Costing

[amp_mcq option1=”Price increase in raw materials” option2=”Price decrease in raw materials” option3=”Less than anticipated normal wastage in the manufacturing process” option4=”More than anticipated normal wastage in the manufacturing process” correct=”option1″]

Detailed SolutionAn unfavourable material price variance occurs because of:

[amp_mcq option1=”Financial accounting” option2=”Cost accounting” option3=”Management accounting” option4=”None of these” correct=”option1″]

Detailed Solution. . . . . . . . provides information for income determination.

[amp_mcq option1=”100 units” option2=”200 units” option3=”300 units” option4=”400 units” correct=”option3″]

Detailed SolutionMr. Ram has to buy 4000 units. His annual consumption is 4000 units, order cost is Rs. 80 and maintenance cost in a year is Rs. 4. Economic order quantity will be

[amp_mcq option1=”actual time with standard time” option2=”total output with total man hours” option3=”added value for the product with total wage cost” option4=”total wage and total output” correct=”option1″]

Detailed SolutionLabour productivity can NOT be measured by comparing ________.

[amp_mcq option1=”indirect wages” option2=”health wages” option3=”idle time wages” option4=”shortage time wages” correct=”option4″]

Detailed SolutionIn costing of project, wages paid to workers for unproductive work at time of material shortage is termed as

[amp_mcq option1=”Part of managerial accounting” option2=”Part of financial accounting” option3=”Part of liability accounting” option4=”None of these” correct=”option1″]

Detailed SolutionCost accounting is

[amp_mcq option1=”summarize total costs” option2=”compute cost for each equivalent unit” option3=”summarize flow of output” option4=”compute output in units” correct=”option2″]

Detailed SolutionSecond step in processing costing system is to

[amp_mcq option1=”balance sheet” option2=”debit side of profit and loss a/c” option3=”credit side of profit and loss a/c” option4=”costing profit and loss a/c” correct=”option3″]

Detailed SolutionBalance of abnormal gain a/c is transferred to ________.

[amp_mcq option1=”increases” option2=”does not increase” option3=”decreases” option4=”None of these” correct=”option1″]

Detailed SolutionThe total variable cost . . . . . . . . in total proportion to output.

[amp_mcq option1=”rising prices” option2=”falling prices” option3=”fluctuating prices” option4=”None of these” correct=”option1″]

Detailed SolutionFirst in first out method of valuing material issues is suitable in times of . . . . . . . .