Costing MCQs

. . . . . . . . process loss should be transferred to costing profit & loss account.

Total cost is the combination of:

Match the items of List-I with the items of List-II and choose the correct answer. List-I (Critical Control Standards) List-II (Critical Points) a. Physical standards 1. Material cost per unit b. Cost standards 2. Labour hours per unit of output c. Revenue standards 3. Timing of production d. Programme standards 4. Average sales per customer

During the period of rising prices, higher profits can be shown by valuing stock at:

X Ltd has a liquid ratio of 2 : 1. If its stock is Rs. 40,000, and its current liabilities are of Rs. 1,00,000, its current ratio will be

Total Cost (+) contracts are generaelly applicable in cases where

In a profitable firm, total sources of funds will always . . . . . . . . total uses of funds.

Which of the following are possible causes of material price variance? 1. Change in market price. 2. Use of poor quality of material. 3. Inefficient buying. 4. Untimely buying. 5. Paying overtime for urgent work. 6. Use of substitute material of different prices. Select the correct answer

Basic cost is made up of