Costing Archives - Page 2 of 116 - MCQ and Quiz for Exams

11. If all conditions or assumptions of regression analysis simple regression can give

dependent estimation

independent estimation

reliable estimates

unreliable estimates

Detailed SolutionIf all conditions or assumptions of regression analysis simple regression can give

12. What is the average collection period when the debt turnover ratio is 4?

5 months

4 months

3 months

2 months

Detailed SolutionWhat is the average collection period when the debt turnover ratio is 4?

13. Total Cost (+) contracts are generaelly applicable in cases where

Cost can be estimated easily

The contractor wants to earn a certain amount of profit

It is not possible to calculate the net profit in advance

None of the above

Detailed SolutionTotal Cost (+) contracts are generaelly applicable in cases where

14. Boiler house costing is an example of . . . . . . . . costing.

operation

process

service

None of these

Detailed SolutionBoiler house costing is an example of . . . . . . . . costing.

15. What is the amount of gross profit if the stock turnover ratio is 6 times; average stock is Rs. 8,000 and; selling price is 25% above cost?

Rs. 2,000

Rs. 4,000

Rs. 10,000

Rs. 12,000

Detailed SolutionWhat is the amount of gross profit if the stock turnover ratio is 6 times; average stock is Rs. 8,000 and; selling price is 25% above cost?

16. Material requisition is meant for ________.

purchase of material

supply of material from stores

sale of material

storage of material

Detailed SolutionMaterial requisition is meant for ________.

17. The loss incurred on an incomplete contract is transferred to . . . . . . . . account.

costing profit and loss account

profit and loss account

trading account

deferred to next year

Detailed SolutionThe loss incurred on an incomplete contract is transferred to . . . . . . . . account.

18. In adjustment issues of costing, database must consider wide range values of

fixed object

cost driver

cost object

mixed object

Detailed SolutionIn adjustment issues of costing, database must consider wide range values of

19. When the actual output in the production process is less than the normal, the difference between the two is called

General loss

Abnormal loss

General profit

Abnormal profit

Detailed SolutionWhen the actual output in the production process is less than the normal, the difference between the two is called

20. Job costing method is the most suitable method for ________.

oil process units

transport companies

sugar industries

repair shops

Detailed SolutionJob costing method is the most suitable method for ________.

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