Costing

41. Basis of apportionment of welfare department expenses is . . . . . . . .

wages of each department
number of employees
materials consumed
number of machineries

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

42. A favourable variance will arise when capital revenues are . . . . . . . . than expected.

more
less
lesser
None of the above

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

43. The Gantt bonus scheme is a composite form of-

Rown and Taylor's plan
Halsey and rown scheme
Halsey and Taylor scheme
Emerson and Bedox scheme

Detailed SolutionThe Gantt bonus scheme is a composite form of-

44. Factors that accelerate process of refining a costing system include

increase in product diversity
increase in indirect costs
product market competitions
all of above

Detailed SolutionFactors that accelerate process of refining a costing system include

45. Financial statements and budget plans of some companies are also called

cost statement
preformed statement
sales statement
market statement

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

46. Time keeping refers to _______.

time spent by worker on their job
time spent by workers in the factory
time spent by workers without work
time spent by workers off their job

Detailed SolutionTime keeping refers to _______.

47. The basic difference between a static budget and flexible budget is that

a flexible budget considers only variable costs but a static budget considers all costs
a flexible budgets allows management latitude in meeting goals, whereas static budget is based on fixed standards
a flexible budget is applicable for a single department only but a static budget for entire production facility
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

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

48. Standard cost is a . . . . . . . . cost.

predetermined
historical
actual
final

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

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

$5,850
$5,950
$9,950
$10,050

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

50. Cash flow statement is useful for financial planning.

short-term
long-term
short-term as well as long-term
None of the above

Detailed SolutionCash flow statement is useful for financial planning.

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