[amp_mcq option1=”Cost of production” option2=”Purchase” option3=”Sales” option4=”Cash” correct=”option1″]
Costing
12. An average unit cost, applicable to each similar produced units is classified as
[amp_mcq option1=”per unit cost” option2=”per post cost” option3=”per price cost” option4=”application cost” correct=”option1″]
Detailed SolutionAn average unit cost, applicable to each similar produced units is classified as
13. Salary paid to general manager is an item of . . . . . . . . expenses.
[amp_mcq option1=”fixed” option2=”variable” option3=”semi-variable” option4=”estimated” correct=”option1″]
Detailed SolutionSalary paid to general manager is an item of . . . . . . . . expenses.
14. . . . . . . . . is the amount by which the absorbed overheads fall short of the actual amount of overheads incurred.
[amp_mcq option1=”Over absorption of overheads” option2=”Under absorption of overheads” option3=”Overheads absorption” option4=”None of these” correct=”option2″]
15. Cost function, in which graph of total cost would not result in straight line is classified as
[amp_mcq option1=”nonlinear cost function” option2=”linear cost function” option3=”linear price function” option4=”nonlinear price function” correct=”option1″]
16. A process costing system for J Co used an input of 3,500Kg of materials at Rs20 per Kg and labour hours of 2,750 at Rs 25 per hour. Normal loss is 20% and losses can be sold at a scrap value of Rs5 per Kg. Output was 2,950 Kg. What is the value of the output?
[amp_mcq option1=”Rs 142,485″ option2=”Rs 146,183″ option3=”Rs 149,746″ option4=”Rs 152,986″ correct=”option1″]
17. In process costing method, when work done in current accounting period and beginning inventory before current accounting period, is classified as
[amp_mcq option1=”partial inventory costing method” option2=”current period inventory method” option3=”Last-in, first-out method” option4=”First-in, first-out method” correct=”option1″]
18. An act of making sure, that all employees must understand goals is classified as
[amp_mcq option1=”coordination” option2=”communication” option3=”annual profit plan” option4=”budgeting” correct=”option2″]
Detailed SolutionAn act of making sure, that all employees must understand goals is classified as
19. “Calculate the value of closing stock from the following according to Weighted Average method: 1st January, 20XX: Opening balance: 50 units @ Rs 4 Receipts: 5th January, 20XX: 100 units @ Rs 5 12th January, 20XX: 200 units @ Rs 450 Issues: 2nd January, 20XX: 30 units 18th January, 20XX: 150 units”
[amp_mcq option1=”Rs. 765″ option2=”Rs. 805″ option3=”Rs. 786″ option4=”Rs. 700″ correct=”option3″]
20. Piece workers are paid on the basis of ________.
[amp_mcq option1=”output sold” option2=”output produced” option3=”output in stock” option4=”input received” correct=”option2″]
Detailed SolutionPiece workers are paid on the basis of ________.