Costing Archives

21. Where the work is undertaken to Customer’s special requirements and each order is of comparatively short-duration, it is called . . . . . . . . costing.

job

batch

operation

output

Answer is Right!

Answer is Wrong!

Join Our Telegram Channel

Subscribe on YouTube

. . . . . . . . costing." class="read-more button" href="https://exam.pscnotes.com/mcq/where-the-work-is-undertaken-to-customers-special-requirements-and-each-order-is-of-comparatively-short-duration-it-is-called-costing/#more-45993">Detailed Solution

22. According to which of the following methods of valuation, issuances are linked to current economic prices?

LIFO method

FIFO method

HIFO method

Weighted average value method

Answer is Right!

Answer is Wrong!

Join Our Telegram Channel

132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z"/> Subscribe on YouTube

linked to current economic prices?" class="read-more button" href="https://exam.pscnotes.com/mcq/according-to-which-of-the-following-methods-of-valuation-issuances-are-linked-to-current-economic-prices/#more-45984">Detailed Solution

23. Standard costs is . . . . . . . .

predetermined cost

budgeted cost

actual cost

None of these

Answer is Right!

Answer is Wrong!

Detailed

Solution

24. If budgeted direct labour hours are 4550 and direct labour cost rate is $600 per labour hour then, total direct labour cost would be

$4,730,000

$3,730,000

$2,730,000

$1,730,000

Answer is Right!

Answer is Wrong!

Detailed Solution

Join Our Telegram Channel

Subscribe on YouTube

class="screen-reader-text">If budgeted direct labour hours are 4550 and direct labour cost rate is $600 per labour hour then, total direct labour cost would be

25. Which of the following methods of inflation accounting has been proposed by Sandilands Committee of U.K.?

General price level method

Specific price level method

Current cost accounting method

Generally accepted accounting principles

Answer is Right!

Answer is Wrong!

Detailed Solution

Join Our Telegram Channel

class="screen-reader-text">Which of the following methods of inflation accounting has been proposed by Sandilands Committee of U.K.?

26. If an average inventory is 2000 units, annual relevant carrying cost of each unit is $5, then annual relevant carrying cost will be

$5,000

$4,500

$5,500

$6,000

Answer is Right!

Answer is Wrong!

Detailed SolutionIf an average inventory is

Join Our Telegram Channel

2000 units, annual relevant carrying cost of each unit is $5, then annual relevant carrying cost will be

27. An actual selling price is subtracted from budgeted selling price, and then multiplied to actual sold units to calculate

profit variance

investment variance

cost variance

selling price variance

Answer is Right!

Answer is Wrong!

Detailed SolutionAn actual selling price

132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z"/> Subscribe on YouTube

is subtracted from budgeted selling price, and then multiplied to actual sold units to calculate

28. The purchase of machinery by issuing long-term notes payable should be reported as a

non-cash investing and financing activity

cash outflow in the operating activity

cash outflow in the investing activity

cash outflow in the financing activity

Answer is Right!

Answer is Wrong!

Detailed SolutionThe purchase of

href="https://www.youtube.com/channel/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1" target="_blank" class="youtube-subscribe-button"> Subscribe on YouTube

machinery by issuing long-term notes payable should be reported as a