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Cost Accounting
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Cost Accounting
In case of rising prices (inflation), LIFO will:
provide lowest value of closing stock and profit
provide highest value of closing stock and profit
provide highest value of closing stock but lowest value of profit
provide highest value of profit but lowest value of closing stock
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rikazzz
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Cost Accounting
An efficiency variance is 200 units and the actual input quantity is 500 units, then the budgeted input quantity will be
300 units
700 units
800 units
500 units
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rikazzz
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Cost Accounting
An assumption, which states that there must be linear relationship between independent variable and dependent variable is
irrelevant range of linearity
relevant range of linearity
significant range
insignificant range
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rikazzz
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Cost Accounting
The cost computed by dividing total manufacturing cost and total manufactured units is known as
per unit cost
total cost
total indirect cost
total effective cost
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rikazzz
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Cost Accounting
The cost analysis method, which uses mathematical method to use fit between past data observations and cost functions is termed as
quantitative analysis method
qualitative analysis method
account analysis method
conference analysis method
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rikazzz
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Cost Accounting
A favorable total sales variance could have been the result of:
A price cut leading to a proportionality lower increase in sales volume
A price cut leading to a proportionality higher increase in sales volume
Lower output leading to favorable total cost variances
A fall in sales volume and a price reduction
Author:
rikazzz
Comment
Cost Accounting
The component of factory overhead are as follows:
Direct material + Indirect material+ Direct expenses
Indirect material + Indirect labor + Others indirect cost
Direct material + Indirect expenses + Indirect labor
Direct labor + Indirect labor + Indirect expenses
Author:
rikazzz
Comment
Cost Accounting
The flexible budget amount is added in to fixed overhead flexible budget variance to calculate
incurred manufacturing
incurred production cost
actual incurred cost
incurred labor cost
Author:
rikazzz
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Cost Accounting
If the flexible budget amount is $26000 and fixed overhead flexible budget variance is $12500, then actual incurred cost would be
$38,500
$48,500
$58,500
$13,500
Author:
rikazzz
Comment
Cost Accounting
The second step, in constant gross margin percentage Net Realizable Value (NRV) method, to allocate joint cost is to compute
allocated joint costs
cost of split off point
Gross margin percentage
total production cost of each product
Author:
rikazzz
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