The main purpose of cost accounting is to ______

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Question:
The main purpose of cost accounting is to ______

1.Maximize profits

2.Help in inventory valuation

3.Provide information to management for decision making

4.Aid in the fixation of selling price

Posted Date:-2021-11-16 05:38:15

More MCQS Questions and answers

  1. Cost of abnormal wastage is:
  2. When prices are rising over time, which of the following inventory costing methods will result in the lowest gross margin/profits?
  3. A Local Authority is preparing cash Budget for its refuse disposal department. Which of the following items would not be included in the cash budget?
  4. A process costing system for J Co used an input of 3,500Kg of materials at Rs20 per Kg and labour hours of 2,750 at Rs25 per hour. Normal loss is 20% and losses can be sold at a scrap value of Rs5per Kg. Output was 2,950 Kg. What is the value of the output?
  5. A profit centre is a centre
  6. A typical factory overhead cost is _____
  7. A worker is allowed 60 hours to complete the job on a guaranteed wage of Rs. 10 per hour. Under the Rowan Plan, he gets an hourly wage of Rs. 12 per hour. For the same saving in time, how much he will get under the Halsey Plan?
  8. An organization sold units 4000 and have closing finished goods 3500 units and opening finished goods units were 1000.The quantity of unit produced would be ______
  9. Annual requirement is 7800 units; consumption per week is 150 units. Unit price Rs 5, order cost Rs 10 per order. Carrying cost Rs 1 per unit and lead time is 3 week, The Economic order quantity would be _____
  10. Cost accounting concepts include all of the following EXCEPT ________
  11. Cost of production report is a _____
  12. Costs associated with the labour turnover can be categorised into:
  13. Describe the cost unit applicable to the Bicycle industry:
  14. Direct materials cost is Rs. 80,000. Direct labor cost is Rs. 60,000. Factory overhead is Rs. 90,000. Beginning goods in process were Rs. 15,000. The cost of goods manufactured is Rs. 245,000. What is the cost assigned to the ending goods in process?
  15. Economic order quantity is that quantity at which cost of holding and carrying inventory is:
  16. Examples of industries that would use process costing include all of the following EXCEPT
  17. Find the value of purchases if Raw material consumed Rs. 90,000; Opening and closing stock of raw material is Rs. 50,000 and 30,000 respectively.
  18. Fixed cost per unit decreases when ______
  19. For which one of the following industry would you recommend a Job Order Costing system?
  20. For which one of the following industry would you recommend a Process Costing system?
  21. How many units would the company have to sell to attain target profits of Rs. 600,000?
  22. In the case of plant, the limiting factor may be:
  23. Inventory control aims at _______
  24. Jan 1; finished goods inventory of Manuel Company was Rs.3, 00,000. During the year Manuel’s cost of goods sold was Rs. 19, 00,000, sales were Rs. 2, 000,000 with a 20% gross profit. Calculate cost assigned to the December 31; finished goods inventory.
  25. Opening work in process inventory can be calculated as under
  26. Opportunity cost is the best example of _____
  27. Percentage of Margin of Safety can be calculated in which one of the following ways?
  28. Period costs are ______
  29. Prime cost + Factory overhead cost is ________
  30. Production volume of 1,200 units cost incurred Rs. 10,000 and production volume of 1,400 units cost incurred Rs.20, 000. The variable cost per unit would be?
  31. Statutory cost audit are applicable only to:
  32. Sunk costs are:
  33. The cost expended in the past that cannot be retrieved on product or service ______
  34. The difference between total revenues and total variable costs is known as ______
  35. The following is the Corporation's Income Statement for last month: Particular Rs. Sales 4,000,000 Less: variable expenses 2,800,000 Contribution margin 1,200,000 Liss: fixed expenses 720,000 Net income 480,000. The company has no beginning or ending inventories. A total of 80,000 units were produced and sold last month. What is the company's contribution margin ratio?
  36. The main purpose of cost accounting is to ______
  37. The Process of cost apportionment is carried out so that _______
  38. The summarized balance sheet of Autolight Limited shows the balances of previous and current year of retained earnings Rs. 25,000 and Rs. 35,000. If dividend paid during the current year amounted to Rs. 5,000 then profit earned during the year will be:
  39. The The components of the prime cost are
  40. The the main difference between the profit center and investment center is
  41. When a manufacturing process requires mostly human labor and there are widely varying wage rates among workers, what is probably the most appropriate basis of applying factory costs to work in process?
  42. When the sales increase from Rs. 40,000 to Rs. 60,000 and profit increases by Rs. 5,000, the P/V ratio is ______
  43. Which of the following is a characteristic of process cost accounting system?
  44. Which of the following manufacturers is most likely to use a job order cost accounting system?
  45. Which of the following represents a CVP equation?
  46. Which of the following statement measures the financial position of the entity on particular time?
  47. Which of these is not a Material control technique:
  48. Which of these is not an objective of Cost Accounting?
  49. Which one out of the following is not an inventory valuation method?
  50. ______ method assumes that the goods received most recently in the stores or produced recently are the first ones to be delivered to the requisitioning department.
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