accounting period costing system
process costing system
job costing system
none of above
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Costing
272. Third ranked product in incremental revenue-allocation method is known as
primary product
First incremental product
Second incremental product
Third incremental product
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Detailed SolutionThird ranked product in incremental revenue-allocation method is known as
273. A bill of material serves the purpose of . . . . . . . .
material requisition
stores ledger
material issue analysis sheet
None of these
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Detailed SolutionA bill of material serves the purpose of . . . . . . . .
274. Relationship between independent variable and dependent variable must be
general ledger
non-achievable
non measureable
economically plausible
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Detailed SolutionRelationship between independent variable and dependent variable must be
275. Continuous budget is also known as
rolling budget
pin budget
specific budget
past budget
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276. For companies in service sector, cost which is not considerable is
Inventoriable costs
finished costs
factory overhead costs
manufacturing overhead costs
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Detailed SolutionFor companies in service sector, cost which is not considerable is
277. When opening stock is Rs. 50,000, closing stock is Rs. 60,000 and the cost of goods sold is Rs. 2,20,000, the stock turnover ratio is:
2 times
3 times
4 times
5 times
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Answer is Wrong!
278. First step in constant gross margin percentage NRV method is to allocate joint to compute
Gross margin percentage
total production cost of each product
allocated joint costs
cost of split off point
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279. Depreciation of plant can be apportioned on the basis of ________.
plant value
plant size
working days
output produced
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Detailed SolutionDepreciation of plant can be apportioned on the basis of ________.
280. What is the basic difference between a static budget and a flexible budget?
A static budget is based on one specific level of production and a flexible budget can be prepared for any production level within a relevant range
A static budget is for an entire production, but a flexible budget is applicable only to a single department
Flexible budget allow management latitude in meeting goals, where as a static budget is based on a fixed standard
A flexible budget considers only variable costs, but a static budget considers all costs
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Detailed SolutionWhat is the basic difference between a static budget and a flexible budget?