Costing Archives

is ranked second in ranking order is known as" class="read-more button" href="https://exam.pscnotes.com/mcq/in-incremental-cost-allocation-method-cost-object-user-who-is-ranked-second-in-ranking-order-is-known-as/#more-48036">Detailed Solution

804. Under Merrick’s multiple piece rate system, 120% of the ordinary piece rate is given to workers whose level of performance is between . . . . . . . . of the standard output.

83% and 100%

100% and 120%

0% and 83%

None of these

Detailed SolutionUnder Merrick’s multiple piece rate system, 120%

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of the ordinary piece rate is given to workers whose level of performance is between . . . . . . . . of the standard output.

805. Assertion (A): From the marginal costing approach point of view, the marginal cost is compared with the purchase price. Reason (R): If the marginal cost is less than the purchase price, it should be purchased rather than manufactured.

Both (A) and (R) are correct

(A) is correct, but (R) is incorrect

(A) is incorrect, but (R) is correct

Both (A) and (R) are incorrect

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class="read-more button" href="https://exam.pscnotes.com/mcq/assertion-a-from-the-marginal-costing-approach-point-of-view-the-marginal-cost-is-compared-with-the-purchase-price-reason-r-if-the-marginal-cost-is-less-than-the-purchase-price-it-should-be-p/#more-48024">Detailed Solution

806. An assignment of task for managers, who are accountable for their actions in controlling and budgeting of resources is classified as

coordinating company effort

action plan

action accountability

project accountability

Detailed SolutionAn assignment

of task for managers, who are accountable for their actions in controlling and budgeting of resources is classified as

807. Differential piece wages means _______.

different wages for different level of performance

different wages for different time consumed

different wages for different level of output

Detailed SolutionDifferential piece wages means _______.

808. Assertion (A): Only the relevant costs should be taken into consideration for decision-making. Reason (R): All variable costs are relevant costs, and all fixed costs are irrelevant costs.

Both (A) and (R) are correct

(A) is correct, but (R) is incorrect

(R) is correct, but (A) is incorrect

Both (A) and (R) are incorrect

Detailed SolutionAssertion (A): Only the

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relevant costs should be taken into consideration for decision-making. Reason (R): All variable costs are relevant costs, and all fixed costs are irrelevant costs.

809. The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs 50,000 and Rs 65,000. If taxed paid during the current year amounted to Rs 70,000 then amount charge from Profit and Loss Account will be:

Rs 55,000

Rs 85,000

Rs 45,000

Rs 1,85,000

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Rs 65,000. If taxed paid during the current year amounted to Rs 70,000 then amount charge from Profit and Loss Account will be:" class="read-more button" href="https://exam.pscnotes.com/mcq/the-summarized-balance-sheet-of-rakesh-udyog-limited-shows-the-balances-of-previous-and-current-year-of-provision-for-taxation-rs-50000-and-rs-65000-if-taxed-paid-during-the-current-year-amounted-t/#more-47933">Detailed Solution

810. The cost formula acceptable under AS-2 for inventory valuation is

FIFO

LIFO

HIFO

Normal average

Detailed

Solution

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