Costing Archives - Page 5 of 116 - MCQ and Quiz for Exams

41. Range, in which relationship exists between level of activity or total cost is called

functional range

relevant range

unit range

related range

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

42. Match 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

a-4, b-3, c-2, d-1

a-3, b-4, c-1, d-2

a-3, b-1, c-4, d-2

a-2, b-1, c-4, d-3

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

43. Stage in manufacturing cycle at which journal entries are made in system of accountancy is known as

chaining point

recording point

lead point

trigger point

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

44. In a given scenario, if cost is considered as indirect cost then independent variable will be considered as

demand allocation base

supply allocation base

cost allocation base

price allocation base

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

45. Depreciation on fixed assets implies

an application of funds

a sources of fund

no flow of funds

None of these

Detailed SolutionDepreciation on fixed assets implies

46. Match 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

a-4, b-3, c-1, d-2

a-3, b-4, c-1, d-2

a-3, b-1, c-4, d-2

a-4, b-3, c-2, d-1

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

47. Better fit between estimated cost and actual observations is represented by

variable residual terms

smaller residual terms

larger residual terms

zero residual terms

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

48. Number of units are multiplied to per unit price, to calculate

multiple budget variable

fixed budget variable

flexible budget variable

constant budget

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

49. If 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

30 days

61 days

90 days

120 days

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

50. Overhead is also known as ________.

ongoing cost

basic cost

extra cost

chargeable expenses

Detailed SolutionOverhead is also known as ________.

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