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

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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