A firm Uses its own capital or Uses its owner's time and/or financial resources both are examples of
1.Implicit Cost
2.Explicit Cost
3.Sunk Cost
4.Relevant Cost
Posted Date:-2021-11-17 13:42:20
A high inventory turnover may indicate:
1.An efficient use of the investment in inventory
2.A high risk of stock-outs
3.Stock position of store room
4.All of the given options
Posted Date:-2021-11-17 13:46:32
Analysis of selling and distribution overheads is done by:
1.Nature of expenses and functions
2.Areas, products and salesmen
3.Types of customers and channels of distribution
4.All of the above
Posted Date:-2021-11-17 13:25:12
Avoidable causes of labour turnover include the following except:
1.Redundancy
2.Low wages
3.Bad working conditions
4.Marriage
Posted Date:-2021-11-17 13:27:47
Bin card is a record of ______________ only.
1.Quality
2.quanity
3.Numbers
4.Value
Posted Date:-2021-11-17 13:18:36
Break-even analysis assumes that over the relevant range:
1.Total costs are unchanged
2.Unit variable costs are unchanged
3.Variable costs are non-linear
4.Unit fixed costs are unchanged
Posted Date:-2021-11-17 13:19:13
Costing is a technique of
1.Inventory control
2.Management control
3.Ascertainment of cost
4.Calculation of cost
Posted Date:-2021-11-17 13:06:30
Credit and collection cost is an item of
1.Selling overhead
2.office overhead
3.prime cost
4.administrative overhead
Posted Date:-2021-11-17 13:02:35
Idle capacity of a plant is defined as the difference between:
1.Practical capacity and normal capacity
2.Practical capacity and capacity based on sale expectancy
3.Maximum capacity and actual capacity
4.Maximum capacity and practical capacity
Posted Date:-2021-11-17 13:39:34
If an item of overhead expenditure is charged specifically to a single department this would be an example of:
1.Apportionment
2.Allocation
3.Re-apportionment
4.Absorption
Posted Date:-2021-11-17 13:23:04
If fixed costs increased by 31,500 with no other cost or revenue factors changing, the break-even sales in units would be:
1.34,500
2.80,500
3.69,000
4.94,500
Posted Date:-2021-11-17 13:20:09
In a profit sharing scheme the available surplus is shared by the following except:
1.Government
2.Shareholders
3.Employees
4.Firm
Posted Date:-2021-11-17 13:35:42
In automobile, ______________ costing is used
1.Process
2.batch
3.multiple
4.job
Posted Date:-2021-11-17 12:58:35
In order to ensure efficient functioning of the stores department and steady flow of materials to the production departments, the restocking of stores is duty of:
1.Managers
2.Storekeeper
3.Production In charge
4.Sales supervisor
Posted Date:-2021-11-17 13:45:57
In service costing, fixed charges are also called as ______________
1.Standing charges
2.variable charges
3.fixed charges
4.none of these
Posted Date:-2021-11-17 13:04:40
Inventory turnover ratio = Cost of inventory consumed during the period ÷ Cost of ______________ held during the period
1.Average inventory
2.minimum inventory
3.maximum inventory
4.none of these
Posted Date:-2021-11-17 13:00:35
Material should be issued by the store keeper against ______________
1.Material requisition
2.bill of materials
3.both a & b
4.none of these
Posted Date:-2021-11-17 12:59:51
Obsolescence is the measure of the loss of value of an asset due to:
1.Technological innovation
2.Changes in market conditions
3.Both (a) and (b) above
4.None of the above
Posted Date:-2021-11-17 13:26:31
Opportunity cost does not involve
1.Cash inflow
2.Cash outflow
3.Cash outlay
4.None of these
Posted Date:-2021-11-17 13:16:34
Over applied FOH will always result when a predetermined FOH rate is applied and:
1.Production is greater than defined capacity
2.Actual overhead costs are less than budgeted overhead
3.Budgeted capacity is less than normal capacity
4.Actual overhead incurred is less than applied Overhead
Posted Date:-2021-11-17 13:44:01
Ratios which may be used for comparing labour cost over time include the following except:
1.Gross profit ratio
2.Efficiency ratio
3.Illness ratio
4.Absenteeism ratio
Posted Date:-2021-11-17 13:29:55
Re-ordering level is = Maximum consumption x ______________
1.Minimum consumption
2.Maximum re-orders period
3.Minimum re-orders period
4.Both (a) and (b)
Posted Date:-2021-11-17 13:17:23
Replacement costs of labour turnover include the following except:
1.Loss of output
2.Cost of personnel administration
3.Cost of tool and machine breakage
4.Cost of scrap and defective work
Posted Date:-2021-11-17 13:29:13
Sales are 450,000. Beginning finished goods were 23,000. Ending finished goods are 30,000. The cost of goods sold is 300,000. What is the cost of goods manufactured?
1.323,000
2.330,000
3.293,000
4.None of the given options
Posted Date:-2021-11-17 13:43:21
Suppose a firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which is true?
1.The firm will earn accounting and economic profits.
2.The firm will face accounting and economic losses.
3.The firm will face an accounting loss, but earn economic prfits.
4.The firm may earn accounting profits, but will face economic losses.
Posted Date:-2021-11-17 13:37:00
The authorized heads of deduction from wages payable include the following except:
1.Car allowance
2.Income tax
3.Provident fund
4.Employees'state insurance
Posted Date:-2021-11-17 13:36:21
The basic research cost should be treated as:
1.Product cost
2.Production cost
3.Production overhead
4.Period cost
Posted Date:-2021-11-17 13:21:33
The components of factory overhead are as follows:
1.Direct material + indirect material + direct expenses
2.Indirect material + Indirect labor + others indirect cost
3.Direct material + indirect expenses + indirect labor
4.Direct labor + indirect labor + indirect expenses
Posted Date:-2021-11-17 13:41:36
The factors to be taken into consideration in formulating incentive schemes include:
1.Quantity and quality of output
2.Incidence of overhead, and effect upon workers
3.Simplicity and legal provisions
4.All of the above
Posted Date:-2021-11-17 13:31:14
The process of cost apportionment is carried out so that:
1.Costs may be controlled
2.Cost units gather overheads as they pass through cost centres
3.Whole items of cost can be charged to cost centres
4.Common costs are shared among cost centres
Posted Date:-2021-11-17 13:38:58
The standard time required per unit of a product is 20 minutes. In a day of 8 working hours a worker had given an output of 30 units. If he gets a time rate of 20/hr., his total earnings under Halsey bonus scheme was:
1.200
2.192
3.180
4.16
Posted Date:-2021-11-17 13:22:19
The Term Minimum Level Represents.
1.The quantity below which the stock of any item should not be allowed to fall
2.The quantity below which the stock of any item should be allowed to fall
3.The estimated time period in number of days or in weeks or in months.
4.The Lead time period in number of days or in weeks or in months.
Posted Date:-2021-11-17 13:47:11
The treatment of idle time in cost includes the following
1.Cost of normal and controllable idle time is charged to factory overheads
2.Cost of normal but uncontrollable idle time is treated as prime cost
3.Cost of abnormal and uncontrollable idle time is charged to costing profit and loss account
4.All of the above
Posted Date:-2021-11-17 13:27:05
The two levels of material controls are quantity control and
1.Financial control
2.Value control
3.Quality control
4.Both (b) and (c)
Posted Date:-2021-11-17 13:17:58
under marginal costing:
1.All costs are classified into two groups - variable and fixed
2.Variable costs form part of the product cost and inventory valuation
3.Fixed costs are treated as period costs
4.All of the above
Posted Date:-2021-11-17 13:23:45
Under perpetual Inventory system at the end of the year:
1.No closing entry passed
2.Closing entry passed
3.Closing value find through closing entry only
4.None of the above.
Posted Date:-2021-11-17 13:40:57
Volume Variance =
1.Standard rate (Actual output-budgeted output)
2.Actual output x standard rate-budgeted fixed overheads
3.Standard rate per hour(standard hours produced-actual hours)
4.All of the above
Posted Date:-2021-11-17 12:58:02
What will be the impact of normal loss on the overall per unit cost?
1.Per unit cost will increase
2.Per unit cost will decrease
3.Per unit cost remain unchanged
4.Normal loss has no relation to unit cost
Posted Date:-2021-11-17 13:40:11
When the completion stage of the contract is more than half, the profit to be credited to Profit and Loss account will be equal to ______________
1.1/3rd of Notional Profit x cash received Work certified
2.½ of Notional Profit x cash received Work certified
3.2/3rd of Notional profit x cash received Work certified
4.full Notional Profit.
Posted Date:-2021-11-17 13:05:50
Which of the following costs is not a factory overhead expense?
1.Depreciation of equipment used in the research department
2.Salary of quality control inspector
3.Overtime premium paid to direct labour
4.Machine maintenance labour cost
Posted Date:-2021-11-17 13:38:22
Which of the following does not match? Item of cost Basis of cost allocation
1.Power H.P. of machine
2.Supervision of building value of materials consumed
3.Insurance of building area occupied
4.Time-keeping number of employees
Posted Date:-2021-11-17 13:37:42
Which of the following factors are not qualitative factors in a make or buy decision?
1.Doubt as to the ability of the subcontractor to meet delivery dates
2.Doubt as to ability of the subcontractor to maintain quality
3.The case with which improvements can be made to the product
4.The effect of redundancy on labour relations
Posted Date:-2021-11-17 13:20:53
Which of the following is a mechanical device to record the exact time of the workers?
1.Clock Card
2.Store Card
3.Token System
4.Attendance Register
Posted Date:-2021-11-17 13:45:17
Which of the following is NOT a reason for carrying inventory?
1.To maintain independence of operations
2.To take advantage of economic purchase-order size
3.To make the system less productive
4.To meet variation in product dem
Posted Date:-2021-11-17 13:30:34
Which of the following methods of depreciation results in fixed per unit cost of depreciation?
1.Straight line
2.Reducing balance
3.Sinking fund
4.Production unit
Posted Date:-2021-11-17 13:25:48
______________ budget is the preparation of budget starting from a clean state.
1.Performance
2.Zero Base
3.Cash
4.none of these
Posted Date:-2021-11-17 13:05:15
______________ costing is used in transport undertaking.
1.Operating
2.Standard
3.marginal
4.Absorption
Posted Date:-2021-11-17 13:14:23
______________ is an extension of job costing.
1.Process costing
2.Batch costing
3.Contract costing
4.None of these
Posted Date:-2021-11-17 13:13:31
______________ is the cost which involves payment to outsiders.
1.Out of pocket cost
2.Imputed cost
3.notional cost
4.none of these
Posted Date:-2021-11-17 12:59:11
______________ is the time worked over and above the employee's basic working week.
1.Flex time
2.Overtime
3.Shift allowance
4.Commission
Posted Date:-2021-11-17 13:44:38