Costing

[amp_mcq option1=”continuous” option2=”batch” option3=”multiple” option4=”job” correct=”option1″]

Detailed SolutionProcess costing is also known as . . . . . . . . costing.

[amp_mcq option1=”economic cost” option2=”cost tracing” option3=”cost allocation” option4=”non-economic costs” correct=”option3″]

Detailed SolutionProcess of assigning indirect costs to any specific cost object is known as

[amp_mcq option1=”math plan model” option2=”financial planning models” option3=”operating plan models” option4=”master plan models” correct=”option4″]

Detailed SolutionMathematical relationships exist between operating and financing activities that affect master budget are called

[amp_mcq option1=”abnormal loss” option2=”normal loss” option3=”abnormal gain” option4=”normal gain” correct=”option3″]

Detailed SolutionWhere actual loss in a process is less than the anticipated loss, the difference between the two is considered to be . . . . . . . .

[amp_mcq option1=”notional expenses” option2=”actual expenses” option3=”imputed” option4=”None of these” correct=”option3″]

Detailed SolutionSuch expenses which are included (even though they are not incurred) for taking managerial decisions are called . . . . . . . .

[amp_mcq option1=”I, II and III” option2=”I, III and V” option3=”II, III and IV” option4=”I, IV and V” correct=”option1″]

Detailed SolutionWhich of the following activities should be shown separately in the cash flow statement prepared as per accounting standard-3? I. Cash flow from borrowing activities. II. Cash flow from operating activities. III. Cash flow from financing activities. IV. Cash flow from investing activities. V. Cash flow from miscellaneous activities.

[amp_mcq option1=”5 months” option2=”4 months” option3=”3 months” option4=”2 months” correct=”option3″]

Detailed SolutionWhen the debt turnover ratio is 4, what is the average collection period?

[amp_mcq option1=”labour cost incurred on product” option2=”production cost incurred on product” option3=”marketing cost incurred on product” option4=”all of above” correct=”option2″]

Detailed SolutionGross margin is subtracted from sales value of all production to yield

[amp_mcq option1=”Both (A) and (R) are correct, and (R) is the correct explanation of (A)” option2=”(A) is correct, but (R) is incorrect” option3=”(A) is incorrect, but (R) is correct” option4=”Both (A) and (R) are incorrect” correct=”option1″]

Detailed SolutionAssertion (A): Cash flow statement, as per the financial statements as well, is incapable of revealing the overall financial position of a firm. Reason (R): Cash is an important constituent of the working capital based on recorded facts only.

[amp_mcq option1=”no of labour” option2=”no of output” option3=”no of machines” option4=”horse power of machines” correct=”option2″]

Detailed SolutionMost appropriate basis for the apportionment of power is ________.