Cost of abnormal wastage is:
1.Charged to the product cost
2.Charged to the profit & loss account
3.charged partly to the product and partly profit & loss account
4.not charged at all.
Posted Date:-2021-11-16 05:44:53
When prices are rising over time, which of the following inventory costing methods will result in the lowest gross margin/profits?
4.Cannot be determined
Posted Date:-2021-11-16 05:35:49
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?
1.Capital cost of a new collection vehicle
2.Depreciation of the machinery
4.Fuel for the collection Vehicles
Posted Date:-2021-11-16 05:46:16
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?
Posted Date:-2021-11-16 05:46:52
A profit centre is a centre
1.Where the manager has the responsibility of generating and maximising profits
2.Which is concerned with earning an adequate Return on Investment
3.Both of the above
4.Which manages cost
Posted Date:-2021-11-16 05:49:27
A typical factory overhead cost is _____
2.Compensation of plant manager
Posted Date:-2021-11-16 05:32:19
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?
Posted Date:-2021-11-16 05:45:46
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 ______
Posted Date:-2021-11-16 05:40:28
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 _____
Posted Date:-2021-11-16 05:40:00
Posted Date:-2021-11-16 05:36:15
Cost of production report is a _____
2.Production Process report
4.None of Above
Posted Date:-2021-11-16 05:25:32
1.Preventive Costs only
2.Replacement costs only
3.Both of the above
Posted Date:-2021-11-16 05:45:22
1.per part of bicycle
Posted Date:-2021-11-16 05:41:27
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?
2.Rs. 15,000 Rs.
4.There will be no ending Inventory
Posted Date:-2021-11-16 05:32:42
Economic order quantity is that quantity at which cost of holding and carrying inventory is:
1.Maximum and equal
2.Minimum and equal
3.It can be maximum or minimum depending upon case to case.
4.Minimum and unequal
Posted Date:-2021-11-16 05:50:35
Posted Date:-2021-11-16 05:39:32
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.
Posted Date:-2021-11-16 05:38:38
1.Production volume increases.
2.Production volume decreases.
3.Variable cost per unit decreases.
4.Variable cost per unit increases.
Posted Date:-2021-11-16 05:25:02
Posted Date:-2021-11-16 05:34:02
2.Television repair shop
Posted Date:-2021-11-16 05:26:22
4.None of given options
Posted Date:-2021-11-16 05:26:50
2.shortage of experienced salesmen
3.general shortage of power
4.shortage of materials
Posted Date:-2021-11-16 05:37:10
Inventory control aims at _______
2.Ensuring against market fluctuations
3.Acceptable customer service at low capital investment
4.Discounts allowed in bulk purchase
Posted Date:-2021-11-16 05:34:55
Jan 1; finished goods inventory of Manuel Company was Rs.3, 00,000. During the year Manuelâ€™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.
4.None of the given options
Posted Date:-2021-11-16 05:27:16
1.FIFO and Average costing
2.LIFO and Average costing
3.FIFO and LIFO costing
4.None of given option.
Posted Date:-2021-11-16 05:23:19
Posted Date:-2021-11-16 05:30:04
1.Based on budgeted Sales
2.Using budget profit
3.Using profit & Contribution ratio
4.All of the given options
Posted Date:-2021-11-16 05:31:02
Period costs are ______
1.Expensed when the product is sold
2.Included in the cost of goods sold
3.Related to specific Period
Posted Date:-2021-11-16 05:39:06
4.None of given option.
Posted Date:-2021-11-16 05:36:42
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?
1.Rs. 50.00 per unit (May not be correct)
2.Rs. 8.33 per unit
3.Rs. 14.20 per unit
4.Rs. 100 per unit
Posted Date:-2021-11-16 05:33:07
Posted Date:-2021-11-16 05:47:59
Sunk costs are:
1.relevant for decision making
2.Not relevant for decision making
3.cost to be incurred in future
Posted Date:-2021-11-16 05:49:56
Posted Date:-2021-11-16 05:31:55
Posted Date:-2021-11-16 05:25:56
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?
4.none of given options
Posted Date:-2021-11-16 05:31:32
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
1.Cost may be controlled
2.Cost unit gather overheads as they pass through cost centers
3.Whole items of cost can be charged to cost centers
4.Common costs are shared among cost centers
Posted Date:-2021-11-16 05:27:45
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:
Posted Date:-2021-11-16 05:48:33
The The components of the prime cost are
1.Direct Material + Direct Labor + Other Direct Cost
2.Direct Labor + Other Direct Cost + FOH
3.Direct Labor + FOH
4.None of the given options
Posted Date:-2021-11-16 05:33:33
3.Cost in occurrence
Posted Date:-2021-11-16 05:37:50
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?
2.Cost of materials used
3.Direct labor hours
4.Direct labor dollars
Posted Date:-2021-11-16 05:35:22
When the sales increase from Rs. 40,000 to Rs. 60,000 and profit increases by Rs. 5,000, the P/V ratio is ______
Posted Date:-2021-11-16 05:48:59
1.Material, Labor and Overheads are accumulated by orders
2.Companies use this system if they process custom orders
3.Opening and Closing stock of work in process are related in terms of completed units
4.Only Closing stock of work in process is restated in terms of completed units
Posted Date:-2021-11-16 05:24:32
Which of the following manufacturers is most likely to use a job order cost accounting system?
1.A soft drink producer
2.A flour mill
3.A textile mill
4.A builder of offshore oil rigs
Posted Date:-2021-11-16 05:29:34
1.Sales = Contribution margin (Rs.) + Fixed expenses + Profits
2.Sales = Contribution margin ratio + Fixed expenses + Profits
3.Sales = Variable expenses + Fixed expenses + profits
4.Sales = Variable expenses - Fixed expenses + profits
Posted Date:-2021-11-16 05:34:28
Which of the following statement measures the financial position of the entity on particular time?
3.Cash Flow Statement
4.Statement of Retained Earning
Posted Date:-2021-11-16 05:23:53
2.Fixation of raw material levels
3.Maintaining stores ledger
4.Control over slow moving and non moving items
Posted Date:-2021-11-16 05:42:12
1.Ascertainment of Cost
2.Determination of Selling Price
3.Cost Control and Cost reduction
4.Assisting Shareholders in decision making
Posted Date:-2021-11-16 05:41:03
Posted Date:-2021-11-16 05:42:56
______ 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.
2.Weighted average method
3.Most recent price method
Posted Date:-2021-11-16 05:30:29