Costing Archives

21. Which of following is an example of revenue center?

sales department

investing center

marketing department

segment department

Detailed SolutionWhich of following is an example of revenue center?

22. Costing and allocating situation, in which indirect cost allocated amount is less than actually incurred amount is known as

over allocated budget

under allocated budget

under allocated indirect cost

over allocated direct cost

Detailed SolutionCosting and allocating situation, in which indirect cost allocated amount is less than actually incurred amount is known as

23. If an actual manufacturing overhead costs is $225000 and actual total quantity of cost allocation base is 2500 labour hours, then overhead rate will be

$60

$90

$80

$70

Detailed SolutionIf an actual manufacturing overhead costs is $225000 and actual total quantity of cost allocation base is 2500 labour hours, then overhead rate will be

24. LIFO method of pricing of materials is more suitable when _________.

material prices are rising

material prices are falling

material prices are constant

material prices are fluctuating

Detailed SolutionLIFO method of pricing of materials is more suitable when _________.

25. Manufacturing overhead cost allocated to individual jobs is classified as

manufacturing overhead allocated

cost overhead applied

manufacturing overhead applied

both A and C

Detailed SolutionManufacturing overhead cost allocated to individual jobs is classified as

26. In ratio analysis, ‘time series analysis’ refers to

making a time series of various ratio to assess the firm's profitability

a graphical comparison of the firm's sources of finance

the comparison of financial ratios over a period of time to access the direction of change and the financial performance of the firm

a comparison of time values for various ratios of the firm

Detailed SolutionIn ratio analysis, ‘time series analysis’ refers to

27. Profit to be transferred to profit and loss a/c, if the contract is complete to the extent of only 20% is ________.

nil

20%

25%

75%

Detailed SolutionProfit to be transferred to profit and loss a/c, if the contract is complete to the extent of only 20% is ________.

28. Non-financial and financial aspects of plan by company management, is classified as

complexity

process

budget

batching

Detailed SolutionNon-financial and financial aspects of plan by company management, is classified as

29. Labour related to manufacturing of product can be classified under

direct manufacturing labour costs

indirect manufacturing labour costs

work in process cost

finished costs

Detailed SolutionLabour related to manufacturing of product can be classified under

30. Standard error of regression analysis is known as

average of coefficient

variance of residual

mean of residual

average of residual

Detailed SolutionStandard error of regression analysis is known as

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