Cost Accounts - 1
| Description: Practice questions on Cost Concepts, Inventory Control Techniques, Process Costing etc | |
| Number of Questions: 25 | |
| Created by: Kalki Agrawal | |
| Tags: Cost Concepts Inventory Control Techniques etc Cost Concepts: Analysis and Behaviour Cost Accounting Inventory Valuation and Control Job, Batch and Contract Costing Labor Cost Control and Labor Remuneration |
The cost reported by conventional financial accounts is based on
The cost known as diiferential cost is
Which of the following is not included in direct material costs?
The annual demand for an item is 6,400 units. What is the time period between two consecutive orders in a year when the economic order quantity is 800 units?
The annual demand for an item is 6,400 units. What is the time period between two consecutive orders in a year, when the economic order quantity is 800 units?
Ship building is an example of
A company purchases 250 litres of oil for Rs. 12,600 from the market. Due to leakage, the oil is reduced to 240 litres in weight. At what price must the oil be charged per litre to cover the loss due to leakage, and by how much is the price inflated per litre?
When a company pays its workers on the basis of number of pieces of a product produced, it uses
If the minimum stock level and average stock of raw material A are 5,000 and 8,000 units respectively, find the reorder quantity.
Calculate the order point when it takes 3 months to receive delivery from the date of order and the usage is fairly constant at 6,000 units per month and a safety stock of 3000 units is desired.
Calculate profit to be transferred to Profit and Loss A/c when 75% of work is certified, notional profit is 1,50,000 and cash received is 80% of work certified.
Calculate notional profit on a contract undertaken of which 80% work has been completed.
Total expenditure to date - Rs. 95,000
Estimated further expenditure to complete the contract (including contingencies) - Rs. 34,000
Contract price - Rs. 1,83,000
Work certified - Rs. 2,02,000
Work not certified - Rs. 8,500
Cash received - Rs. 81,600
Calculate average stock level if minimum stock level is 1,460 units and re-order quantity is 2,000 units.
From the following data, find out the Labour Turnover by applying Replacement Method.
Number of workers on the payroll:
At the beginning of the month - 600
At the end of the month - 800
During the month, 5 workers left, 20 persons were discharged and 80 workers were recruited. Of these, 10 workers were recruited in the vacancies of those who had left while the rest were engaged for an expansion scheme.
Calculate total estimated profit on a contract undertaken of which 80% work has been completed.
Total expenditure to date - Rs. 95,000
Estimated further expenditure to complete the contract ( including contingencies ) - Rs. 34,000
Contract price - Rs. 1,83,000
Work certified - Rs. 2,02,000
Work not certified - Rs. 8,500
Cash received - Rs. 81,600
A worker C is allowed time of 50 hours for completion of the job and the hourly rate is Rs. 10. The actual time taken by the worker is 40 hours. Calculate wages under Rowan Plan.
From the following data, find out the Labour Turnover by Separation Method.
Number of workers on the payroll: At the beginning of the month - 600 At the end of the month - 800 During the month, 5 workers left, 20 persons were discharged and 80 workers were recruited. Of these, 10 workers were recruited in the vacancies of those who had left while the rest were engaged for an expansion scheme.
From the following data, find out the Labour Turnover by applying Flux Method.
Number of workers on the payroll:
At the beginning of the month - 600
At the end of the month - 800
During the month, 5 workers left, 20 persons were discharged and 80 workers were recruited. Of these, 10 workers were recruited in the vacancies of those who had left while the rest were engaged for an expansion scheme.
A worker C is allowed time of 50 hours for completion of the job and the hourly rate is Rs. 10. The actual time taken by the worker is 40 hours. Calculate wages under Halsey Plan.
The labour turnover rates for the year ended 31st March, 2010 are 10%, 5% and 3% respectively under' Flux method', 'Replacement method 'and ' Separation method'. If the number of workers replaced during the given period is 60, calculate the number of workers left and discharged.
The residue material that has a recovery value is known as
The labour turnover rates for the year ended 31st March, 2010 are 10%, 5% and 3% respectively under' Flux method', 'Replacement method 'and ' Separation method'. If the number of workers replaced during the given period is 60, find out the average number of workers.
The labour turnover rates for the year ended 31st March, 2010 are 10%, 5% and 3% respectively under' Flux method', 'Replacement method 'and' Separation method'. If the number of workers replaced during the given period is 60, calculate the number of workers recruited and joined during the period.
Three batches of materials A, B and C cost Rs.10, Rs. 15, and Rs. 17 respectively. Calculate the cost of material by simple average cost method.
The total mixed cost of an organization having production of 8,000 units is Rs. 3,60,000. Calculate the variable cost per unit if fixed cost is Rs. 2,00,000.