Costing MCQs

In transport costing . . . . . . . . charges vary more or less in direct proportion to kilometers run.

Raw material purchased: 1st January, 600 units @ Rs. 12 per unit 12th January, 500 units @ Rs. 14 per unit 21st January, 300 units @ Rs. 13 per unit Raw material issued for manufacture: 3rd January 300 units 5th January 124 units 15th January 250 units 16th January 300 units Raw material returned to stores from manufacturing department on 14th January, 50 units. The material is issued on First-in-First out method. The value of material remaining in store on 21st January will be:

Which one of the following is not correct with reference to standard costing?

Match the following. List-I List-II a. Labour cost variance 1. Actual hours paid (Standard rate - Actual rate) b. Labour rate variance 2. Standard cost - Actual cost c. Efficiency variance 3. Idle hours × Standard rate per hour d. Idle time variance 4. Standard rate (Standard hours - Actual hours worked)

Material abstract is also known as . . . . . . . .

A bill of material is prepared in case of a . . . . . . . . job.

For a work order, standard time and time taken are 20 hours and 15 hours respectively. Time rate being Rs. 2 per hour, total wages payable under Rowan Premium Plan will be:

Which of the following is not a cash inflow?

Which one of the following cost would not be termed as product costs?