Costing

11. Second ranked product in incremental revenue allocation method is termed as

primary product
First incremental product
Second incremental product
Third incremental product

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

12. operating costing is a ________.

method of costing
technique of costing
norm of costing
procedure of costing

Detailed Solutionoperating costing is a ________.

13. According to which method of pricing issues is close to current economic values?

Last In First Out
First In First Out
Highest In First Out
weighted average price

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

14. In automobile, . . . . . . . . costing is used.

process
batch
multiple
job

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

15. Match 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.

a-4, b-3, c-2, d-1
a-2, b-1, c-4, d-3
a-4, b-3, c-1, d-2
a-3, b-4, c-2, d-1

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.

16. Material is issued by store keeper against ________.

material requisition
material order
goods received note
purchase requisition

Detailed SolutionMaterial is issued by store keeper against ________.

17. The concept of economic order quantity is concerned with

Technique of warehousing of inventory
Technique of inventory control
Technique of inventory consumption in production process
Technique of control of wastage of inventory

Detailed SolutionThe concept of economic order quantity is concerned with

18. Abnormal cost is the cost:

Cost normally incurred at a given level of output
Cost not normally incurred at a given level of output
Cost which is charged to customer
Cost which is included in the cost of the product

Detailed SolutionAbnormal cost is the cost:

19. Capital gearing ratio is ___________.

Market test ratio
Long-term solvency ratio
Liquid ratio
Turnover ratio

Detailed SolutionCapital gearing ratio is ___________.

20. An approach which yields benefits of normal costing and actual manufacturing overhead is classified as

unadjusted allocation rate approach
adjusted budget rate approach
unadjusted budget rate approach
adjusted allocation rate approach

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

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