Costing Archives

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

wages of each department

number of employees

materials consumed

number of machineries

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

less

lesser

None of the above

Detailed SolutionA favourable variance will arise when

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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

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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

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

cost statement

preformed statement

sales statement

market statement

Detailed

Solution

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 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

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50. Cash flow statement is useful for financial planning.

short-term

long-term

short-term as well as long-term

None of the above

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