Job & Batch Costing
50 Que. 50 Marks
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1- The principal factors to be considered in designing a cost system include:..................... *
1 point
2- The most suitable cost system where the products differ in type of materials and work performed is:.................... *
1 point
3- The method of costing used in job order industries is known as .............. *
1 point
4- In job costing which of the following documents are used to record the issue of direct material to a job *
1 point
5- To which of the following job costing method will be suitable? *
1 point
6- Which one of the following is an example of a direct cost in the manufacturing of a jar of peanut butter? *
1 point
7- Which one of the following costs would be an indirect cost in the manufacturing of a computer monitor? *
1 point
8- Which of the following manufacturers is most likely to use a job order accounting system? *
1 point
9- In a job order cost accounting system, which account would be debited in recording a materials requisition for direct materials? *
1 point
10- In a job order cost accounting system, which account would be debited in recording a purchase invoice for raw materials? *
1 point
11- Of the following manufacturing operations, which is best suited to the utilization of a job order system? *
1 point
12- The Factory Overhead Account in a job costing system is credited for the:..................... *
1 point
13- Job costing may be used with marginal costing. *
1 point
14- Job costing is used for:................... *
1 point
15- Batch production costing is suitable for: ................. *
1 point
16- Conversion cost is equal to the total of ................... *
1 point
17- ................refers to the costing procedure, under which costs are accumulated and analyzed under different elements of cost and then cost per unit is ascertained by dividing the total cost by number of units produced. *
1 point
18- ................is a document which provides for the assembly of the detailed cost of a cost centre or cost unit. *
1 point
19- While calculating "Raw Material Consumed" opening stock of raw material is................. *
1 point
20- Which of the following items not included while preparing a cost sheet? *
1 point
21- Unit costing is suitable for................. *
1 point
22- In Job Order industries, the production ........................ *
1 point
23- In Job costing indirect material is treated as .................. *
1 point
24- In job costing a............................is used to record the time spent on each job, having a specified work order or job order number. *
1 point
25- Which of the following cost is NOT required to calculate Economic Batch Costing (EBQ)? *
1 point
26- Concern using single or output costing produces basically......... *
1 point
27- Which of the following term have been excluded from prime cost as per CIMA terminology? *
1 point
28- If the details of production statement are shown in the form of a ledger account, it is known as.................. *
1 point
29- In job costing every production order is assigned a number called the ................... *
1 point
30- Which of the following is considered while preparing cost sheet? *
1 point
31- In costing an account giving details of cost of production, cost of sales and profit made during a particular period is called.............. *
1 point
32- While calculating "Raw Material Consumed" closing stock of raw material is................ *
1 point
33- A company calculates the prices of jobs by adding overheads to the prime cost and adding 30% to total costs as a profit margin. Job number Y256 was sold for Rs. 1,690 and incurred overheads of Rs. 694. What was the prime cost of the job? *
1 point
34- The cost per unit of a product manufactured in a factory amounts to Rs. 160 (75% variable) when the production is 10,000 unis. When production increases by 25%, the cost of production will be ......................per unit. *
1 point
35- The predetermined overhead rate is Rs. 6.10 per direct labour hour. Job 213 required 210 direct labour hours of which 150 hours were incurred during the current accounting period. How much overhead should be applied to Job 213 during the current accounting period? *
1 point
36- Job 21 was unfinished at the end of the accounting period. The total cost assigned to the job is Rs. 12,000 of which Rs. 3,000 is direct material. Factory overhead is allocated to goods in process at 150% of direct labour cost. What was the amount of direct labour charged to Job 21? *
1 point
37- The production cost to produce one unit of finished goods was Rs. 45. Direct materials were 1/3 of the total cost, and direct labour was 40% of the combined total of direct labour and direct materials. The cost for direct materials, direct labour, and factor overhead was:....................... *
1 point
38- If selling price of a product is Rs. 85,800 and the profit margin on cost is 10%, the amount of profit will be - *
1 point
39- The set-up cost of a machine is Rs. 120. For execution of a certain order, 9,000 components are required to be made in the machine. Cost of production of the component is Rs. 40 each and it requires 15% of the cost for storing it for a year. The economic batch quantity is - *
1 point
40- Companies characterized by the production of heterogeneous products will most likely use which of the following methods for the purpose of averaging costs and providing management with unit cost data - *
1 point
41- Which of the following is to be included while preparing a cost sheet - *
1 point
42- Batch costing is generally not applied in - *
1 point
43- Cost of production plus opening stock of finished goods minus closing stock of finished goods is equal to - *
1 point
44- Which of the following is not a type of job costing - *
1 point
45- If the sales of a product is Rs. 94,080 and the profit margin on cost 10%, the amount of profit will be - *
1 point
46- Item(s) excluded from cost sheet are - *
1 point
47- Job card is a method of recording details of time with reference to - *
1 point
48- Which one of the following industry adopts batch costing in determining the total cost - *
1 point
49- In relation to job costing which of the following statement is false? *
1 point
50- Which of the following defines total product cost? *
1 point
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