Costing

41. Material Costs of each job are determined from . . . . . . . .

material requisition notes
bill of materials
Both A and B
None of these

Detailed SolutionMaterial Costs of each job are determined from . . . . . . . .

42. If an unexplained variation is 456870 and total variation is 955000, then coefficient of determination will be

0.4528
0.4783
0.5216
0.5425

Detailed SolutionIf an unexplained variation is 456870 and total variation is 955000, then coefficient of determination will be

43. Considering relationship of variables, relationship in which activity cost is included in dependent variable, which has similar cost driver is classified as

heterogeneous relationship
extreme relationship
no homogeneous relationship
homogeneous relationship

Detailed SolutionConsidering relationship of variables, relationship in which activity cost is included in dependent variable, which has similar cost driver is classified as

44. A joint cost allocation method is based on relative value of total sales, at point of split off is classified as

sales value at split off method
joint costs at split off point method
joint products value at split off method
main product cost at split off method

Detailed SolutionA joint cost allocation method is based on relative value of total sales, at point of split off is classified as

45. If the contract is 50% complete, which of the following amount of profit is normally credited?

50% of the estimated profit
Estimated profit amount
Two-third of the profit earned multiplied by cash ratio
None of these

Detailed SolutionIf the contract is 50% complete, which of the following amount of profit is normally credited?

46. In production, variables such as level of activity or volume of company activity are known as

cost drivers
timed drivers
variable drivers
fixed drivers

Detailed SolutionIn production, variables such as level of activity or volume of company activity are known as

47. Hierarchy which is based on different types of cost allocation and drivers, is to categorize cost pool activity is classified as

cost hierarchy
price hierarchy
activity hierarchy
purpose hierarchy

Detailed SolutionHierarchy which is based on different types of cost allocation and drivers, is to categorize cost pool activity is classified as

48. When two products are simultaneously produced in a process and one of them has comparatively high value and other is of low value , the low value product is called __________.

joint products
by products
seasonal products
economic products

Detailed SolutionWhen two products are simultaneously produced in a process and one of them has comparatively high value and other is of low value , the low value product is called __________.

49. EOQ stands for ________.

Economic Order Quantity
Essential Order Quantity
Economic Output Quantity
Essential Output Quantity

Detailed SolutionEOQ stands for ________.

50. How many rate are used to calculate wages under Taylor’s differential piece rate system?

two
three
four
five

Detailed SolutionHow many rate are used to calculate wages under Taylor’s differential piece rate system?

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