Costing Archives

11. Worse fit between estimated cost and actual observations is shown on regression line with

larger residual terms

zero residual terms

variable residual terms

smaller residual terms

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12. Tender for construction is an

Estimation of profit

Estimation of cost

Estimation of selling price

Estimation of work

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13. Total Material cost variance =

Standard cost of materials - actual cost of materials

Budgeted cost of materials - actual cost of materials

Standard cost of materials - budgeted cost of materials

Actual cost of materials - budgeted cost of materials

Detailed SolutionTotal Material cost variance =

14. Cost accounting concepts include all the following except ________.

planning

controlling

profit sharing

product costing

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15. The requirements of a particular job are known as . . . . . . . .

job description

job specifications

job evaluation

Both A and B

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16. Description in mathematical form to represent changes in cost, with level of activity related to that cost is classified as

cost function

revenue function

unit function

relative function

Detailed

Solution

17. Fixed Cost Â± Profit or Loss = . . . . . . . .

Variable Cost

Marginal Cost

Contribution

Margin of Safety E. Break Even Point

Detailed SolutionFixed

Cost Â± Profit or Loss = . . . . . . . .

18. Cost Unit is defined as:

Unit of quantity of product, service or time in relation to which costs may be ascertained or expressed

A location, person or an item of equipment or a group of these for which costs are ascertained and used for cost control

Centres having the responsibility of generating and maximising profits

Centres concerned with earning an adequate return on investment

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19. Which one of the following concepts is used as fund in the preparation of funds flow statement?

Current Assets

Working Capital

Cash

All Financial Resources

Detailed SolutionWhich one of the

following concepts is used as fund in the preparation of funds flow statement?

20. . . . . . . . . budget is designed to remain unchanged irrespective of the volume of output or turnover attained.

Master

Fixed

Flexible

All of these

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