Q.1
Overvaluation of opening stock in financial accounting results ________.
Q.2
Under absorption of overhead expenses in cost accounting results in _________.
Q.3
Abnormal process loss can be transferred to ________.
Q.4
Cost of contract and profit or loss thereon are determined by preparing ________.
Q.5
The basis for determining profit to be taken into account on incomplete contract is ________.
Q.6
Which of the following will be affected by normal loss?
Q.7
Actual loss is less than the predetermined normal loss, it is ________.
Q.8
Which method of costing is best suited for interior decoration.
Q.9
When cash is received from contractee which a/c should be credited.
Q.10
When two products are simultaneously produced in a process and one of them has comparatively high value and other is of low value , the low value product is called __________.
Q.11
If any by-product is produced and sold it is credited to ________.
Q.12
In Regression Analysis, testing of assumptions if these are true or not is classified as
Q.13
The amount paid to sub-contractor is ________.
Q.14
Work uncertified is ________.
Q.15
In case of complete contract, the whole amount of profit is transferred to ________.
Q.16
When output of earlier process is transferred at a profit to the subsequent process, it is ________.
Q.17
100 units are introduced in a process in which normal loss is 5% of input If actual output is 97 then there is ________.
Q.18
50 units are processed at a cost of Rs 80, normal loss is 10%, each unit carries a scrap value of 25 paise If output is 40 units, the value of abnormal loss will be _________.
Q.19
Expenditure over and above prime cost is known as ________.
Q.20
In a machine dominated industry which method of overhead absorption is suitable?
Q.21
Process a/c is ________.
Q.22
Profit to be transferred to profit and loss a/c, if the contract is complete to the extent of only 20% is ________.
Q.23
Operating cost is usually ascertained through ________.
Q.24
Input is 10,000 units and normal loss is 20% of input and abnormal loss is 400 units What is actual output?
Q.25
Cost of process Rs1,60,000 and profit to be charged on the transfer price is 20% What is the inter process profit?
Q.26
Job costing method is the most suitable method for ________.
Q.27
Sundry overhead expenses may be apportioned in the ratio of ________.
Q.28
Departmentalization of overhead is known as ________.
Q.29
Balance of abnormal gain a/c is transferred to ________.
Q.30
Inter process profits are ________.
Q.31
A budget which is prepared in a manner so as to give the budgeted cost for any level of activity is known as:
Q.32
_________ is also known as working capital ratio.
Q.33
Most appropriate basis for the apportionment of power is ________.
Q.34
The costing method which can be used in industry where the product pass through different processes is known as ________.
Q.35
Value of normal loss is charged to ________.
Q.36
The physical distance covered by a vehicle is measured in terms of ________.
Q.37
Insurance and garage rent is ________.
Q.38
Which method of costing can be used in furniture manufacture industry?
Q.39
Contract costing is most appropriate method of costing for ________.
Q.40
When the actual overhead is less than the absorbed overhead it is ________.
Q.41
Factory overhead is Rs 3,00,000 and direct material cost is Rs 5,00,000 What is the overhead rate under direct material cost method?
Q.42
Works overhead is Rs 40,000, total machine hours is 8500 hours and time allowed for machine setting is 500 houRs What is the machine rate?
Q.43
___________ is a summary of all functional budgets in a capsule form.
Q.44
_____________ is a detailed budget of cash receipts and cash expenditure incorporating both revenue and capital items.
Q.45
Statutory cost audit are applicable only to:
Q.46
"After inviting tenders for supply of raw materials, two quotations are received as follows—
Supplier P Rs 2.20 per unit, Supplier Q Rs 2.10 per unit plus Rs 2,000 fixed charges irrespective of the units ordered. The order quantity for which the purchase price per unit will be the same—"
Q.47
In case of joint products, the main objective of accounting of the cost is to apportion the joint costs incurred up to the split off point. For cost apportionment one company has chosen Physical Quantity Method. Three joint products ‘A’, ‘B’ and ‘C’ are produced in the same process. Up to the point of split off the total production of A, B and C is 60,000 kg, out of which ‘A’ produces 30,000 kg and joint costs are Rs 3,60,000. Joint costs allocated to product A is.
Q.48
A transport company is running five buses between two towns, which are 50 kms apart. Seating capacity of each bus is 50 passengeRs Actually passengers carried by each bus were 75% of seating capacity. All buses ran on all days of the month. Each bus made one round trip per day. Passenger kms are:
Q.49
"What is the company's breakeven point:
Selling price - Rs 6 per unit
Variable production cost - Rs 1.20 per unit
Variable selling cost - Rs 0.40 per unit
Fixed production cost - Rs 4 per unit
Fixed selling cost - Rs 0.80 per unit
Budgeted production and sales for the year are 10,000 units. "
Q.50
Regression Analysis Method of quantitative analysis of cost function considers
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