Costing

[amp_mcq option1=”primary product” option2=”First incremental product” option3=”Second incremental product” option4=”Third incremental product” correct=”option3″]

Detailed SolutionSecond ranked product in incremental revenue allocation method is termed as

[amp_mcq option1=”method of costing” option2=”technique of costing” option3=”norm of costing” option4=”procedure of costing” correct=”option1″]

Detailed Solutionoperating costing is a ________.

[amp_mcq option1=”Last In First Out” option2=”First In First Out” option3=”Highest In First Out” option4=”weighted average price” correct=”option4″]

Detailed SolutionAccording to which method of pricing issues is close to current economic values?

[amp_mcq option1=”process” option2=”batch” option3=”multiple” option4=”job” correct=”option1″]

Detailed SolutionIn automobile, . . . . . . . . costing is used.

[amp_mcq option1=”a-4, b-3, c-2, d-1″ option2=”a-2, b-1, c-4, d-3″ option3=”a-4, b-3, c-1, d-2″ option4=”a-3, b-4, c-2, d-1″ correct=”option1″]

Detailed SolutionMatch the following. List-I List-II a. Cost accounting 1. . . . . . . . . is usually prepared every month. b. Funds flow statement 2. . . . . . . . . deals with the cost of production, selling and distribution. c. Cash flow statement 3. . . . . . . . . is an important technique financial analysis. d. Ratio analysis 4. . . . . . . . . depicts the profit or loss made during a specified period.

[amp_mcq option1=”material requisition” option2=”material order” option3=”goods received note” option4=”purchase requisition” correct=”option1″]

Detailed SolutionMaterial is issued by store keeper against ________.

[amp_mcq option1=”Technique of warehousing of inventory” option2=”Technique of inventory control” option3=”Technique of inventory consumption in production process” option4=”Technique of control of wastage of inventory” correct=”option2″]

Detailed SolutionThe concept of economic order quantity is concerned with

[amp_mcq option1=”Cost normally incurred at a given level of output” option2=”Cost not normally incurred at a given level of output” option3=”Cost which is charged to customer” option4=”Cost which is included in the cost of the product” correct=”option2″]

Detailed SolutionAbnormal cost is the cost:

[amp_mcq option1=”Market test ratio” option2=”Long-term solvency ratio” option3=”Liquid ratio” option4=”Turnover ratio” correct=”option2″]

Detailed SolutionCapital gearing ratio is ___________.

[amp_mcq option1=”unadjusted allocation rate approach” option2=”adjusted budget rate approach” option3=”unadjusted budget rate approach” option4=”adjusted allocation rate approach” correct=”option2″]

Detailed SolutionAn approach which yields benefits of normal costing and actual manufacturing overhead is classified as