Costing

[amp_mcq option1=”functional range” option2=”relevant range” option3=”unit range” option4=”related range” correct=”option2″]

Detailed SolutionRange, in which relationship exists between level of activity or total cost is called

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

Detailed SolutionMatch the following. List-I (Variances) List-II (Causes) a. Overhead efficiency variance 1. Power failure b. Overhead volume variance 2. Appointing low grade employees c. Labour idle time variance 3. Poor working condition d. Labour efficiency variance 4. Working days being more or less than budgeted

[amp_mcq option1=”chaining point” option2=”recording point” option3=”lead point” option4=”trigger point” correct=”option2″]

Detailed SolutionStage in manufacturing cycle at which journal entries are made in system of accountancy is known as

[amp_mcq option1=”demand allocation base” option2=”supply allocation base” option3=”cost allocation base” option4=”price allocation base” correct=”option1″]

Detailed SolutionIn a given scenario, if cost is considered as indirect cost then independent variable will be considered as

[amp_mcq option1=”an application of funds” option2=”a sources of fund” option3=”no flow of funds” option4=”None of these” correct=”option3″]

Detailed SolutionDepreciation on fixed assets implies

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

Detailed SolutionMatch the following. List-I List-II a. Classification of costs into fixed and variable costs 1. Contribution b. Difference between sales and variable costs 2. P/V ratio c. Both fixed and variable costs are charged to product 3. Marginal costing d. Relative profitability 4. Absorption costing

[amp_mcq option1=”variable residual terms” option2=”smaller residual terms” option3=”larger residual terms” option4=”zero residual terms” correct=”option2″]

Detailed SolutionBetter fit between estimated cost and actual observations is represented by

[amp_mcq option1=”multiple budget variable” option2=”fixed budget variable” option3=”flexible budget variable” option4=”constant budget” correct=”option3″]

Detailed SolutionNumber of units are multiplied to per unit price, to calculate

[amp_mcq option1=”30 days” option2=”61 days” option3=”90 days” option4=”120 days” correct=”option2″]

Detailed SolutionIf credit sales for the year is Rs 5,40,000 and Debtors at the end of year is Rs 90,000 the Average Collection Period will be

[amp_mcq option1=”ongoing cost” option2=”basic cost” option3=”extra cost” option4=”chargeable expenses” correct=”option1″]

Detailed SolutionOverhead is also known as ________.