The type of
spoilage that should not affect the recorded cost of inventories is
Normal spoilage
Seasonal spoilage
ab normal spoilage
Standard spoilage
The budget which
commonly takes the form of budgeted profit and loss and balance sheet
Cash budget
Master
budget
Flexible budget
Fixed budget
According to
which of the methods of pricing, issues are close to current economic values
FIFO
Average cost method
Specific
identification
LIFO
The decision
model to calculate optimal quantity of inventory to be ordered is called
Efficient order quantity
Rational order quantity
Optimized order
quantity
Economic order quantity
Which of the
following is not a relevant cost
Period cost
Sunk cost
product cost
Opportunity cost
When the FOH
control account has a closing debt balance factory overhead is
Over-absorbed
Fixed
Variable
Under-absorbed
If there is
no change in fixed cost at different levels of output
Marginal cost > Differential cost
Marginal cost < Differential cost
Marginal cost and Differential cost are same
None of the above
Which of the
following incentive method of wage payment is most suitable where quality and
accuracy of work is of primary
importance
Time rate
system
Piece rate
system
Halsey premium system
Differential piece
work system
Costs that
are always relevant in decision making are
Fixed costs
Sunk costs
Variable costs
Avoidable costs
A detailed
plan showing how cash resources will be acquired and used over a specific time
period
Labor budget
Cash budget
Master budget
Continuous budget
When price
fluctuate widely the method that will smooth out the effect of fluctuations is
LIFO
FIFO
Weighted average
Simple average
Any cost that differs between alternatives in a
decision making situation
Product cost
Opportunity cost
Differential cost
Process costing
Which of the
following form must be filled out when inventory is to be removed from the
materials inventory to be placed into production
Material
requisition form
Purchase order
Receiving report
Purchasing requisition
The standard
costing can be used along with
Marginal costing
Job and process
costing
Absorption costing
All of above
A cost which increases or
decreases per unit when volume of output decreases or increases is
Direct cost
Variable cost
Fixed cost
Indirect cost
The type of
accounting which reports financial and non-financial data about the cost of
material and acquiring of resources is classified as:
Cost accounting
Material accounting
Business accounting
Supplies accounting
Total costs are
comprised of
Variable cost plus fixed cost
Variable cost
plus fixed plus semi variable cost
Fixed cost plus semi variable cost
Variable cost plus semi variable cost
The standard
cost variance representing the difference between actual FOH and budgeted FOH
based on actual hours worked is the
Efficiency
variance
Spending variance
Volume variance
Quantity variance
The labor which is related to the manufacturing of the
product is classified as
direct
manufacturing labor costs
indirect manufacturing labor costs
work in process cost
finished costs
The direct material costs are added into direct
manufacturing costs to calculate
discuss costs
prime
costs
resale cost
merchandise costs
The direct manufacturing labor costs is added to
manufacturing overhead cost to calculate
transaction costs
conversion
costs
resale costs
merchandise costs
Which method
gives the lowest cost of materials and high cost of ending inventory and
highest gross profit?
LIFO
Average cost method
Specific identification
FIFO
The decision model
to calculate optimal quantity of inventory to be ordered is called
Efficient order quantity
Rational order quantity
Optimized order quantity
Economic order
quantity
The most
suitable costing system where the product differ in type of materials used
Process costing
Job costing
Activity Base costing
Absorption costing Answer B
In cost terms, the direct manufacturing labor cost is
included in
manufacturing costs
prime costs
conversion costs
Both
B and C Answer D
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