Costing

[amp_mcq option1=”wages of each department” option2=”number of employees” option3=”materials consumed” option4=”number of machineries” correct=”option2″]

Detailed SolutionBasis of apportionment of welfare department expenses is . . . . . . . .

[amp_mcq option1=”more” option2=”less” option3=”lesser” option4=”None of the above” correct=”option1″]

Detailed SolutionA favourable variance will arise when capital revenues are . . . . . . . . than expected.

[amp_mcq option1=”Rown and Taylor’s plan” option2=”Halsey and rown scheme” option3=”Halsey and Taylor scheme” option4=”Emerson and Bedox scheme” correct=”option3″]

Detailed SolutionThe Gantt bonus scheme is a composite form of-

[amp_mcq option1=”increase in product diversity” option2=”increase in indirect costs” option3=”product market competitions” option4=”all of above” correct=”option4″]

Detailed SolutionFactors that accelerate process of refining a costing system include

[amp_mcq option1=”cost statement” option2=”preformed statement” option3=”sales statement” option4=”market statement” correct=”option1″]

Detailed SolutionFinancial statements and budget plans of some companies are also called

[amp_mcq option1=”time spent by worker on their job” option2=”time spent by workers in the factory” option3=”time spent by workers without work” option4=”time spent by workers off their job” correct=”option1″]

Detailed SolutionTime keeping refers to _______.

[amp_mcq option1=”a flexible budget considers only variable costs but a static budget considers all costs” option2=”a flexible budgets allows management latitude in meeting goals, whereas static budget is based on fixed standards” option3=”a flexible budget is applicable for a single department only but a static budget for entire production facility” option4=”a flexible budget can be prepared for any production level within a relevant range but a static budget is based on one specific level of production” correct=”option4″]

Detailed SolutionThe basic difference between a static budget and flexible budget is that

[amp_mcq option1=”predetermined” option2=”historical” option3=”actual” option4=”final” correct=”option1″]

Detailed SolutionStandard cost is a . . . . . . . . cost.

[amp_mcq option1=”$5,850″ option2=”$5,950″ option3=”$9,950″ option4=”$10,050″ correct=”option3″]

Detailed SolutionIf direct service labour is $7000, idle time wages are $2000 and overtime premium is $950, then total figure would be

[amp_mcq option1=”short-term” option2=”long-term” option3=”short-term as well as long-term” option4=”None of the above” correct=”option3″]

Detailed SolutionCash flow statement is useful for financial planning.