Costing

31. An example of fixed cost ________.

property tax
rent for building
direct material cost
direct wages

Subscribe on YouTube

Join Our Telegram Channel
class="read-more button" href="https://exam.pscnotes.com/mcq/an-example-of-fixed-cost-________/#more-51308">Detailed SolutionAn example of fixed cost ________.

32. Relationship between cost and cost driver is economically plausible if goodness of fit

has meaning
has no meaning
has index values
has no index values

Join Our Telegram Channel
Subscribe on YouTube
button" href="https://exam.pscnotes.com/mcq/relationship-between-cost-and-cost-driver-is-economically-plausible-if-goodness-of-fit/#more-51283">Detailed SolutionRelationship between cost and cost driver is economically plausible if goodness of fit

33. In normal costing, situation in which allocated amount of indirect cost is greater than incurred cost, is considered as

incurred indirect cost
over allocated indirect cost
applied indirect cost
applied direct cost

Detailed Solution Join Our Telegram Channel

288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z"/> Subscribe on YouTube
class="screen-reader-text">In normal costing, situation in which allocated amount of indirect cost is greater than incurred cost, is considered as

34. An amount of spoilage that is natural in any particular production process is classified as

normal scrap
normal spoilage
abnormal spoilage
weighted spoilage

Detailed SolutionAn amount

Join Our Telegram Channel
Subscribe on YouTube
of spoilage that is natural in any particular production process is classified as

35. “Calculate the value of closing stock from the following according to FIFO method: 1st January, 20XX: Opening balance: 50 units @ Rs 4 Receipts: 5th January, 20XX: 100 units @ Rs 5 12th January, 20XX: 200 units @ Rs 4.50 Issues: 2nd January, 20XX: 30 units 18th January, 20XX: 150 units”

Rs. 765
Rs. 805
Rs. 786
Rs. 700

Join Our Telegram Channel

units 18th January, 20XX: 150 units”" class="read-more button" href="https://exam.pscnotes.com/mcq/calculate-the-value-of-closing-stock-from-the-following-according-to-fifo-method-1st-january-20xx-opening-balance-50-units-rs-4-receipts-5th-january-20xx-100-units-rs-5-12th-january-20xx/#more-51240">Detailed Solution“Calculate the value of closing stock from the following according to FIFO method: 1st January, 20XX: Opening balance: 50 units @ Rs 4 Receipts: 5th January, 20XX: 100
Subscribe on YouTube
units @ Rs 5 12th January, 20XX: 200 units @ Rs 4.50 Issues: 2nd January, 20XX: 30 units 18th January, 20XX: 150 units”

36. Segment of subunit of company, whose manager is responsible for specific set of instructions and activities perform is classified as

subunit center
instruction center
responsibility center
activity segment

Detailed Solution Join Our Telegram Channel

11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z"/> Subscribe on YouTube class="screen-reader-text">Segment of subunit of company, whose manager is responsible for specific set of instructions and activities perform is classified as

37. In process costing, a joint product is:

a product which is later divided into many parts
a product which is produced simultaneously with other products and is of similar value to at least one of the other products.
a product produced jointly with another organization

Detailed SolutionIn process costing, a joint product is:

38. Total cost related to work in process inventory is divided by total units of work done is used to calculate

Gross weighted margin
weighted average revenue
weighted average cost
weighted average conversion cost

Detailed Solution

Join Our Telegram Channel
Subscribe on YouTube
class="screen-reader-text">Total cost related to work in process inventory is divided by total units of work done is used to calculate

39. Which of the following statement is true? Statement 1: Financial statements are prepared on the basis of accounting principles. Statement 2: Any changes in accounting principles or method will affect the utility of the financial statements.

1 is true, but 2 is false
2 is true, but 1 is false
Both 1 and 2 are true
Both 1 and 2 are false

Detailed SolutionWhich of the following statement is true? Statement 1: Financial statements are prepared on the basis of

Join Our Telegram Channel
Subscribe on YouTube
accounting principles. Statement 2: Any changes in accounting principles or method will affect the utility of the financial statements.

40. The origin of Kaizen costing in

India
Japan
China
France

Detailed SolutionThe origin

Join Our Telegram Channel
Subscribe on YouTube
of Kaizen costing in

Page 1Page 2Page 3Page 4Page 5
Test 1Test 2Test 3Test 4Test 5Test 6Test 7Test 8Test 9Test 10Test 11Test 12Test 13Test 14Test 15Test 16Test 17Test 18Test 19Test 20Test 21Test 22Test 23Test 24