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Introduction To Cost Accounting Quiz 7 (25 MCQs)

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1. To prepare the cash budget, all of the following budgets are required except:
2. How much is the overall cost charge to client 457?
3. If the budgeted direct labour hours is 34 hours and direct labour rate is RM5.00, then the total direct labour cost would be:
4. An example of variable cost is _____
5. To be successful, an incentive wage plan must:
6. The sum of operating ratio & operating profit ratio is always _____ %
7. _____ means ascertainment of cost
8. Which one of the following is an example of a mixed cost?
9. Which is a method of specific order costing?
10. Works overheads on incomplete jobs at the end of the period are transferred to which account?
11. Which of the following methods of wage payment is most suitable where quality and accuracy of work is of primary importance?
12. In a standard costing system, a cost-allocation base would MOST likely be:
13. Wastage has two types
14. The recording of time of arrival or departure at the factory time is
15. _____ is a location, person or item of equipment (or group of these) for which costs may be ascertained and used for the purpose of control.
16. Bin card is a record of _____ only.
17. Direct Materials + Direct Labor
18. From among the following select an example of cost object with regard to a department.
19. Stores Ledger is maintained in the _____
20. Which among the following is an example of behavior wise classification of cost.
21. The cost of production of 200 units is rs. 5600. The normal wastage is 10 percent and is sold as scrap @ rs. 10 per unit. Find out the cost per unit of remaining units.
22. Compensation of all manufacturing labor that can be traced to the cost object.
23. _____ refers to the process of recording actual time taken by a worker on various jobs or work orders.
24. Scope of specific order costing is very wide and includes
25. Statement 1:Process costing is applicable to same or similar goodsStatement 2:Process costing is used by companies that make large number of similar products
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