Costing

1. Which of the following accounts is similar to the inventory account of a merchandising company?

Raw materials inventory
Work-in-process inventory
Finished goods inventory
Manufacturing inventory

Detailed SolutionWhich of

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the following accounts is similar to the inventory account of a merchandising company?

2. Costing system, which omits some of journal entries in accounting system is known as

in-time costing
trigger costing
back flush costing
lead time costing

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class="screen-reader-text">Costing system, which omits some of journal entries in accounting system is known as

3. The expenses relating to a particular process is ________.

debited to that process a/c
credited to that process a/c
debited to costing profit and loss a/c
debited to profit and loss a/c

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a particular process is ________." class="read-more button" href="https://exam.pscnotes.com/mcq/the-expenses-relating-to-a-particular-process-is-________/#more-52838">Detailed SolutionThe expenses relating to a particular process is ________.

4. Operating cost is usually ascertained through ________.

a ledger account
profit and loss a/c
balance sheet
a statement

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button" href="https://exam.pscnotes.com/mcq/operating-cost-is-usually-ascertained-through-________/#more-52824">Detailed SolutionOperating cost is usually ascertained through ________.

5. For printing of wedding invitation card the most appropriate costing system is

Process costing
Contract costing
Unit costing
Job costing

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costing system is" class="read-more button" href="https://exam.pscnotes.com/mcq/for-printing-of-wedding-invitation-card-the-most-appropriate-costing-system-is/#more-52748">Detailed SolutionFor printing of wedding invitation card the most appropriate costing system is

6. Service costing is called as . . . . . . . .

Operation costing
Operating costing
Multiple costing
None of these

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href="https://exam.pscnotes.com/mcq/service-costing-is-called-as/#more-52733">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

16
12
10
14

Detailed

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SolutionIf 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

8. Method which allocates cost of support department to only operating departments is called

indirect method
direct method
step down method
reciprocal method

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called" class="read-more button" href="https://exam.pscnotes.com/mcq/method-which-allocates-cost-of-support-department-to-only-operating-departments-is-called/#more-52671">Detailed SolutionMethod which allocates cost of support department to only operating departments is called

9. If static budget amount is $6000 and flexible budget amount is $15000, then sales volume variance will be

$9,000
$8,000
$12,000
$21,000

Detailed SolutionIf static budget

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amount is $6000 and flexible budget amount is $15000, then sales volume variance will be

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

678 packages
648 packages
658 packages
668 packages

Detailed SolutionIf demand of one year is 25000 units,

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relevant ordering cost for each purchase order is $210, carrying cost of one unit of stock is $25 then economic order quantity will be

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