Ascertainment of Cost
Determination of Selling Price
Cost Control and Cost reduction
Assisting Shareholders in decision making
Answer is Right!
Answer is Wrong!
Detailed SolutionWhich of these is not an objective of Cost Accounting?
Costing
42. Match the items of the following two lists: List-I List-II a. Statement of changes in working capital 1. Cash flow statement b. Deferred tax 2. Fixed assets c. Three activities 3. Funds flow statement d. Impairment loss 4. Balance sheet
a-1, b-2, c-3, d-4
a-3, b-4, c-2, d-1
a-3, b-4, c-1, d-2
a-4, b-3, c-1, d-2
Answer is Right!
Answer is Wrong!
43. Warehousing cost is an item of:
office overhead
distribution overhead
material cost
works overhead
Answer is Right!
Answer is Wrong!
44. Match the following. List-I List-II a. Earning ability of firm 1. Basis of accounting b. Conservatism 2. P/V ratio c. Cash profit 3. Cash flow statement d. Cash and accrual 4. Prudence
a-2, b-4, c-3, d-1
a-2, b-1, c-4, d-3
a-3, b-4, c-1, d-2
a-3, b-4, c-2, d-1
Answer is Right!
Answer is Wrong!
45. A flexible budget requires careful study and classification of expenses into
Product expenses and period expenses
Past and current expenses
Administrative, selling, and factory expenses
Fixed, semi-variable, and variable expenses
Answer is Right!
Answer is Wrong!
Detailed SolutionA flexible budget requires careful study and classification of expenses into
46. Material usage variance = standard price (. . . . . . . .)
Standard usage - actual usage
Standard unit price - actual unit price
Standard quantity
Actual quantity
Answer is Right!
Answer is Wrong!
Detailed SolutionMaterial usage variance = standard price (. . . . . . . .)
47. If net realizable value is $20000 and separable costs are $18000, then final sales will be
$20,000
$18,000
$2,000
$38,000
Answer is Right!
Answer is Wrong!
48. Relationship between cost and cost drivers is
stationary
not stationary
intrinsic
extrinsic
Answer is Right!
Answer is Wrong!
Detailed SolutionRelationship between cost and cost drivers is
49. Stock Adjustment Account is debited with . . . . . . . . and credited with . . . . . . . .
surplus, shortage of stock
shortage of stock, surplus
excess, loss
None of these
Answer is Right!
Answer is Wrong!
50. Actual loss is less than the predetermined normal loss, it is ________.
normal loss
abnormal loss
seasonal loss
abnormal gain
Answer is Right!
Answer is Wrong!
Detailed SolutionActual loss is less than the predetermined normal loss, it is ________.