Costing Archives - Page 3 of 116 - MCQ and Quiz for Exams

21. Costs of goods acquired from suppliers is classified as

stock-out costs

ordering costs

carrying costs

purchasing costs

Detailed SolutionCosts of goods acquired from suppliers is classified as

22. Worker’s participation implies their right to take part in:

Annual general meeting

Decision making

Share holding

Profit sharing

Detailed SolutionWorker’s participation implies their right to take part in:

23. . . . . . . . . Accounting is not only a positive science but also a normative science because it includes techniques of budgetary control and standard costing.

Financial

Cost

Both A and B

None of these

Detailed Solution. . . . . . . . Accounting is not only a positive science but also a normative science because it includes techniques of budgetary control and standard costing.

24. The P/v ratio of a company is 50% and margin of safety is 40%. If present sales is Rs 30,00,000 then Break Even Point in Rs will be

Rs 9,00,000

Rs 18,00,000

Rs 5,00,000

None of the above

Detailed SolutionThe P/v ratio of a company is 50% and margin of safety is 40%. If present sales is Rs 30,00,000 then Break Even Point in Rs will be

25. . . . . . . . . are costs which have been applied against revenue of particular accounting period.

Expenses

Income

Loss

None of these

Detailed Solution. . . . . . . . are costs which have been applied against revenue of particular accounting period.

26. In marginal costing, contribution is equal to

Sales - Fixed cost

Sales - Variable cost

Sales - Profit

Sales - Variable Cost + Fixed cost

Detailed SolutionIn marginal costing, contribution is equal to

27. Third step in constant gross margin percentage NRV Method to allocate joint cost is to compute

Gross margin percentage

total production cost of each product

allocated joint costs

cost of split off point

Detailed SolutionThird step in constant gross margin percentage NRV Method to allocate joint cost is to compute

28. Depreciation is . . . . . . . . expenditure.

fixed

variable

adjustable

semi-variable

Detailed SolutionDepreciation is . . . . . . . . expenditure.

29. A job is budgeted to require 3,300 productive hours after incurring 25% idle time. If the total labour cost budgeted for the job is Rs 36,300. What is the labour cost per hour( to the nearest cent)?

Rs 8.25

Rs 8.80

Rs 11.00

Rs 14.67

Detailed SolutionA job is budgeted to require 3,300 productive hours after incurring 25% idle time. If the total labour cost budgeted for the job is Rs 36,300. What is the labour cost per hour( to the nearest cent)?

30. Labour turnover is ______.

productivity of labour

efficiency of the labour

change in labour force

total cost of the labour

Detailed SolutionLabour turnover is ______.

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