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Exam Question
For which one of the following industry would you recommend a Process Costing system
- 1) Grain dealer
- 2) Television repair shop
- 3) Law office
- 4) Auditor
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Exam Question
A typical factory overhead cost is…
- 1) Audit
- 2) Compensation of plant manager
- 3) Design distribution
- 4) Internal
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Exam Question
Opportunity cost is the best example of…
- 1) Sunk Cost
- 2) Standard Cost
- 3) Relevant Cost
- 4) IrRelevant Cost
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Exam Question
…is an example of variable cost.
- 1. Rent of factory building
- 2. Direct material
- 3. Telephone charges
- 4. Depreciation
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Exam Question
Which of the following items could be reason/reasons of the difference between two sets of books of accounts (Financial/Cost).
- 1. Stock valuation method
- 2. Absorption of overheads
- 3. Interest on debentures
- 4. Goodwill written off
- 5. All of the above
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Exam Question
Describe the cost unit applicable to the Bicycle industry
- 1) per part of bicycle
- 2) per bicycle
- 3) per tonne
- 4) per day
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Exam Question
Which of the following statement measures the financial position of the entity on particular time
- 1) Income Statement
- 2) Balance Sheet
- 3) Cash Flow Statement
- 4) Statement of Retained Earning
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Exam Question
Can be increased or decreased at the discretion of the decision maker.
- 1. Appraisal
- 2. Appreciation
- 3. Unit
- 4. Discretionary
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Exam Question
The method of costing applied in steel industry is…costing.
- 1. Process
- 2. Job
- 3. Operation
- 4. Batch
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Exam Question
…are irrelevant costs for decision making.
- 1. Differential Costs
- 2. Incremental Fixed costs
- 3. Variable costs
- 4. Imputed costs
- 5. Sunk costs
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Exam Question
It is the cost incurred for converting the raw material into finished product
- 1. Average
- 2. Deposit
- 3. Subsidised
- 4. Conversion
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Exam Question
When actual loss is more than estimated loss, the difference between the two is considered to be…
- 1. Normal loss
- 2. Estimated loss
- 3. Abnormal loss
- 4. Provisional loss
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Exam Question
Muskan Ltd which makes only one product sells 10,000 units of its product making a loss of Rs 10,000. The variable cost per unit of the product is Re 8 and the fixed cost is Rs 30,000. What is the Contribution per unit?
- 1. Rs 8
- 2. Rs 2
- 3. Rs 3
- 4. None of the above
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Exam Question
Standard costing is more widely used method in…industry.
- 1. Contract
- 2. Transport
- 3. Process
- 4. None of the above
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Exam Question
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
- 1) Rs. 45,000
- 2) Rs. 15,000 Rs
- 3) 30,000
- 4) There will be no ending Inventory
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Exam Question
Which of the following is not a technique of costing?
- 1. Marginal Costing
- 2. Standard Costing
- 3. Activity Based Costing
- 4. Incremental Costing
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Exam Question
Any factor that causes a change in the cost of an activity or output. For example, the quality of parts received by an activity, or the degree of complexity of tax returns to be reviewed.
- 1. Cost Absorption
- 2. Cost Verification
- 3. Cost allocation
- 4. Cost Driver
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Exam Question
Which of the following is a characteristic of process cost accounting system
- 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
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Exam Question
…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.
- 1) FIFO
- 2) Weighted average method
- 3) Most recent price method
- 4) LIFO
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Exam Question
The sales of a business or other form of revenue from operations of the business.
- 1. Profit
- 2. Contribution
- 3. Turnover
- 4. Margin
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