Costing Archives

131. Given that for a job standard time is 8 hrs, actual time taken is 6 hrs and the time rate is Rs 2 per hr What is the total wages under Halsey premium plan?

Rs. 12

Rs. 14

Rs. 16

Rs. 18

Detailed SolutionGiven that for a job standard time is 8 hrs, actual time taken is 6 hrs and the time rate is Rs 2 per hr What is the total wages under Halsey premium plan?

132. In master budgeting, cost drivers for manufacturing overhead costs are

direct manufacturing labour-hours

setup labour-hours

budgeted labour-hours

both a and b

Detailed SolutionIn master budgeting, cost drivers for manufacturing overhead costs are

133. Procedure of assigning direct cost to any cost abject is classified as

sales allocation

cost tracing

cost allocation

sales tracing

Detailed SolutionProcedure of assigning direct cost to any cost abject is classified as

134. The process of allocating and apportioning the costs on suitable basis to all the departments is _______.

departmentalization

primary distribution

secondary distribution

classification

Detailed SolutionThe process of allocating and apportioning the costs on suitable basis to all the departments is _______.

135. If an actual indirect cost incur is $35000 and indirect cost allocated is $43000, then under allocated indirect cost will be

$78,000

-$78000

-$8000

$8,000

Detailed SolutionIf an actual indirect cost incur is $35000 and indirect cost allocated is $43000, then under allocated indirect cost will be

136. The preparation of a consolidated statement of accounts as per AS-21 is

Optional

Mandatory for private limited companies

Mandatory for listed companies

Mandatory for all companies

Detailed SolutionThe preparation of a consolidated statement of accounts as per AS-21 is

137. Type of costs that cannot be traced for individual products but help in supporting an organization are classified as

individual sustaining costs

facility sustaining costs

sustained tracing

support tracing

Detailed SolutionType of costs that cannot be traced for individual products but help in supporting an organization are classified as

138. Fire insurance of stock can be apportioned on the basis of ________.

value of stock

volume of stock

number of stores requisition

material used

Detailed SolutionFire insurance of stock can be apportioned on the basis of ________.

139. In estimation of cost function, an example of independent variable is

level of activity

quantity stored

quantity manufactured

quality of product

Detailed SolutionIn estimation of cost function, an example of independent variable is

140. Considering dual rate method, if employees work for 8500 budgeted hours at $120 per hour and work for 9500 actual hours at $110 per hour, then total cost would be

$2,078,000

$3,078,000

$2,065,000

$3,065,000

Detailed SolutionConsidering dual rate method, if employees work for 8500 budgeted hours at $120 per hour and work for 9500 actual hours at $110 per hour, then total cost would be

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