Costing

[amp_mcq option1=”Ascertainment of Cost” option2=”Determination of Selling Price” option3=”Cost Control and Cost reduction” option4=”Assisting Shareholders in decision making” correct=”option4″]

Detailed SolutionWhich of these is not an objective of Cost Accounting?

[amp_mcq option1=”a-1, b-2, c-3, d-4″ option2=”a-3, b-4, c-2, d-1″ option3=”a-3, b-4, c-1, d-2″ option4=”a-4, b-3, c-1, d-2″ correct=”option1″]

Detailed SolutionMatch 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

[amp_mcq option1=”office overhead” option2=”distribution overhead” option3=”material cost” option4=”works overhead” correct=”option2″]

Detailed SolutionWarehousing cost is an item of:

[amp_mcq option1=”a-2, b-4, c-3, d-1″ option2=”a-2, b-1, c-4, d-3″ option3=”a-3, b-4, c-1, d-2″ option4=”a-3, b-4, c-2, d-1″ correct=”option3″]

Detailed SolutionMatch 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

[amp_mcq option1=”Product expenses and period expenses” option2=”Past and current expenses” option3=”Administrative, selling, and factory expenses” option4=”Fixed, semi-variable, and variable expenses” correct=”option4″]

Detailed SolutionA flexible budget requires careful study and classification of expenses into

[amp_mcq option1=”Standard usage – actual usage” option2=”Standard unit price – actual unit price” option3=”Standard quantity” option4=”Actual quantity” correct=”option1″]

Detailed SolutionMaterial usage variance = standard price (. . . . . . . .)

[amp_mcq option1=”$20,000″ option2=”$18,000″ option3=”$2,000″ option4=”$38,000″ correct=”option1″]

Detailed SolutionIf net realizable value is $20000 and separable costs are $18000, then final sales will be

[amp_mcq option1=”stationary” option2=”not stationary” option3=”intrinsic” option4=”extrinsic” correct=”option2″]

Detailed SolutionRelationship between cost and cost drivers is

[amp_mcq option1=”surplus, shortage of stock” option2=”shortage of stock, surplus” option3=”excess, loss” option4=”None of these” correct=”option1″]

Detailed SolutionStock Adjustment Account is debited with . . . . . . . . and credited with . . . . . . . .

[amp_mcq option1=”normal loss” option2=”abnormal loss” option3=”seasonal loss” option4=”abnormal gain” correct=”option1″]

Detailed SolutionActual loss is less than the predetermined normal loss, it is ________.