[amp_mcq option1=”larger residual terms” option2=”zero residual terms” option3=”variable residual terms” option4=”smaller residual terms” correct=”option1″]
Costing
12. Tender for construction is an
[amp_mcq option1=”Estimation of profit” option2=”Estimation of cost” option3=”Estimation of selling price” option4=”Estimation of work” correct=”option2″]
13. Total Material cost variance =
[amp_mcq option1=”Standard cost of materials – actual cost of materials” option2=”Budgeted cost of materials – actual cost of materials” option3=”Standard cost of materials – budgeted cost of materials” option4=”Actual cost of materials – budgeted cost of materials” correct=”option1″]
14. Cost accounting concepts include all the following except ________.
[amp_mcq option1=”planning” option2=”controlling” option3=”profit sharing” option4=”product costing” correct=”option3″]
Detailed SolutionCost accounting concepts include all the following except ________.
15. The requirements of a particular job are known as . . . . . . . .
[amp_mcq option1=”job description” option2=”job specifications” option3=”job evaluation” option4=”Both A and B” correct=”option2″]
Detailed SolutionThe requirements of a particular job are known as . . . . . . . .
16. Description in mathematical form to represent changes in cost, with level of activity related to that cost is classified as
[amp_mcq option1=”cost function” option2=”revenue function” option3=”unit function” option4=”relative function” correct=”option1″]
17. Fixed Cost ± Profit or Loss = . . . . . . . .
[amp_mcq option1=”Variable Cost” option2=”Marginal Cost” option3=”Contribution” option4=”Margin of Safety E. Break Even Point” correct=”option3″]
Detailed SolutionFixed Cost ± Profit or Loss = . . . . . . . .
18. Cost Unit is defined as:
[amp_mcq option1=”Unit of quantity of product, service or time in relation to which costs may be ascertained or expressed” option2=”A location, person or an item of equipment or a group of these for which costs are ascertained and used for cost control” option3=”Centres having the responsibility of generating and maximising profits” option4=”Centres concerned with earning an adequate return on investment” correct=”option1″]
19. Which one of the following concepts is used as fund in the preparation of funds flow statement?
[amp_mcq option1=”Current Assets” option2=”Working Capital” option3=”Cash” option4=”All Financial Resources” correct=”option3″]
20. . . . . . . . . budget is designed to remain unchanged irrespective of the volume of output or turnover attained.
[amp_mcq option1=”Master” option2=”Fixed” option3=”Flexible” option4=”All of these” correct=”option2″]