[amp_mcq option1=”fixed cost” option2=”variable cost” option3=”total cost” option4=”infeasible cost” correct=”option2″]
Detailed SolutionCost which is changed in proportion to level total volume is
Costing
2. Scrap is ________.
[amp_mcq option1=”residue of material” option2=”wastage of material” option3=”surplus material” option4=”abnormal loss of material” correct=”option1″]
3. The ascertainment of costs after they have been incurred is known as _________.
[amp_mcq option1=”marginal costing” option2=”historical costing” option3=”sunk cost” option4=”notional cost” correct=”option3″]
Detailed SolutionThe ascertainment of costs after they have been incurred is known as _________.
4. A push through system, according to which goods are manufactured for finished inventory solely, on basis of forecasted demand can be classified as
[amp_mcq option1=”in-time production” option2=”materials requirement planning” option3=”on-time production” option4=”pull strategy of production” correct=”option1″]
5. Which of the following method of wage payment is most suitable where the speed of production is beyond the control of worker?
[amp_mcq option1=”Time rate system” option2=”Piece rate system” option3=”Halsey premium system” option4=”Rowan premium plan” correct=”option1″]
6. Costing system, which is a combination of process costing and job costing system is classified as
[amp_mcq option1=”weighted costing system” option2=”average costing system” option3=”hybrid costing system” option4=”double costing system” correct=”option3″]
7. In a profitable firm, total sources of funds will always . . . . . . . . total uses of funds.
[amp_mcq option1=”be less than” option2=”be greater than” option3=”be equal to” option4=”None of these” correct=”option3″]
8. Raw material purchased: 1st January, 600 units @ Rs. 12 per unit 12th January, 500 units @ Rs. 14 per unit 21st January, 300 units @ Rs. 13 per unit Raw material issued for manufacture: 3rd January 300 units 5th January 124 units 15th January 250 units 16th January 300 units Raw material returned to stores from manufacturing department on 14th January, 50 units. The material is issued on First-in-First out method. The value of material remaining in store on 21st January will be:
[amp_mcq option1=”5,775″ option2=”6,100″ option3=”6,350″ option4=”6,600″ correct=”option1″]
9. In__________ the workers are paid on the basis of hourly daily,weekly rate
[amp_mcq option1=”time rate system” option2=”piece rate system” option3=”premium bonus system” option4=”emerson efficiency plan” correct=”option1″]
Detailed SolutionIn__________ the workers are paid on the basis of hourly daily,weekly rate
10. Match the items of List-I with those of List-II. List-I List-II a. Acid test ratio 1. Profitability analysis b. Debt service coverage ratio 2. Activity analysis c. Debt equity ratio 3. Liquidity analysis d. Stock turnover ratio 4. Long-term solvency analysis
[amp_mcq option1=”a-2, b-1, c-3, d-4″ option2=”a-2, b-3, c-4, d-1″ option3=”a-3, b-4, c-1, d-2″ option4=”a-3, b-1, c-4, d-2″ correct=”option1″]