Costing

[amp_mcq option1=”Contribution = Fixed assets” option2=”Sales revenue = Total cost – Variable cost” option3=”Profit = Fixed cost + Variable cost” option4=”Sales revenue = Variable cost” correct=”option2″]

Detailed SolutionWhich of the following is correct at break-even point?

[amp_mcq option1=”no cost pool” option2=”One or two cost pools” option3=”sustained tracing” option4=”support tracing” correct=”option2″]

Detailed SolutionIn activity based costing method implementation, indirect costs are allocated by using the

[amp_mcq option1=”machine operators wages” option2=”managing directors salary” option3=”income tax” option4=”office rent” correct=”option1″]

Detailed SolutionComprehensive machine hour rate includes ________.

[amp_mcq option1=”Single accounting system” option2=”Indian book-keeping system” option3=”Double accounting system” option4=”None of the above” correct=”option3″]

Detailed SolutionCost accounting is based on-

[amp_mcq option1=”Operational cost determination” option2=”Unit cost determination” option3=”Sub work cost determination” option4=”Group cost determination” correct=”option1″]

Detailed SolutionWhich method of costing is used in hospitals?

[amp_mcq option1=”the same firm” option2=”the several firms” option3=”the same industry” option4=”the several industries” correct=”option1″]

Detailed SolutionMultiple costing is a technique of using two or more costing methods for ascertainment of cost by _______.

[amp_mcq option1=”job cost record” option2=”job cost sheet” option3=”source document” option4=”both a and b” correct=”option4″]

Detailed SolutionIn accounting system, a document which consists of all assigned cost for specific job is classified as

[amp_mcq option1=”3, 1, 2″ option2=”1, 3, 2″ option3=”3, 2, 1″ option4=”2, 1, 3″ correct=”option1″]

Detailed SolutionArrange the following categories of cash inflows and cash outflows in a correct order. 1. Cash flows from investing activities. 2. Cash flows from financing activities. 3. Cash flows from operating activities.

[amp_mcq option1=”summarize flow of output” option2=”compute output in units” option3=”summarize total costs” option4=”compute cost for each equivalent unit” correct=”option4″]

Detailed SolutionThird step in process costing system is to

[amp_mcq option1=”Straight piece rate” option2=”Differential piece rate” option3=”Premium and bonus plan” option4=”Time wage rate” correct=”option4″]

Detailed SolutionUnder which method of wage payment, wages are influenced by idle time?