Costing Archives - Page 4 of 116 - MCQ and Quiz for Exams

31. Volume variance arises because of:

Increase in overhead rate per hour

Decrease in overhead rate per hour

Increase or decrease in actual output as compared to the budgeted output

Difference in budgeted overheads and actual overheads

Detailed SolutionVolume variance arises because of:

32. Wages paid to workers of factory are termed as

workers premium

overtime premium

factory premium

wage premium

Detailed SolutionWages paid to workers of factory are termed as

33. Master budget is a

Functional budget

Operating budget

Summary budget

Financial budget

Detailed SolutionMaster budget is a

34. The most important element of cost in manufacturing industries is _________.

material

labour

direct costs

indirect costs

Detailed SolutionThe most important element of cost in manufacturing industries is _________.

35. A concept used to define learning curve in broader application is called

discrete curve

fixed curve

mixed curve

experience curve

Detailed SolutionA concept used to define learning curve in broader application is called

36. Final sales is subtracted from net realizable value is used to calculate

separable costs

inseparable costs

joint costs

floating costs

Detailed SolutionFinal sales is subtracted from net realizable value is used to calculate

37. The preparation of consolidated balance sheet of holding company and its subsidiary company is done as per

AS 11

AS 21

AS 22

AS 23

Detailed SolutionThe preparation of consolidated balance sheet of holding company and its subsidiary company is done as per

38. Hybrid costing system, which is applied to batches of similar products, but are not identical is classified as

incremental costing system

split off costing system

inventoriable costing system

operation costing system

Detailed SolutionHybrid costing system, which is applied to batches of similar products, but are not identical is classified as

39. The maximum bonus rate under Halsey Premium Method, can be

25%

$$30rac{1}{2}% $$

$$33rac{1}{3}% $$

50%

Detailed SolutionThe maximum bonus rate under Halsey Premium Method, can be

40. . . . . . . . . costs are partly fixed and partly variable in relation to output.

Variable

Fixed

Semi-variable

Both A and B

Detailed Solution. . . . . . . . costs are partly fixed and partly variable in relation to output.

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