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Cost Accounting
In cost Accounting, abnormal loss is charged to:
Factory overhead control account
Work in process account
Income statement
Entire production
Author:
rikazzz
Comment
Cost Accounting
If the total revenue is $10000 and the total variable cost is $4000, then the contribution margin would be
$25,000
$14,000
$6,000
$8,400
Contribution margin = Total Revenue – Total variable cost = $10000-$4000 = $6000 The correct answer is $6000
Author:
rikazzz
Comment
Cost Accounting
Concentrating on things that are deviating from planned results only is known as:
Management by exception
Crisis management
Standard costing
Management by costing
Author:
rikazzz
Comment
Cost Accounting
Which of the following would explain an adverse variable production overhead efficiency variance:
Employees were of a lower skill level than specified in the standard
Unexpected idle time resulted from a series of machine breakdown
Poor Quality material was difficult to process
and (C)
Author:
rikazzz
Comment
Cost Accounting
A budget which is prepared in a manner so as to give the budgeted cost for any level of activity is known as:
Master budget
Zero base budget
Functional budget
Flexible budget
Author:
rikazzz
Comment
Cost Accounting
A cost that has been incurred but cannot be changed by present or future decisions is called:
Sunk cost
Differential cost
Opportunity cost
Marginal cost
Author:
rikazzz
Comment
Cost Accounting
What standard is based upon the assumption that everything operates at the maximum level of efficiency?
Attainable standard
Efficient standard
Realistic standard
Ideal standard
Author:
rikazzz
Comment
Cost Accounting
A profit center is a center:
Where the manager has the responsibility of generating and maximizing profits
Which is concerned with earning an adequate Return on Investment
Both of the above
Which manages cost
Author:
rikazzz
Comment
Cost Accounting
The impact on net operating income of any given dollar change in total sales can be computed by applying which ratio to the dollar change:
Profit margin
Variable cost ratio
contribution margin
Ratio of variable to fixed expenses
Author:
rikazzz
Comment
Cost Accounting
Which of the following is a reason why a firm would want to implement ABC?
It may help make decision making more accurate
The precision of ABC may be too small to justify its implementation
The firm only produces a single product
Costs of implementation are too high
Author:
rikazzz
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