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41. Costs associated with storage of finished goods such as spoilage, obsolescence and insurance of goods are classified as

carrying costs

purchasing costs

stock-out costs

ordering costs

Detailed SolutionCosts associated with storage of finished goods such

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as spoilage, obsolescence and insurance of goods are classified as

42. Schedule of expected disbursements and cash receipts is considered as

planned schedule

cash budget

market budget

price schedule

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43. The main objective of Cost Accounting is to

Maximise profits of the organisation

Determine the selling price of goods and services

Provide information to management for decision making

Help in valuation of inventory of finished goods

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44. System which measures budget, action and plan of each responsibility center is known as

budgeted accounting

action accounting

planned accounting

responsibility accounting

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45. Under which method of inventory valuation at the time of value increasing/appreciation, current assets will be valued at lower value

LIFO

FIFO

Simple average method

None of the above

Detailed SolutionUnder which method of inventory valuation at the time of

value increasing/appreciation, current assets will be valued at lower value

46. If residual error is 51 and predicted cost value is 37, then observed cost value will be

Detailed SolutionIf residual error is

51 and predicted cost value is 37, then observed cost value will be

47. Stage in production process, where manufactured goods are checked; whether units are acceptable or not is classified as

rework point

inspection point

spoilage point

scrap point

Detailed SolutionStage in

production process, where manufactured goods are checked; whether units are acceptable or not is classified as

48. A budget which is prepared in a manner so as to give the budgeted cost for any level of activity is known as:

Master budget

Zero base budget

(Functional budget

Flexible budget

Detailed SolutionA budget which is prepared in a manner so as

to give the budgeted cost for any level of activity is known as:

49. Under which of the cost differences international trade would not take place?

Equal

Comparative

Absolute

All of these

Detailed SolutionUnder

which of the cost differences international trade would not take place?

50. Which of the following is not an example of financing activities with reference to cash flow statement?

Repayment of bank loan

Interest on debentures or dividend paid

Cash proceeds from public deposits

Sale of fixed assets

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