[amp_mcq option1=”contract a/c” option2=”work in progress a/c” option3=”profit and loss a/c” option4=”contractee a/c” correct=”option3″]
Costing
32. What is not included in quick assets?
[amp_mcq option1=”Cash” option2=”Gold” option3=”Inventories” option4=”Advance for supply of raw materials” correct=”option3″]
33. According to incremental method, party which receives highest ranking in allocation of common cost is classified as
[amp_mcq option1=”Third incremental party” option2=”second incremental party” option3=”primary party” option4=”First incremental party” correct=”option1″]
34. . . . . . . . . is the excess of overheads absorbed over the actual amount of overheads incurred.
[amp_mcq option1=”Over absorption of overheads” option2=”Under absorption of overheads” option3=”Overheads absorption” option4=”None of these” correct=”option1″]
35. A document which contains information about materials of specific product, in specific department comes under
[amp_mcq option1=”costing method” option2=”selling method” option3=”material acquisition method” option4=”none of above” correct=”option3″]
36. Which of the following statements are true about ratio analys is? 1. Ratio analysis is useful in financial analysis. 2. Ratio analysis is helpful in communication and coordination. 3. Ratio analysis is not helpful in identifying weak spots of the business. 4. Ratio analysis is helpful in financial planning and forecasting.
[amp_mcq option1=”1, 2 and 4″ option2=”1, 3 and 4″ option3=”1, 2 and 3″ option4=”1, 2, 3 and 4″ correct=”option4″]
37. Budgeted total direct labour cost is divided with budgeted total direct labour to calculate
[amp_mcq option1=”budgeted indirect labour cost rate” option2=”expected direct labour cost rate” option3=”budgeted direct labour cost rate” option4=”expected indirect labour cost rate” correct=”option3″]
38. In regression equation, an evaluation criteria considers significance of
[amp_mcq option1=”independent variable” option2=”dependent variable” option3=”significance plotting” option4=”insignificance plotting” correct=”option1″]
Detailed SolutionIn regression equation, an evaluation criteria considers significance of
39. “How many units must be sold if company wants to achieve a profit of Rs 11,000 for the year? Selling price – Rs 6 per unit Variable production cost – Rs 1.20 per unit Variable selling cost – Rs 0.40 per unit Fixed production cost – Rs 4 per unit Fixed selling cost – Rs 0.80 per unit Budgeted production and sales for the year are 10,000 units.”
[amp_mcq option1=”2,500 units” option2=”9,833 units” option3=”10,625 units” option4=”13,409 units” correct=”option2″]
40. In . . . . . . . . each job is a cost unit to which all costs are assigned.
[amp_mcq option1=”Batch costing” option2=”Job costing” option3=”Process costing” option4=”Operation costing” correct=”option2″]
Detailed SolutionIn . . . . . . . . each job is a cost unit to which all costs are assigned.