Costing

31. Volume variance arises because of:

Increase in overhead rate per hour
Decrease in overhead rate per hour
Increase or decrease in actual output as compared to the budgeted output
Difference in budgeted overheads and actual overheads

Detailed SolutionVolume variance arises because of:

32. Wages paid to workers of factory are termed as

workers premium
overtime premium
factory premium
wage premium

Detailed SolutionWages paid to workers of factory are termed as

33. Master budget is a

Functional budget
Operating budget
Summary budget
Financial budget

Detailed SolutionMaster budget is a

34. The most important element of cost in manufacturing industries is _________.

material
labour
direct costs
indirect costs

Detailed SolutionThe most important element of cost in manufacturing industries is _________.

35. A concept used to define learning curve in broader application is called

discrete curve
fixed curve
mixed curve
experience curve

Detailed SolutionA concept used to define learning curve in broader application is called

36. Final sales is subtracted from net realizable value is used to calculate

separable costs
inseparable costs
joint costs
floating costs

Detailed SolutionFinal sales is subtracted from net realizable value is used to calculate

37. The preparation of consolidated balance sheet of holding company and its subsidiary company is done as per

AS 11
AS 21
AS 22
AS 23

Detailed SolutionThe preparation of consolidated balance sheet of holding company and its subsidiary company is done as per

38. Hybrid costing system, which is applied to batches of similar products, but are not identical is classified as

incremental costing system
split off costing system
inventoriable costing system
operation costing system

Detailed SolutionHybrid costing system, which is applied to batches of similar products, but are not identical is classified as

39. The maximum bonus rate under Halsey Premium Method, can be

25%
$$30 rac{1}{2}% $$
$$33 rac{1}{3}% $$
50%

Detailed SolutionThe maximum bonus rate under Halsey Premium Method, can be

40. . . . . . . . . costs are partly fixed and partly variable in relation to output.

Variable
Fixed
Semi-variable
Both A and B

Detailed Solution. . . . . . . . costs are partly fixed and partly variable in relation to output.

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