Costing MCQs
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Question 1306medium
Cost accounting provides detailed information about . . . . . . . . of various products, processes, services and operations.
Question 1307medium
Economic Batch Quantity is an important point to be determined in industries where . . . . . . . . costing is employed.
Question 1308hard
Assertion (A) Marginal cost and differential cost do not convey the same meaning in all the circumstances. Reason (R) Differential cost increases or decreases due to change in fixed cost.
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Question 1309medium
The method of costing used in a refinery is . . . . . . . . costing.
Question 1310hard
Match the following.
| List-I | List-II |
| a. Debtor's turnover ratio | 1. Solvency ratio |
| b. Proprietary ratio | 2. Liquidity ratio |
| c. Operating ratio | 3. Activity ratio |
| d. Acid test ratio | 4. Profitability ratio |
Question 1311hard
Match the following.
| List-I | List-II |
| a. Performance budgeting | 1. Fixed budget |
| b. Zero base budgeting | 2. Production oriented |
| c. Summary of all functional budgets | 3. Jimmy Carter |
| d. Remain unchanged irrespective of level of activity actually attained | 4. Master budget |
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Question 1312hard
Match the items of List-I with the items of List- II and select the correct answer.
| List-I | List-II |
| a. Golden parachutes | 1. The right to purchase a stated number of shares of company stock at today's price in the future. |
| b. Gain sharing | 2. An incentive plan engaging employees in a common effort to achieve productivity objectives and share the gains. |
| c. Stock-option | 3. Payment companies make in connection with a change in ownership or control of a company. |
| d. Annual bonus | 4. Plans designed to motivate the short-term performance of managers, and are tied to company profitability. |
Question 1313hard
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:
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:
Question 1314hard
Calculate the labour turnover rate according to Separation method from the following:
No of workers on the payroll:
- At the beginning of the month: 500
- At the end of the month: 600
During the month, 5 workers left, 20 workers were discharged and 75 workers were recruited Of these, 10 workers were recruited in the vacancies of those leaving and while the rest were engaged for an expansion scheme
No of workers on the payroll:
- At the beginning of the month: 500
- At the end of the month: 600
During the month, 5 workers left, 20 workers were discharged and 75 workers were recruited Of these, 10 workers were recruited in the vacancies of those leaving and while the rest were engaged for an expansion scheme