Costing Archives

1. Accounting Standard-6 is meant for

Accounting for fixed assets

Accounting treatment for goodwill

Depreciation accounting

Disclosure of accounting policies

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2. Higher level of production leads to

higher repair cost

higher setup cost

lower repair cost

higher setup cost

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3. Number of worker employed is used as basis for the apportionment of ________.

rent

canteen expenses

PF contribution

rate and tax

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4. A company proposes to introduce a new product in the market. The company wants to maintain P/V ratio at 25%. If variable cost of the product is Rs. 300, then what will be the selling price?

Rs. 100

Rs. 200

Rs. 300

Rs. 400

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5. In normal costing, manufacturing overhead allocated is also called

manufacturing overhead applied

labour overhead applied

cost overhead applied

budget overhead applied

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6. Indirect materials can be apportioned on the basis of ________.

direct material

prime cost

direct labour hour

machine hour

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7. Allotment of overhead to cost unit is called

Cost Allocation

Cost Apportionment

Cost Absorption

Cost Classification

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