Inter PN-8 Cost Accounting Quiz 14

1. Batch requires materials = ₹18,000, Labour = ₹12,000. Overheads = 50% of Prime Cost. Batch size = 600 units. Cost per unit?

2. Batch requires 2,000 labour hours @ ₹50/hr. Material = ₹60,000. Overheads = ₹200 per labour hr. Batch size = 1,000 units. Cost per unit?

3. Batch costing is most suitable for:

4. In job costing, each job is treated as:

5. Which of the following is NOT a feature of job costing?

6. Job cost sheet is primarily prepared for:

7. In job costing, indirect costs are charged to jobs using:

8. A company undertakes Job #251. Direct materials = ₹50,000, Direct labour = ₹30,000. Factory overheads are absorbed at 80% of direct labour. Cost of Job #251 = ?

9. Job costing is most suitable for:

10. In cost accounts, idle time compensation is usually:

11. The Cost Ledger Control Account (CLCA) is used to:

12. Sales = ₹5,00,000, Cost of Goods Sold = ₹3,60,000, Selling & Distribution overheads = ₹40,000. Find profit.

13. Margin of safety represents:

14. In cost books, closing stock is valued at ₹80,000. In financial books, the same is valued at ₹90,000. If cost profit is ₹1,00,000, then financial profit is:

15. In cost accounts, depreciation is charged at 10% on machinery of ₹2,00,000, while in financial accounts depreciation is charged at 15%. What will be the difference in profit due to this?

16. The purpose of preparing a cost reconciliation statement is to:

17. When the cost accounts show under absorption of overhead, it means:

18. The total cost per unit decreases as batch size increases mainly due to:

19. Batch costing is a variant of:

20. In batch costing, abnormal loss is:

21. Cost to date ₹2,00,000, Work certified ₹2,50,000, Work uncertified ₹20,000. What is the notional profit?

22. Which of the following costs is not normally debited to the Contract Account?

23. A clause in a contract which provides that the contract price will be increased if materials, labour etc. costs rise is called:

24. If variable cost is 40%, and fixed costs are ₹6,000, break-even sales will be:

25. When is 2/3 of notional profit transferred to P&L?