Costing Archives

11. _____________ is a detailed budget of cash receipts and cash expenditure incorporating both revenue and capital items.

Cash Budget

Capital Expenditure Budget

Sales Budget

Overhead Budget

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12. If an actual manufacturing overhead costs is $485000 and actual total quantity of cost allocation base is 4500 labour hours, then overhead rate would be

109.87

$107.78

$106.56

$104.34

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Detailed SolutionIf an actual manufacturing overhead costs is $485000 and actual total quantity of cost allocation

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base is 4500 labour hours, then overhead rate would be

13. Budget, which predicts effect of given level of operations on a cash position is classified as

market budget

price schedule

planned schedule

cash budget

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Detailed SolutionBudget, which predicts effect of

given level of operations on a cash position is classified as

14. Material mix variance = standard cost of standard mix – . . . . . . . .

Actual cost of actual mix

Actual cost of standard mix

Standard cost of actual mix

Standard cost of budgeted mix

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Detailed SolutionMaterial mix

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variance = standard cost of standard mix – . . . . . . . .

15. Under inflationary conditions a higher value of inventory is assigned under:

LIFO method

FIFO method

Weighted average method

None of the above

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Detailed SolutionUnder

inflationary conditions a higher value of inventory is assigned under:

16. Contribution less fixed cost is

Profit

Sales

Price

MOS

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Detailed SolutionContribution less fixed cost

17. Method, which allocates cost of support department for operating departments by recognizing all mutual services provided is classified as

indirect method

direct method

step down method

reciprocal method

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18. Higher and accurate budgeted profit forecast of managers lead to

high incentive bonus

low incentive bonus

influence bonus

revenue bonus

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