Costing MCQs

Consider the following statements. 1. Marginal costing and absorption costing are the same. 2. For decision-making, absorption costing is more suitable than marginal costing. 3. Marginal costing is based on the distinction between fixed and variable costs. Which of the statement(s) given above is/are correct?

If the selling price is fixed at 25% above the cost, the gross profit ratio is

The sum of prime cost and factory overheads is known as which of the following form?

Marginal-costing technique is useful for

Qualities demanded from the job holder is technically known as . . . . . . . .

The head office of the institute of cost and works accountants of India is located at

In service costing, fixed charges are also called as . . . . . . . .

When opening stock is Rs. 50,000, closing stock is Rs. 60,000 and the cost of goods sold is Rs. 2,20,000, the stock turnover ratio is:

If the current ratio is 2 : 1 and working capital is Rs. 60,000. What is the value of the current assets?