Cs Executive Cost And Management Accounting

100 Questions | Total Attempts: 52

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Accounting Quizzes & Trivia

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Questions and Answers
  • 1. 
    A master budget comprises :
    • A. 

      The budgeted profit and loss account

    • B. 

      The budgeted profit and loss account

    • C. 

      Budgeted cash flow

    • D. 

      Entire sets if budgeted prepared

  • 2. 
    Sales budget is a
    • A. 

      Expenditure budget

    • B. 

      Functional budget

    • C. 

      Master budget

    • D. 

      None of the above

  • 3. 
    Which of the following is required in order to calculate EOQ?
    • A. 

      Cost of equity (ke)

    • B. 

      Stock-out cost

    • C. 

      Opportunity cost

    • D. 

      All of the cost

  • 4. 
    Key factor is also known as
    • A. 

      Marginal factor

    • B. 

      Principal budget factor

    • C. 

      Limiting factor

    • D. 

      All of the above

  • 5. 
    Which of the following statement is true?
    • A. 

      Process costing is ordinarily applied where all the operations are performed in one department

    • B. 

      Equivalent unit or equivalent production comprises the units completed during the period together with equivalent completed units ,represented in the beginning and ending WIP inventories

    • C. 

      Job costing and process costing cannot be simultaneously used in the same industry

    • D. 

      The cost of abnormal process loss is not included in the cost of the process

  • 6. 
    Which of the following unavoidable loss?
    • A. 

      Standard loss

    • B. 

      Abnormal loss

    • C. 

      Actual loss

    • D. 

      Normal loss

  • 7. 
    The methods of treating cost of small tools in cost accounts include
    • A. 

      Charging of expenses

    • B. 

      Charging to stores

    • C. 

      Capitalizing in a small tools accounts

    • D. 

      All of the above

  • 8. 
    Standard costs may be used for
    • A. 

      Product costing

    • B. 

      Planning

    • C. 

      Controlling

    • D. 

      All of the above

  • 9. 
    Standard costs may be used by
    • A. 

      Universities

    • B. 

      Government agencies

    • C. 

      Charitable organization

    • D. 

      All of the above

  • 10. 
    Idle time variance is
    • A. 

      Idle time * actual

    • B. 

      Idle time * standard rate

    • C. 

      Idle time * budgeted labour rate

    • D. 

      Idle time * historical cost

  • 11. 
    Cost of abnormal wastage is
    • A. 

      Charged to the product cost

    • B. 

      Charged to the profit and loss account

    • C. 

      Charged partly to the product and partly profit and loss account

    • D. 

      Not charged at all.

  • 12. 
    Describe the method of the costing to be applied in case of nursing home
    • A. 

      Operating costing

    • B. 

      Process costing

    • C. 

      Contract costing

    • D. 

      Job costing

  • 13. 
    ABC analysis is an inventory control technique in which
    • A. 

      Inventory levels are maintained

    • B. 

      Inventory is classified into A, B and C category with A being the highest quantity , lowest value

    • C. 

      Inventory is classified into A, B and C category with A being the lowest quantity , highest value

    • D. 

      Either b or c

  • 14. 
    Which one out of the following is not an inventory valuation method?
    • A. 

      FIFO

    • B. 

      LIFO

    • C. 

      Weighted average

    • D. 

      EOQ

  • 15. 
    Labour turnover means
    • A. 

      Turnover generated by labour

    • B. 

      Rate of the change in composition of labour force during a specified period

    • C. 

      Either of the above

    • D. 

      Both of the above

  • 16. 
    Calculate re order level from the followingSafety stock : 1000 unitsConsumption per week : 500 unitsIt takes 12 weeks to reach material from the data of ordering
    • A. 

      1000 units

    • B. 

      6000 units

    • C. 

      3000 units

    • D. 

      7000 units

  • 17. 
    Overheads refers to
    • A. 

      Direct or prime cost

    • B. 

      All indirect costs

    • C. 

      Only factory indirect costs

    • D. 

      Only indirect expenses

  • 18. 
    What is also known as working capital ratio
    • A. 

      Current ratio

    • B. 

      Quick ratio

    • C. 

      Liquid ratio

    • D. 

      Debt – equity ratio

  • 19. 
    • A. 

      20%

    • B. 

      30%

    • C. 

      25%

    • D. 

      40%

  • 20. 
    If credit sales for the year is Rs 5,40,000 and debtors at the end of the year is Rs 90,000 the average collection period will be
    • A. 

      30 days

    • B. 

      60 days

    • C. 

      90 days

    • D. 

      120 days

  • 21. 
    Statutory cost audit are applicable only to
    • A. 

      Firm

    • B. 

      Company

    • C. 

      Individual

    • D. 

      Society

  • 22. 
    Workers being paid a rate in excess of their wage rate for working additional hours are paid
    • A. 

      Overtime

    • B. 

      Price rate

    • C. 

      Commission

    • D. 

      Fees

  • 23. 
    The spilt – off point at which
    • A. 

      Output is first identifiable as individual products

    • B. 

      Joints costs are allocated to joint products

    • C. 

      Some costs are allocated to joint products

    • D. 

      All of the above

  • 24. 
    Trimming in timber industries should be treated as
    • A. 

      Waste

    • B. 

      Scrap

    • C. 

      By-product

    • D. 

      Joint product

  • 25. 
    Which of the following details are recorded in bin card?
    • A. 

      Date of order and suppliers name along with address

    • B. 

      Record of quantities only

    • C. 

      Record of both quantities and values

    • D. 

      All of the above