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Cost Accounting
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Cost Accounting
The FIFO inventory costing method (when using a perpetual inventory system) assumes that the cost of the earliest units purchased is allocated in which of the following ways:
First to be allocated to the ending inventory
Last to be allocated to the cost of goods sold
Last to be allocated to the ending inventory
First to be allocated to the cost of goods sold
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Cost Accounting
The budgeted income statement and the supporting budget schedules are categorized under
focused statement
slack statement
budgeted income statement
operating budget
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Cost Accounting
An additional cost, incurred for some specific activity to bring processed product on to next production stage is
partial cost
relevant cost
incremental cost
irrelevant cost
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Cost Accounting
If the sales budget variance for operating income is $58000 and the static budget amount is $15000, then flexible budget amount will be
$43,000
$73,000
$63,000
$53,000
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rikazzz
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Cost Accounting
In a joint process of production, the product which yields low volume of sales as compared to total sales of other products, specify as
Second incremental product
First incremental product
step down product
byproduct
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rikazzz
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Cost Accounting
The second step for estimation of cost function by using quantitative analysis is to
choose independent variable
choose cost estimation method
choose price estimation method
choose dependent variable
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rikazzz
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Cost Accounting
If an actual price of material is $700 and the budgeted price is $900, then the
cost variance is favorable
cost variance is unfavorable
price variance is favorable
price variance is unfavorable
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rikazzz
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Cost Accounting
If a company uses large quantity of input than the budgeted quantity for output level, then the company is known to be
variable growth of company
constant growth of company
company is inefficient
company is efficient
Author:
rikazzz
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Cost Accounting
The first step in estimation of cost function by using quantitative analysis is to
choose price estimation method
choose dependent variable
choose independent variable
choose revenue estimation method
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rikazzz
Comment
Cost Accounting
The factor, which is largely considered in making or buying decisions is
quality of suppliers
dependability of suppliers
production irrelevancy
both a and b
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