Costing MCQs

Material Costs of each job are determined from . . . . . . . .

What is the average collection period when the debt turnover ratio is 4?

Cost that is not affected by changes in the volume of production

Match the following. List-I List-II a. Cost accounting 1. . . . . . . . . is usually prepared every month. b. Funds flow statement 2. . . . . . . . . deals with the cost of production, selling and distribution. c. Cash flow statement 3. . . . . . . . . is an important technique financial analysis. d. Ratio analysis 4. . . . . . . . . depicts the profit or loss made during a specified period.

Economic Batch Quantity depends on . . . . . . . . and . . . . . . . . costs.

Accounting Standard-6 is meant for

Assertion (A) Increasing the value of closing inventory increases profit. Reason (R) Increasing the value of closing inventory reduces cost of goods sold.

When partially completed units are converted to a comparable number of completed units, they are referred to as

During a period of rising prices, which of the following inventory pricing methods tends to produce higher cost of goods sold?