Q.1
Net realizable value is added into separate costs to calculate
Q.2
Gross margin percentage in constant gross-margin percentage NRV method is based on
Q.3
Third step in constant gross margin percentage NRV Method to allocate joint cost is to compute
Q.4
An expected future cost which diverges in unconventional course of action is known as
Q.5
If net realizable value is $20000 and separable costs are $18000, then final sales will be
Q.6
An example of rework is
Q.7
If transferred out total cost is $1850000 and number of good units (produced), then cost per good unit transferred out and completed can be
Q.8
Aspects of accounting for scrap includes
Q.9
Total transferred-out cost plus normal spoilage is divided by number of goods units produced to calculate
Q.10
Type of spoilage, which is considered as controllable and can be avoided is called
Q.11
Value of sales considers sales value at split off method is of
Q.12
Partial or completed units of manufactured goods, that do not meet customer specifications and get sold at reduced price or simply discarded, are called
Q.13
Residual material which results from manufacturing products is called
Q.14
Normal spoilage is subtracted from total spoilage to calculate
Q.15
If beginning work in process inventory units are 2600, units started are 9000, ending work in process units are 2300 and completed good units are 8000 then total spoilage will be
Q.16
Units of normal spoilage are divided to total completed units, rather than total actual produced units to calculate
Q.17
An amount of spoilage that is not natural in a specific production process is categorized as
Q.18
Costs incurred in production process that yield range of products simultaneously are known as
Q.19
In process and job costing system, normal spoilage cost is considered as
Q.20
Types of spoilage include
Q.21
Costing, which explains how and when scrap affects operating income of company is classified as
Q.22
An amount of spoilage that is natural in any particular production process is classified as
Q.23
Cost of abnormal spoilage is not treated as
Q.24
Method which allocates joint costs of joint products, considering physical measures such as volume or relative weight at point of split off is known as
Q.25
If value of final sales is $48000 and net realizable value is $35000, then value of sales costs would be
Q.26
Sum of beginning work in process inventory units and started units, is subtracted from sum of ending work in process inventory units and transferred out units of goods to calculate
Q.27
Stage in production process, where manufactured goods are checked; whether units are acceptable or not is classified as
Q.28
Production units that do not meet customer specification, but can be sold to other customers as finished goods are classified as
Q.29
Difference between final sales value and separable costs is equal to
Q.30
As compared to sale value of main products, by-products have
Q.31
If final sales are $50000 and separable costs are $35000, then net realizable value will be
Q.32
Percentage of overall gross margin is multiplied to final sales value of products total production is used to calculate
Q.33
Final sales is subtracted from net realizable value is used to calculate
Q.34
Which one of following is an example of spoilage?
Q.35
If units of normal spoilage are 150 and total good units manufactured are 1500, then normal spoilage rate would be
Q.36
Second step, in constant gross margin percentage NRV method, to allocate joint cost is to compute
Q.37
In a joint process of production, a product which yields high volume of sales as compared to total sales volume of other products is known as
Q.38
An expected future revenue, which diverges in unconventional course of action is classified as
Q.39
Gross margin is subtracted from sales value of all production to yield
Q.40
In a joint process of production, two or more products that yield high volume of sales as compared to total sales of other products are classified as
Q.41
Joint cost allocation method for joint products, which is based on achievable value is known as
Q.42
Joint cost allocation method, in which individual product from joint products must gain a gross margin percentage is classified as
Q.43
Manufacturing, distribution and marketing costs incur after split off point is classified under
Q.44
If percentage of overall gross margin is 15 and final sales value of whole production is $20000, then gross margin (in dollars) will be
Q.45
Approaches used to allocate joint costs include
Q.46
Any output that has total positive sales is a
Q.47
Point in joint production process, in which two or more products are separately identifiable is termed as
Q.48
Describe the cost unit applicable to the Bicycle industry:
Q.49
Second ranked product in incremental revenue allocation method is termed as
Q.50
Strength of relationship between cost driver and cost is considered as
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