1. Opening work in process inventory can be calculated as under

2. Which of the following statement measures the financial position of the entity on particular time?

3. Which of the following is a characteristic of process cost accounting system?

4. Fixed cost per unit decreases when ______________

5. Cost of production report is a ______________

6. The difference between total revenues and total variable costs is known as ______________

7. For which one of the following industry would you recommend a Process Costing system?

8. How many units would the company have to sell to attain target profits of Rs. 600,000?

9. Jan 1; finished goods inventory of Manuel Company was Rs.3, 00,000. During the year Manuel’s cost of goods sold was Rs. 19, 00,000, sales were Rs. 2, 000,000 with a 20% gross profit. Calculate cost assigned to the December 31; finished goods inventory.

11. Which of the following manufacturers is most likely to use a job order cost accounting system?

12. Opportunity cost is the best example of ______________

13. ______________ method assumes that the goods received most recently in the stores or produced recently are the first ones to be delivered to the requisitioning department.

14. Percentage of Margin of Safety can be calculated in which one of the following ways?

15. If 120 units produced, 100 units were sold @ Rs. 200 per unit. Variable cost related to production & selling is Rs. 150 per unit and fixed cost is Rs. 5,000. If the management wants to decrease sales price by 10%, what will be the effect of decreasing unit sales price on profitability of company? (Cost & volume profit analysis keep in your mind while solving it)

17. The cost expended in the past that cannot be retrieved on product or service ______________

18. A typical factory overhead cost is ______________

19. Direct materials cost is Rs. 80,000. Direct labor cost is Rs. 60,000. Factory overhead is Rs. 90,000. Beginning goods in process were Rs. 15,000. The cost of goods manufactured is Rs. 245,000. What is the cost assigned to the ending goods in process?

20. Production volume of 1,200 units cost incurred Rs. 10,000 and production volume of 1,400 units cost incurred Rs.20, 000. The variable cost per unit would be?

21. The The components of the prime cost are

22. For which one of the following industry would you recommend a Job Order Costing system?

23. Which of the following represents a CVP equation?

24. Inventory control aims at ______________

25. When a manufacturing process requires mostly human labor and there are widely varying wage rates among workers, what is probably the most appropriate basis of applying factory costs to work in process?

26. Wh When prices are rising over time, which of the following inventory costing methods will result in the lowest gross margin/profits?

27. Cost accounting concepts include all of the following EXCEPT ______________

28. Prime cost + Factory overhead cost is ______________

29. If 120 units produced, 100 units were sold @ Rs. 200 per unit. Variable cost related to production & selling is Rs. 150 per unit and fixed cost is Rs. 5,000. If the management wants to increase sales price by 10%, what will be increasing sales profit of company by increasing unit sales price? (Cost & volume profit analysis keep in mind while solving)

30. In the case of plant, the limiting factor may be:

31. The the main difference between the profit center and investment center is

32. The main purpose of cost accounting is to ______________

33. Find the value of purchases if Raw material consumed Rs. 90,000; Opening and closing stock of raw material is Rs. 50,000 and 30,000 respectively.

34. The following is the Corporation's Income Statement for last month: Particular Rs. Sales 4,000,000 Less: variable expenses 2,800,000 Contribution margin 1,200,000 Liss: fixed expenses 720,000 Net income 480,000 The company has no beginning or ending inventories. A total of 80,000 units were produced and sold last month. (Q.no. 36-39) What is the company's contribution margin ratio?

35. Period costs are ______________

36. Examples of industries that would use process costing include all of the following EXCEPT

37. Annual requirement is 7800 units; consumption per week is 150 units. Unit price Rs 5, order cost Rs 10 per order. Carrying cost Rs 1 per unit and lead time is 3 week, The Economic order quantity would be ______________

38. A An organization sold units 4000 and have closing finished goods 3500 units and opening finished goods units were 1000.The quantity of unit produced would be ______________

39. Which of these is not an objective of Cost Accounting?

40. Describe the cost unit applicable to the Bicycle industry:

41. Which of these is not a Material control technique:

42. Which one out of the following is not an inventory valuation method?

44. Costs associated with the labour turnover can be categorised into:

45. A worker is allowed 60 hours to complete the job on a guaranteed wage of Rs. 10 per hour. Under the Rowan Plan, he gets an hourly wage of Rs. 12 per hour. For the same saving in time, how much he will get under the Halsey Plan?

46. During September, 300 labour hours were worked for a total cost of Rs 4800. The variable overhead expenditure variance was Rs 600 (A). Overheads are assumed to be related to direct labour hours of active working.

What was the standard cost per labour hour?

47. A Local Authority is preparing cash Budget for its refuse disposal department. Which of the following items would not be included in the cash budget?

48. A ltd is a manufacturing company that has no production resource limitations for the foreseeable future. The Managing Director has asked the company mangers to coordinate the preparation of their budgets for the next financial year. In what order should the following budgets be prepared?

49. A process costing system for J Co used an input of 3,500Kg of materials at Rs20 per Kg and labour hours of 2,750 at Rs25 per hour. Normal loss is 20% and losses can be sold at a scrap value of Rs5per Kg. Output was 2,950 Kg. What is the value of the output?

50. State which of the following are the characteristics of service costing.