depreciation
3. Sales cost
d. Legal expenses
4. Office expenses
A. a-1, b-2, c-3, d-4
B. a-2, b-3, c-1, d-4
C. a-4, b-3. c-2, d-1
D. a-2, b-3, c-4, d-1
Select an option to see the answer and solution.
In the context of standard costing; basic standard is established for
A. short period
B. current period
C. indefinite period
D. predefined period
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Cost of production is equal to . . . . . . . .
A. works cost plus administration overheads
B. prime cost plus works cost
C. prime cost plus works overhead
D. works overhead plus administration overheads
Select an option to see the answer and solution.
When the actual loss is more than the estimated loss, the difference between the two is considered to be . . . . . . . .
A. abnormal loss
B. normal loss
C. loss
D. None of these
Select an option to see the answer and solution.
Total Labour cost variance =
A. Standard cost of labour - actual cost of labour
B. Standard rate (standard time for actual output - actual time worked)
C. Standard rate (standard time for actual output - actual time paid for)
D. Actual time taken (standard rate - actual rate)
Select an option to see the answer and solution.
FIFO and LIFO are valuation method of-
A. Fixed assets
B. Investments
C. Raw material to be issued
D. All of these
Select an option to see the answer and solution.
Primary packing is an item of . . . . . . . .
A. selling overheads
B. prime cost
C. distribution overheads
D. factory overheads
Select an option to see the answer and solution.
Kaizen costing is applied to a product that is
A. produced
B. under production
C. targeted to produce
D. sold to customer
Select an option to see the answer and solution.
An appropriate choice to invest in manpower or other resources is made through
A. Human resource accounting
B. Creative accounting
C. Financial accounting
D. Cost accounting
Select an option to see the answer and solution.
The control ratios used by the management to know whether the deviations of the actual performance from the budgeted performance are favourable or unfavourable are . . . . . . . .
A. Capacity ratio, activity ratio
B. Efficiency ratio, calendar ratio
C. Both A and B
D. None of the above
Select an option to see the answer and solution.
ABC analysis is used for the following
A. Ratio analysis
B. Budgetory control
C. Inventory control
D. Sales budgeting
Select an option to see the answer and solution.
Master budget is a
A. Functional budget
B. Operating budget
C. Summary budget
D. Financial budget
Select an option to see the answer and solution.
. . . . . . . . costing is a type or technique of costing.
A. Marginal
B. Batch
C. Multiple
D. Job
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Which of the following would increase the cash flow of a firm?
A. A decrease in inventory
B. An increase in debtors
C. An increase in the prepaid expenses
D. A decrease in income in advance
Select an option to see the answer and solution.
Under Merrick's multiple piece rate system, ordinary piece rate is given to workers whose level of performance is between . . . . . . . . of the standard output.
A. 0% and 100%
B. 0% and 120%
C. 0% and 83%
D. None of these
Select an option to see the answer and solution.
Cost accounting is based on . . . . . . . . . figures.
A. estimated
B. historical
C. actual
D. None of these
Select an option to see the answer and solution.
Match the items of
List-I with
List-II .
List-I List-II
a. Intangible assets
1. Ind AS 31
b. Impairment of assets
2. Ind AS 34
c. Interim financial reporting
3. Ind AS 36
d. Interests in joint ventures
4. Ind AS 38
A. a-1, b-2, c-3, d-4
B. a-4, b-3, c-2, d-1
C. a-4, b-1, c-2, d-3
D. a-4, b-2, c-1, d-3
Select an option to see the answer and solution.
. . . . . . . . is a technique of material cost control which leads to low carrying cost as a result of low investment in inventory.
A. ABC Analysis
B. JIT Inventory System
C. VED Analysis
D. Perpetual Inventory System
Select an option to see the answer and solution.
Volume Variance =
A. Standard rate (Actual output - budgeted output)
B. Actual output × standard rate - budgeted fixed overheads
C. Standard rate per hour (Standard hours produced - actual hours)
D. All of the above
Select an option to see the answer and solution.
Loss on incomplete contract is transferred to-
A. Profit and loss account
B. Execution work
C. Partly to both of them
D. Certified work
Select an option to see the answer and solution.
