[amp_mcq option1=”Abnormal wastage” option2=”Normal wastage” option3=”Abnormal gain” option4=”Normal gain” correct=”option1″]
Detailed SolutionThe cause of increase in cost per unit under process costing is
Costing
22. Which of the following methods of stock control aims at concentrating efforts on selected items of material?
[amp_mcq option1=”Perpetual inventory system” option2=”Material turnover ratio” option3=”Level setting” option4=”ABC analysis” correct=”option4″]
23. Collection of cost data, according to accounting system in an organized way is classified as
[amp_mcq option1=”system accumulation” option2=”accumulated data” option3=”cost accumulation” option4=”organized accumulation” correct=”option1″]
24. Methods used to allocate costs of reciprocal support departments include
[amp_mcq option1=”direct method” option2=”step down” option3=”reciprocal method” option4=”all of above” correct=”option4″]
Detailed SolutionMethods used to allocate costs of reciprocal support departments include
25. Match the following. List-I List-II a. Operating profit 1. Capital employed = . . . . . . . . + Preference share capital b. Liquid liabilities 2. . . . . . . . . = Gross profit – Operating expenses c. Capital employed 3. Quick assets = Quick ratio รย . . . . . . . . d. Equity share capital 4. Fixed assets ratio = Fixed assets รยท . . . . . . . .
[amp_mcq option1=”a-2, b-3, c-4, d-1″ option2=”a-3, b-4, c-1, d-2″ option3=”a-4, b-3, c-2, d-1″ option4=”a-2, b-1, c-4, d-3″ correct=”option4″]
26. The cost of material that is not completely processed, would be found in which of the following inventory account on the balance sheet?
[amp_mcq option1=”Direct material inventory” option2=”Work in-process inventory” option3=”Finished goodsinventory” option4=”Supplier inventory” correct=”option2″]
27. ___________ is a summary of all functional budgets in a capsule form.
[amp_mcq option1=”Functional Budget” option2=”Master Budget” option3=”Long Period Budget” option4=”Flexible Budget” correct=”option1″]
Detailed Solution___________ is a summary of all functional budgets in a capsule form.
28. Broad’s average use to assign cost of revenue to cost objects will be classified as
[amp_mcq option1=”refined costing system” option2=”refined selling system” option3=”undefined costing” option4=”defined selling system” correct=”option1″]
Detailed SolutionBroad’s average use to assign cost of revenue to cost objects will be classified as
29. Cost of production is
[amp_mcq option1=”Prime cost + Factory overheads” option2=”Factory cost + Administrative overheads” option3=”Direct cost + Indirect expenses” option4=”Prime cost + Administrative overheads” correct=”option1″]
30. Three types of standards are . . . . . . . .
[amp_mcq option1=”Current standard, basic standard and normal standard” option2=”Currency standard, basel standard and actual standard” option3=”Actual standard, estimated standard and expected standard” option4=”Expected standard, ideal standard and current standard” correct=”option4″]
Detailed SolutionThree types of standards are . . . . . . . .