Q.1
Vertical dashed line in graphical representation of cost function represents the
Q.2
Forth step in process costing system is to
Q.3
Costing method, which calculates per equivalent unit cost of all production related work done till calculate date is termed as
Q.4
If beginning work in process equivalent units is 2500 units, work done in current period equivalent units is 3800 units and units completed in current period are 4000, then ending work in process equivalent units will be
Q.5
First step in process costing system is to
Q.6
If an allocated indirect cost is $1500 and actual incurred indirect cost is $1200, then this is classified as
Q.7
Cost of previous department is a part of
Q.8
Budgeted annual indirect costs are divided to budgeted annual quantity of cost allocation base to calculate
Q.9
Situation in which cost object has any job, customer or product is known as
Q.10
Spread of over allocated overhead and under allocated overhead among work in process, finished goods and goods sold cost is classified as
Q.11
If budgeted indirect cost arte is $225 and budgeted cost allocation base is $750 per hour, then annual indirect cost (budgeted) would be
Q.12
In dependent variable cost pool, relationship between individual cost items and cost drivers can be classified as
Q.13
Value, which measures that how large is value of standard error in relevance to value of estimated coefficient is termed as
Q.14
Second step in processing costing system is to
Q.15
Standardized technique that is performed repetitively on different kind of materials to convert them into different finished products is known as
Q.16
Costs that are incurred in last department, where product has been processed and will be carried to next department for further processing are called
Q.17
In process costing method, when work done in current accounting period and beginning inventory before current accounting period, is classified as
Q.18
Total costs incur in a production process, is divided by total number of output units to calculate the
Q.19
If beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and ending work in process equivalent units are 5000, then complete equivalent units in current period are
Q.20
A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as
Q.21
An allocation approach, in which all overhead entries are restated using actual cost rates in place of budgeted rates is called
Q.22
If budgeted cost in indirect cost pool is $144500 and total quantity of cost allocation base is $165500, then budgeted indirect cost rate will be
Q.23
If total incurred cost in a production process are $30000 and number of output units are 5000 units, then units cost will be
Q.24
If an actual indirect cost incur is $35000 and indirect cost allocated is $43000, then under allocated indirect cost will be
Q.25
If an actual manufacturing overhead costs is $225000 and actual total quantity of cost allocation base is 2500 labour hours, then overhead rate will be
Q.26
Fifth step in process costing system is to
Q.27
Procedure of assigning direct cost to any cost abject is classified as
Q.28
If an actual indirect cost incurred is $25000 and indirect cost allocated is $23000, then over allocated indirect cost would be
Q.29
Manufacturing overhead cost allocated to individual jobs is classified as
Q.30
If budgeted annual indirect cost is $850000 and budgeted annual quantity of cost allocation base is $7500, then budgeted indirect cost rate would be
Q.31
Costing and allocating situation, in which indirect cost allocated amount is less than actually incurred amount is known as
Q.32
Systematic way of linking group of indirect cost to a cost object is classified as
Q.33
Single or multiple units of distinct services or products are classified as
Q.34
A document which consists information about labour time usage, for specific job in a specific department, is known as
Q.35
Costing technique, in which actual direct rates are multiplied to quantity of direct cost inputs is classified as
Q.36
In normal costing, manufacturing overhead allocated is also called
Q.37
If an actual manufacturing overhead costs is $485000 and actual total quantity of cost allocation base is 4500 labour hours, then overhead rate would be
Q.38
In an accounting system, document which supports journal entries is classified as
Q.39
In a normal accounting period, an allocated amount of indirect cost is $700 and an actual amount is $800, then this can be classified as
Q.40
If budgeted total direct labour hours are 3800 and budgeted direct labour cost is $480000, then budgeted direct labour cost rate will be
Q.41
If budgeted total direct labour hours are 5500 and budgeted direct labour cost is $755000, then budgeted direct labour cost rate is
Q.42
In accounting system, a document which consists of all assigned cost for specific job is classified as
Q.43
If budgeted annual indirect cost is $60000, budgeted annual quantity of cost allocation base is $3600, then budgeted indirect cost rate will be
Q.44
An under allocated indirect cost is also called
Q.45
Method which determines weights of cost allocation by considering cost of each user as separate entity is known as
Q.46
Budgeted total direct labour cost is divided with budgeted total direct labour to calculate
Q.47
In normal costing, situation in which allocated amount of indirect cost is greater than incurred cost, is considered as
Q.48
A group of individual indirect cost item is defined as
Q.49
Total indirect cost in pool by an actual quantity of cost allocation base is used to calculate
Q.50
An approach which yields benefits of normal costing and actual manufacturing overhead is classified as
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