Q.1
Costing system, which is a combination of process costing and job costing system is classified as
Q.2
First step in constant gross margin percentage NRV method is to allocate joint to compute
Q.3
An additional cost, incurred for some specific activity to bring processed product on to next production stage is
Q.4
A joint cost allocation method is based on relative value of total sales, at point of split off is classified as
Q.5
If cost incurred for work in process inventory is $350000 and total equivalent units completed till date are 3500, then weighted average cost will be
Q.6
Third step in process costing system is to
Q.7
Hybrid costing system, which is applied to batches of similar products, but are not identical is classified as
Q.8
Costing system, which classify cost into cost categories in a way when an expense is incurred in process is called
Q.9
Variance used by managers to check whether company has performed well and properly implemented strategies is considered as
Q.10
Weak relationship between cost and cost driver is indicated on a regression line, which is
Q.11
Manager who is responsible only for revenues of company can be categorized under the
Q.12
System which measures budget, action and plan of each responsibility center is known as
Q.13
In a joint process of production, product which yields low volume of sales as compared to total sales of other products is known as
Q.14
Part of master budget, which covers capital expenditures, budgeted statement of cash flows and balance sheet is classified as
Q.15
Third step in developing operating budget is
Q.16
Total cost related to work in process inventory is divided by total units of work done is used to calculate
Q.17
Significant feature of Kaizen Budgeting is
Q.18
Budgeting method, which incorporates an improvement anticipated in budgeting period into budget numbers can be classified as
Q.19
Cost influences by responsibility center manager who is considered as
Q.20
Examples of nonlinear cost functions are
Q.21
Relationship between cost and cost driver is economically plausible if goodness of fit
Q.22
Situation in which two or more independent variables are highly correlated is known as
Q.23
If indirect manufacturing labour is $20000, power cost is $5000, maintenance and supplies are of $10000 then manufacturing budget will be
Q.24
Last step in developing operating budget is
Q.25
First step in estimation of cost function by using quantitative analysis is to
Q.26
If an unexplained variation is 350050 and total variation is 700505, then coefficient of determination would be
Q.27
An ability of an accounting system, to point out use of resources in every step of production process is called
Q.28
Systematic flow of services, goods or information from buying material for product delivery to customers is known as
Q.29
"For the financial year ended as on March 31, 20XX the figures extracted from the balance sheet of Xerox Limited as under:
Opening Stock Rs 29,000; Purchases Rs 2,42,000; Sales Rs 3,20,000; Gross Profit 25% of Sales.
Stock Turnover Ratio will be" :-
Q.30
If credit sales for the year is Rs 5,40,000 and Debtors at the end of year is Rs 90,000 the Average Collection Period will be
Q.31
The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs 50,000 and Rs 65,000. If taxed paid during the current year amounted to Rs 70,000 then amount charge from Profit and Loss Account will be:
Q.32
An assumption, which states that there must be linear relationship between independent variable and dependent variable is
Q.33
Vertical difference, which measures distance between estimated and actual cost for every single observation is classified as
Q.34
In cost accounting, conference, quantitative analysis and account analysis methods are considered as
Q.35
Component of total cost, which never changes with change in level of production is classified as
Q.36
If an average inventory is 2000 units, annual relevant carrying cost of each unit is $5, then annual relevant carrying cost will be
Q.37
If demand of one year is 25000 units, relevant ordering cost for each purchase order is $210, carrying cost of one unit of stock is $25 then economic order quantity will be
Q.38
If relevant opportunity cost of capital is $2950 and relevant carrying cost of inventory is $6700, then relevant incremental cost will be
Q.39
Profit forgone by capital investment in inventory rather than investment of capital to somewhere else is classified as
Q.40
An example of shrinkage costs is
Q.41
If relevant incremental costs are $5000 and relevant opportunity cost of invested capital is $2500, then relevant inventory carrying costs would be
Q.42
An average inventory in units is multiplied with annual relevant carrying cost of each unit to calculate
Q.43
Costs associated with storage of finished goods such as spoilage, obsolescence and insurance of goods are classified as
Q.44
Costs of goods acquired from suppliers is classified as
Q.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:
Q.46
"Following information is available of XYZ Limited for quarter ended June, 20XX
Fixed cost Rs 5,00,000
Variable cost Rs 10 per unit
Selling price Rs 15 per unit
Output level 1,50,000 units
What will be amount of profit earned during the quarter using the marginal costing technique?"
Q.47
Cost of product failure, error prevention and appraisals can be classified under
Q.48
Activities related to coordinating, controlling and planning flow of inventory are classified as
Q.49
If demand in units is 18000, relevant ordering cost for each year is $150 and an order quantity is 1500, then annual relevant ordering cost would be
Q.50
Material or anything for which cost is to be measured is known as
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