Methods of costing - class-XI
Description: methods of costing | |
Number of Questions: 31 | |
Created by: Shaka Gupte | |
Tags: book keeping and accountancy commercial applications fundamental concepts of cost cost accounting: an introduction accountancy introduction to accounting |
Absorption costing technique is also termed as ___________________.
Cost, which is related to specific cost object and economically traceable, will be classified as ____________.
Variable cost per unit ___________________.
The work of factory employees that can be physically associated with converting raw material into finished goods is classified as ________________.
When factory overhead control account has an ending debit balance, factory overhead was ___________.
A flexible budget requires careful study and classification of expenses into_____________.
Period cost means
The type of costing which is most suitable for cost control purpose is
All costs are controllable in the __________ .
The type of standard that is best suited from cost control point of view is
Standard costs are
Excess direct labour wages will be disclosed in which type of variance?
Preliminaries to setting of standards:
I. Establishment of cost centres
II. Classification and Codification of accounts
III. Period of use
IV. Reasonable or desirable level of attainment
Of these
Product costs under direct costing included.
Match the following:
1. | Total fixed cost | a) | increase in proportion to output |
---|---|---|---|
2. | Total variable cost | b) | remains constant in total |
3. | Unit variable cost | c) | decrease with rise in output |
4. | Unit fixed cost | d) | remains constant per unit |
Process Cost is very much applicable in _____________.
An input of 5,000 kg of material introduced into the process and the expected loss is 8% and if the actual output from the process is 4,300, the abnormal loss is __________ kg.
Out of the overheads given, the following is an example of distribution overheads.
In considering a special order situation that will enable a company to make use of currently idle capacity, which of the following cost will be irrelevant?
Factory overhead application rates best reflect anticipated fluctuations in sales over several year when rates are computed using figures based on
A company sells goods on credit valued at Rs 25000 to a customer. At what point in the sales cycle should this sale be recognized in the accounts?
_________ cost refers to the cost which have already been incurred and cannot be altered by any decision in the future.
Sundry overhead expenses may be apportioned in the ratio of ___________.
For the proper appreciation of the material control, which of the following step is not necessary ?
Which of the following sets of expenses are the direct expenses of the business?
A Joint Venture has a life of fixed period of time.
_______ are costs that can be influenced or regulated by the manager or head responsible for it.
_____ are the costs which have been created by a decision that was made in the past and cannot be changed by any decision that will be made in the future.
______ is concerned with the cost of the next best alternative opportunity which was foregone in order to pursue a certain action.
Which of the following would not cause either an under- or over-absorption of overheads ?
Variable costs are volume related and fixed costs are time related.