Costing

[amp_mcq option1=”complexity” option2=”process” option3=”budget” option4=”batching” correct=”option3″]

Detailed SolutionQuantitative expression, of action plan by management of firm for a specified period of time is classified as

[amp_mcq option1=”Principal Budget Factor” option2=”Limiting Factor” option3=”Both A and B” option4=”None of the above” correct=”option2″]

Detailed Solution. . . . . . . . determines the priorities of functional budget.

[amp_mcq option1=”profit center” option2=”investment center” option3=”cost center” option4=”revenue center” correct=”option4″]

Detailed SolutionManager who is responsible only for revenues of company can be categorized under the

[amp_mcq option1=”costs” option2=”income” option3=”Either A or B” option4=”None of these” correct=”option1″]

Detailed SolutionCost accounting provides detailed information about . . . . . . . . of various products, processes, services and operations.

[amp_mcq option1=”Rs 2,50,000″ option2=”Rs 10,00,000″ option3=”Rs 5,00,000″ option4=”Rs 17,50,000″ correct=”option1″]

Detailed Solution“Following information is available of XYZ Limited for quarter ended June, 20XX Fixed cost Rs 5,00,000 Variable cost Rs 10 per unit Selling price Rs 15 per unit Output level 1,50,000 units What will be amount of profit earned during the quarter using the marginal costing technique?”

[amp_mcq option1=”short period” option2=”current period” option3=”indefinite period” option4=”predefined period” correct=”option1″]

Detailed SolutionIn the context of standard costing; basic standard is established for

[amp_mcq option1=”LIFO method” option2=”FIFO method” option3=”Weighted Average method” option4=”None of the above” correct=”option1″]

Detailed SolutionUnder the inflationary conditions, the value of closing stock will be highest under the:

[amp_mcq option1=”5600 units” option2=”800 units” option3=”1400 units” option4=”200 units” correct=”option2″]

Detailed Solution“Calculate Re-order level from the following: Consumption per week: 100-200 units Delivery period: 14-28 days”

[amp_mcq option1=”a predetermined rate” option2=”actual rate method of absorption” option3=”Both A and B” option4=”None of these” correct=”option1″]

Detailed SolutionWhen . . . . . . . . is used on the basis of budgeted overheads and the rate is applied to the actual base, the actual overhead expenses may be different from the charged overheads.

[amp_mcq option1=”cost” option2=”job” option3=”post” option4=”price” correct=”option2″]

Detailed SolutionSingle or multiple units of distinct services or products are classified as