[amp_mcq option1=”Raw materials inventory” option2=”Work-in-process inventory” option3=”Finished goods inventory” option4=”Manufacturing inventory” correct=”option3″]
Costing
2. Costing system, which omits some of journal entries in accounting system is known as
[amp_mcq option1=”in-time costing” option2=”trigger costing” option3=”back flush costing” option4=”lead time costing” correct=”option3″]
3. The expenses relating to a particular process is ________.
[amp_mcq option1=”debited to that process a/c” option2=”credited to that process a/c” option3=”debited to costing profit and loss a/c” option4=”debited to profit and loss a/c” correct=”option1″]
Detailed SolutionThe expenses relating to a particular process is ________.
4. Operating cost is usually ascertained through ________.
[amp_mcq option1=”a ledger account” option2=”profit and loss a/c” option3=”balance sheet” option4=”a statement” correct=”option2″]
Detailed SolutionOperating cost is usually ascertained through ________.
5. For printing of wedding invitation card the most appropriate costing system is
[amp_mcq option1=”Process costing” option2=”Contract costing” option3=”Unit costing” option4=”Job costing” correct=”option4″]
Detailed SolutionFor printing of wedding invitation card the most appropriate costing system is
6. Service costing is called as . . . . . . . .
[amp_mcq option1=”Operation costing” option2=”Operating costing” option3=”Multiple costing” option4=”None of these” correct=”option1″]
Detailed SolutionService costing is called as . . . . . . . .
7. If economic order quantity for one year is 15000 packages and demand in units for one year are 1500 units, then number of deliveries in a year will be
[amp_mcq option1=”16″ option2=”12″ option3=”10″ option4=”14″ correct=”option3″]
8. Method which allocates cost of support department to only operating departments is called
[amp_mcq option1=”indirect method” option2=”direct method” option3=”step down method” option4=”reciprocal method” correct=”option1″]
9. If static budget amount is $6000 and flexible budget amount is $15000, then sales volume variance will be
[amp_mcq option1=”$9,000″ option2=”$8,000″ option3=”$12,000″ option4=”$21,000″ correct=”option1″]
10. If demand of one year is 25000 units, relevant ordering cost for each purchase order is $210, carrying cost of one unit of stock is $25 then economic order quantity will be
[amp_mcq option1=”678 packages” option2=”648 packages” option3=”658 packages” option4=”668 packages” correct=”option3″]