[amp_mcq option1=”actual manufacturing overhead rate” option2=”manufacturing overhead costs” option3=”overhead rate” option4=”direct rate” correct=”option1″]
Costing
32. Calculate the labour turnover rate according to replacement method from the following: No of workers on the payroll: – At the beginning of the month: 500 – At the end of the month: 600 During the month, 5 workers left, 20 workers were discharged and 75 workers were recruited Ofthese, 10 workers were recruited in the vacancies of those leaving and while the rest were engaged for an expansion scheme
[amp_mcq option1=”4.55%” option2=”1.82%” option3=”6%” option4=”3%” correct=”option1″]
33. Cost pattern, when production inputs are to be used in discrete functions, but quantities are fractional, will be categorized as
[amp_mcq option1=”continuously variable cost function” option2=”fixed cost function” option3=”mixed cost function” option4=”semi variable cost function” correct=”option4″]
34. BOGEY standard in Cost Accounting is also known as:
[amp_mcq option1=”Basic standard” option2=”Ideal standard” option3=”Attainable standard” option4=”Abnormal loss standard E. Basic waste control standard” correct=”option3″]
Detailed SolutionBOGEY standard in Cost Accounting is also known as:
35. “Which of the following would explain an adverse variable production overhead efficiency variance? 1 Employees were of a lower skill level than specified in the standard 2 Unexpected idle time resulted from a series of machine breakdown 3 Poor Quality material was difficult to process”
[amp_mcq option1=”(1), (2) and (3)” option2=”(1) and (2)” option3=”(2) and (3)” option4=”(1) and (3)” correct=”option2″]
36. “A ltd is a manufacturing company that has no production resource limitations for the foreseeable future. The Managing Director has asked the company mangers to coordinate the preparation of their budgets for the next financial year. In what order should the following budgets be prepared? (1) Sales budget (2) Cash budget (3) Production budget (4) Purchase budget (5) Finished goods inventory budget”
[amp_mcq option1=”(2), (3), (4), (5), (1)” option2=”(1), (5), (3), (4), (2)” option3=”(1), (4), (5), (3), (2)” option4=”(4), (5), (3), (1), (2)” correct=”option3″]
37. Part of master budget, which covers capital expenditures, budgeted statement of cash flows and balance sheet is classified as
[amp_mcq option1=”financial budget” option2=”capital budget” option3=”cash flows budget” option4=”balanced budget” correct=”option2″]
38. Budgeting method, which incorporates an improvement anticipated in budgeting period into budget numbers can be classified as
[amp_mcq option1=”anticipated budgeting” option2=”number budgeting” option3=”predict budgeting” option4=”kaizen budgeting” correct=”option4″]
39. The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?
[amp_mcq option1=”Rs. 7,000″ option2=”Rs. 5,000″ option3=”Rs. 2,000″ option4=”Rs. 9,000″ correct=”option2″]
40. Costs of all activities for individual products or services can be called
[amp_mcq option1=”purpose level costs” option2=”output-unit level costs” option3=”input-unit level costs” option4=”activity level costs” correct=”option4″]
Detailed SolutionCosts of all activities for individual products or services can be called