Costing

31. Given that for a job standard time is 8 hrs, actual time taken is 6 hrs and the time rate is Rs 2 per hr What is the total wages under Halsey premium plan?

Rs. 12
Rs. 14
Rs. 16
Rs. 18

Detailed SolutionGiven that for a job standard time is 8 hrs, actual time taken is 6 hrs and the time rate is Rs 2 per hr What is the total wages under Halsey premium plan?

32. In master budgeting, cost drivers for manufacturing overhead costs are

direct manufacturing labour-hours
setup labour-hours
budgeted labour-hours
both a and b

Detailed SolutionIn master budgeting, cost drivers for manufacturing overhead costs are

33. Procedure of assigning direct cost to any cost abject is classified as

sales allocation
cost tracing
cost allocation
sales tracing

Detailed SolutionProcedure of assigning direct cost to any cost abject is classified as

34. The process of allocating and apportioning the costs on suitable basis to all the departments is _______.

departmentalization
primary distribution
secondary distribution
classification

Detailed SolutionThe process of allocating and apportioning the costs on suitable basis to all the departments is _______.

35. If an actual indirect cost incur is $35000 and indirect cost allocated is $43000, then under allocated indirect cost will be

$78,000
-$78000
-$8000
$8,000

Detailed SolutionIf an actual indirect cost incur is $35000 and indirect cost allocated is $43000, then under allocated indirect cost will be

36. The preparation of a consolidated statement of accounts as per AS-21 is

Optional
Mandatory for private limited companies
Mandatory for listed companies
Mandatory for all companies

Detailed SolutionThe preparation of a consolidated statement of accounts as per AS-21 is

37. Type of costs that cannot be traced for individual products but help in supporting an organization are classified as

individual sustaining costs
facility sustaining costs
sustained tracing
support tracing

Detailed SolutionType of costs that cannot be traced for individual products but help in supporting an organization are classified as

38. Fire insurance of stock can be apportioned on the basis of ________.

value of stock
volume of stock
number of stores requisition
material used

Detailed SolutionFire insurance of stock can be apportioned on the basis of ________.

39. In estimation of cost function, an example of independent variable is

level of activity
quantity stored
quantity manufactured
quality of product

Detailed SolutionIn estimation of cost function, an example of independent variable is

40. Considering dual rate method, if employees work for 8500 budgeted hours at $120 per hour and work for 9500 actual hours at $110 per hour, then total cost would be

$2,078,000
$3,078,000
$2,065,000
$3,065,000

Detailed SolutionConsidering dual rate method, if employees work for 8500 budgeted hours at $120 per hour and work for 9500 actual hours at $110 per hour, then total cost would be

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