Cost Accounting Test 5
| Description: Useful for commerce students, SET, UGC and other exams. | |
| Number of Questions: 30 | |
| Created by: Sundari Chatterjee | |
| Tags: Cost Accounting Process Costing Marginal Costing and Differential Cost Analysis |
Directions: Choose the correct option for the given question.
Process costing is one aspect of _____ costing.
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_______ is one of the basic methods of operation costing.
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Method of costing applied in biscuit industries is
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The cost of _____ process loss is absorbed in the cost of production of good units.
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In steel industry, the best method of costing is
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If the actual loss in a process is less than the anticipated loss, the difference between the two is considered to be
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Two main methods of calculating equivalent production are FIFO method and
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Equivalent units represent the production of a process in terms of _____ units.
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In ______ costing, no distinction is made between direct and indirect materials.
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Cost of _____ is not included in the cost of the process.
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Cost of one process may be transferred to the next process at
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The most important ciriterion for distinguishing between scrap, bye-product and joint-product is ____ of the products.
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______ costs relate to processes and incurred after split off point.
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The costs incurred up to the point of separation are called ______ costs.
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The sales value method apportions the joint costs on the basis of principle of
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______ may be sold in their original form without further processing.
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The main product is usually produced in greater quantities than the
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The product generally ______ over the relative quantities of by-products and the main products.
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______ is the point of production at which separate products are identified.
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Joint costs are allocated according to the _____ value of individual products under the market value method.
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There is ______ distinction between main product and by-product.
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Under ______ method of accounting of by-products, the sale value of by-product is credited to profit and loss account.
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______ is based on the distinction between fixed and variable costs.
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Marginal costing is the aggregate of _____ plus variable overheads.
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Marginal costing is a _____ of costing.
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______ is the aggregate of fixed cost and profit.
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In marginal costing, only _____ is charged for products.
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In marginal costing, stock of finished goods is valued at
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_____ fails to establish relationship between cost, volume and profit.
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In inter process profit, the output of one process is transferred from one process to another at