412 FIN SE – IL - FIN – 24 Strategic Cost Management

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MBA SEM-IV 2021-22 Online Exam

S. P. Mandali's
Prin. N.G.Naralkar Institute of Career Development & Research
536 Shaniwar Peth, Appa Balwant Chowk (ABC Chowk) Pune-411030

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MBA SEM-IV 2021-22 Online Exam

Total Questions : 25
Per Questions Mark : 1
Passing Mark : 10

Which of the following is not a term normally used in value analysis?

Resale value

Use value

Esteem value

Cost value

Clear selection

In calculating the life cycle costs of a product, which of the following items would be included?

Planning and concept design costs

Preliminary and detailed design costs

Testing costs

Production costs

Clear selection

The focus of Life Cycle Costing is to

Estimate installation cost

Consider installation costs when planning the project costs

Consider operations and maintenance costs in making project decisions

Estimate the cost of operations and maintenance

Clear selection

With respect to product life cycle, the _______ is a period of slowdown in sale growth because the product has achieved acceptance by most potential buyers.

Product development stage

Introduction

Growth

Maturity

Clear selection

Target Costing = Selling Price -

Cost

Revenue

Profit Margin

Expenses

Clear selection

Continuous costing is also called

Operation costing

Process costing

Batch costing

Contract costing

Clear selection

The main types of costing for ascertaining costs do not include

Uniform costing

Standard costing

Marginal costing

None of these

Clear selection

An opportunity cost is a

Direct expense

Indirect expense

Variable expense

Fixed expense

Clear selection

Value added is the change in

Face value

Market value

Book value

Realizable value

Clear selection

The two levels of material controls are quantity control and

Financial control

Value control

Quality control

All of the above

Clear selection

In a shutdown decision, one has to consider :

Contribution

Identifiable fixed cost, if any

Impact of shutdown on other products, if any

All of the above

Clear selection

When a firm doubles its inputs and finds that its output has more than doubled, this is known as:

Economies of scale.

Constant returns to scale

Diseconomies of scale

A violation of the law of diminishing returns

Clear selection

The methods of treating cost of small tools in cost accounts include

Charging to expense

Charging to stores

Capitalizing in a small tools account

All of the above

Clear selection

Which of the following is not included in the objectives of maintenance of plant and machinery?

Reducing idle time

Reducing breakdown

Maintaining efficiency

Increasing life

Clear selection

Which of the following is not a production cause of idle capacity?

Set-up and change-over time

Lack of supervision and instruction

Lack of materials and tools

Strike

Clear selection

The treatment of idle time in cost includes the following:

. Cost of normal and controllable idle time is charged to factory overheads

. Cost of normal but uncontrollable idle time is treated as prime cost

Cost of abnormal and uncontrollable idle time is charged to costing profit and loss account

All of the above

Clear selection

Cost of production is equal to

Prime costs+ other manufacturing costs

Production costs + Administration expenses

Prime costs + Manufacturing costs + Opening W.I.P – Closing W.I.P

None of the above.

Clear selection

The cost of goods sold is equal to

Total Purchases - Total Sales

Opening stock + Total Purchase

Opening stock - Total Purchases +Closing Stock+ Direct Costs

. Opening stock + Total Purchases – Closing Stock + Direct Costs.

Clear selection

Contribution margin contributes to meet which one of the following options ?

Variable cost

Fixed cost

Operating cost

Net profit

Clear selection

Favourable conditions for the operation of piece rates include:

Homogeneous products

. Long, uninterrupted run of production

Inspection

High proportion of indirect labour

Clear selection

In a profit sharing scheme the available surplus is shared by the following except:

Government

Shareholders

Employees

Firm

Clear selection

Which of the following is not a production department?

Power department

Machining department

Refining department

Finishing department

Clear selection

An overhead absorption rate is used to :

Share out common costs over benefiting cost canters

Find the total overheads for a cost centre

Charge overheads to products

Control overheads

Clear selection

Maximum capacity of a plant refers to its .

Theoretical capacity

Normal capacity

Practical capacity

Capacity based on sales expectancy

Clear selection

In cost Accounting, abnormal loss is charged to:

Factory overhead control account

Work in process account

Income Statement

Entire production

Clear selection

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