Costing

31. Quantitative expression, of action plan by management of firm for a specified period of time is classified as

complexity
process
budget
batching

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

32. . . . . . . . . determines the priorities of functional budget.

Principal Budget Factor
Limiting Factor
Both A and B
None of the above

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

33. Manager who is responsible only for revenues of company can be categorized under the

profit center
investment center
cost center
revenue center

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

34. Cost accounting provides detailed information about . . . . . . . . of various products, processes, services and operations.

costs
income
Either A or B
None of these

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

35. “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?”

Rs 2,50,000
Rs 10,00,000
Rs 5,00,000
Rs 17,50,000

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?”

36. In the context of standard costing; basic standard is established for

short period
current period
indefinite period
predefined period

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

37. Under the inflationary conditions, the value of closing stock will be highest under the:

LIFO method
FIFO method
Weighted Average method
None of the above

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

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

5600 units
800 units
1400 units
200 units

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

39. When . . . . . . . . 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.

a predetermined rate
actual rate method of absorption
Both A and B
None of these

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.

40. Single or multiple units of distinct services or products are classified as

cost
job
post
price

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

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