Costing Archives

1. Which budget is prepared first of all?

Cash budget

Master budget

Budget for the key factor

Flexible budget

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2. Labour turnover means:

Turnover generated by labour

Rate of change in composition of labour force during a specified period

Either of the above

Both of the above

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3. Contract costing is most appropriate method of costing for ________.

construction industry

banking industry

textile mills

cement industry

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4. Economic Batch Quantity is an important point to be determined in industries where . . . . . . . . costing is employed.

job

batch

operation

output

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Detailed SolutionEconomic Batch Quantity is an important point to be determined in

industries where . . . . . . . . costing is employed.

5. An average inventory in units is multiplied with annual relevant carrying cost of each unit to calculate

annual irrelevant ordering costs

annual relevant carrying costs

annual relevant ordering costs

annual irrelevant carrying costs

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6. In income statement of merchandising costs, period cost includes all costs which are not related to

cost of resale goods

cost of manufacturing goods

timed resale of goods

cost of purchased goods

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7. A manager who is responsible for only cost of company belongs to

cost center

revenue center

profit center

investment center

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8. The process of grouping of costs according to some common characteristics ________.

absorption

primary distribution

secondary distribution

classification

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