Absorption costing is also known as A. Historical costing B. Total costing C. Both a and b D. None of the above

Absorption costing is also known as
A. Historical costing
B. Total costing
C. Both a and b  
D. None of the above
by

1 Answer

Answer :

C. Both a and b
by

Related questions

___________ is not suitable where selling price is determined on the basis of cost-plus method. A. Absorption costing B. Marginal costing C. Both a and b D. None of the above

Description : ___________ is not suitable where selling price is determined on the basis of cost-plus method. A. Absorption costing B. Marginal costing C. Both a and b D. None of the above

Last Answer : B. Marginal costing

In context of net operating profit, which of the following statements are true? A. If all costs are variable, the amount of profit obtained in marginal costing and absorption costing will be same. B. If the volume of sales and output is equal in a period, profit will be same in absorption costing and marginal costing. C. Both a and b D. None of the above

Description : In context of net operating profit, which of the following statements are true? A. If all costs are variable, the amount of profit obtained in marginal costing and absorption costing will be same. B. If ... same in absorption costing and marginal costing. C. Both a and b D. None of the above

Last Answer : C. Both a and b

Marginal costing is also known as A. Direct costing B. Variable costing C. Both a and b D. None of the above

Description : Marginal costing is also known as A. Direct costing B. Variable costing C. Both a and b D. None of the above

Last Answer : C. Both a and b

Under absorption costing, managerial decisions are based on A. Profit B. Contribution C. Profit volume ratio D. None of the above

Description : Under absorption costing, managerial decisions are based on A. Profit B. Contribution C. Profit volume ratio D. None of the above

Last Answer : A. Profit

While computation of profit in marginal costing A. Total marginal cost is deducted from total sales revenues B. Total marginal cost is added to total sales revenues C. Fixed cost is added to contribution D. None of the above

Description : While computation of profit in marginal costing A. Total marginal cost is deducted from total sales revenues B. Total marginal cost is added to total sales revenues C. Fixed cost is added to contribution D. None of the above

Last Answer : A. Total marginal cost is deducted from total sales revenues

Managers utilizes marginal costing for A. Make or buy decision B. Utilization of additional capacity C. Determination of dumping price D. All of the above

Description : Managers utilizes marginal costing for A. Make or buy decision B. Utilization of additional capacity C. Determination of dumping price D. All of the above

Last Answer : D. All of the above

Which of the following statements are true? (a) Marginal costing is not an independent system of costing. (b) In marginal costing all elements of cost are divided into fixed and variable components. (c) In marginal costing fixed costs are treated as product cost. (d) Marginal costing is not a technique of cost analysis. A. A and B B. B and C C. A and D D. B and D

Description : Which of the following statements are true? (a) Marginal costing is not an independent system of costing. (b) In marginal costing all elements of cost are divided into fixed and variable components. (c) In marginal costing fixed ... cost analysis. A. A and B B. B and C C. A and D D. B and D

Last Answer : A. A and B

When the concept of ratio is defined in respected to the items shown in the financial statements, it is termed as A. Accounting ratio B. Financial ratio C. Costing ratio D. None of the above

Description : When the concept of ratio is defined in respected to the items shown in the financial statements, it is termed as A. Accounting ratio B. Financial ratio C. Costing ratio D. None of the above

Last Answer : A. Accounting ratio

Management accountancy is a structure for A. Costing B. Accounting C. Decision maki

Description : Management accountancy is a structure for A. Costing B. Accounting C. Decision maki

Last Answer : C. Decision maki

Which of the following are tools of management accounting? (i) Decision accounting (ii) Standard costing (iii) Budgetary control (iv) Human Resources Accounting A. (i), (ii) and (iii) B. (i), (iii) and (iv) C. (i),(ii) and (iii) D. (i), (ii), (iii), (iv)

Description : Which of the following are tools of management accounting? (i) Decision accounting (ii) Standard costing (iii) Budgetary control (iv) Human Resources Accounting A. (i), (ii) and (iii) B. (i), (iii) and (iv) C. (i),(ii) and (iii) D. (i), (ii), (iii), (iv)

Last Answer : C. (i),(ii) and (iii)

The definition of ________ prices is: In considering an observed price, consumers often compare it to an internal memory reference price or an external frame of reference (such as a posted “regular retail price”). A. Historical B. Reference C. Promotional D. Everyday low price E. None of the above

Description : The definition of ________ prices is: In considering an observed price, consumers often compare it to an internal memory reference price or an external frame of reference (such as a posted regular retail price ) ... B. Reference C. Promotional D. Everyday low price E. None of the above

Last Answer : B. Reference

Technique helps the manager in taking various important decisions. a) Standard costing b) marginal costing c) absorption costing d) Budgeting costing

Description : Technique helps the manager in taking various important decisions. a) Standard costing b) marginal costing c) absorption costing d) Budgeting costing

Last Answer : b) marginal costing

Technique helps the manager in taking various important decisions. a) Standard costing b) marginal costing c) absorption costing d) Budgeting costing

Description : Technique helps the manager in taking various important decisions. a) Standard costing b) marginal costing c) absorption costing d) Budgeting costing

Last Answer : b) marginal costing

Contribution is also known as A. Contribution margin B. Net Margin C. Both a and b D. None of the above

Description : Contribution is also known as A. Contribution margin B. Net Margin C. Both a and b D. None of the above

Last Answer : A. Contribution margin

Turnover ratios are also known as A. Activity ratios B. Performance ratios C. Both a and b D. None of the above

Description : Turnover ratios are also known as A. Activity ratios B. Performance ratios C. Both a and b D. None of the above

Last Answer : C. Both a and b

Cash Flow Statement is also known as A. Statement of Changes in Financial Position on Cash basis B. Statement accounting for variation in cash C. Both a and b D. None of the above

Description : Cash Flow Statement is also known as A. Statement of Changes in Financial Position on Cash basis B. Statement accounting for variation in cash C. Both a and b D. None of the above

Last Answer : C. Both a and b

IBRD (International Bank for Reconstruction and Development) also known as A. Exim Bank B. World Bank C. International Monetary fund D. International Bank

Description : IBRD (International Bank for Reconstruction and Development) also known as A. Exim Bank B. World Bank C. International Monetary fund D. International Bank

Last Answer : B. World Bank

Profit-Volume ratio is also known as A. Contribution ratio B. Contribution/Sales ratio C. Marginal Income percentage D. All of the above

Description : Profit-Volume ratio is also known as A. Contribution ratio B. Contribution/Sales ratio C. Marginal Income percentage D. All of the above

Last Answer : D. All of the above

Contribution margin center is also known as A. Expense center B. Profit center C. Investment center D. All of the above

Description : Contribution margin center is also known as A. Expense center B. Profit center C. Investment center D. All of the above

Last Answer : B. Profit center

The scare factors is also known as A. Key factor B. Abnormal factor C. Linking factor D. None of the above

Description : The scare factors is also known as A. Key factor B. Abnormal factor C. Linking factor D. None of the above

Last Answer : A. Key factor

Debtors Turnover ratio is also known as (i) Receivables turnover ratio (ii) Debtors velocity (iii) Stock velocity (iv) Payable turnover ratio A. (i) and (ii) B. (i) and (iii) C. (ii) and (iii) D. (iii) and (iv)

Description : Debtors Turnover ratio is also known as (i) Receivables turnover ratio (ii) Debtors velocity (iii) Stock velocity (iv) Payable turnover ratio A. (i) and (ii) B. (i) and (iii) C. (ii) and (iii) D. (iii) and (iv)

Last Answer : A. (i) and (ii)

Pre incorporation contract is also known as _________ A. Provisional B. Preliminary C. Illegal D. Legal

Description : Pre incorporation contract is also known as _________ A. Provisional B. Preliminary C. Illegal D. Legal

Last Answer : A. Provisional

Question: How much was the total sale of the company ? Statements: I. I.The company sold 8000 units of product A each costing Rs. 25. II. II.This company has no other product line. (a) statement (I) alone is sufficient (b) statement (II) alone is sufficient (c) Both statements (I) and (II) together are not sufficient (d) Both statements (I) and (II) together are necessary

Description : Question: How much was the total sale of the company ? Statements: I. I.The company sold 8000 units of product A each costing Rs. 25. II. II.This company has no other product line. (a) statement (I ... (I) and (II) together are not sufficient (d) Both statements (I) and (II) together are necessary

Last Answer : (d) Both statements (I) and (II) together are necessary

The sub-variance of material usage variance, known as Material mix variance is measured as A. Total standard cost - Total actual cost B. Standard cost of revised standard mix - Standard cost of actual mix C. (Standard unit price - Actual unit price) * Actual quantity used D. (Standard quantity - Actual quantity) * Unit standard price

Description : The sub-variance of material usage variance, known as Material mix variance is measured as A. Total standard cost - Total actual cost B. Standard cost of revised standard mix - Standard cost of ... unit price) * Actual quantity used D. (Standard quantity - Actual quantity) * Unit standard price

Last Answer : B. Standard cost of revised standard mix - Standard cost of actual mix

Gross Profit ratio is also termed as A. Gross Profit Margin B. Gross Margin to net sales C. Both a and b D. All of the above

Description : Gross Profit ratio is also termed as A. Gross Profit Margin B. Gross Margin to net sales C. Both a and b D. All of the above

Last Answer : C. Both a and b

Total Quality Management (TQM) focuses on A. Employee B. Customer C. Both (a) and (b) D. None of the above

Description : Total Quality Management (TQM) focuses on A. Employee B. Customer C. Both (a) and (b) D. None of the above

Last Answer : C. Both (a) and (b)

Considers the total cost of ownership, or development plus support costs, for a project. A. Learning Curve Theory B. Life Cycle Costing C. Parametric Modeling D. Rate of Performance

Description : Considers the total cost of ownership, or development plus support costs, for a project. A. Learning Curve Theory B. Life Cycle Costing C. Parametric Modeling D. Rate of Performance

Last Answer : B. Life Cycle Costing

Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost then amount on account of abnormal gain to be transferred to Costing P&L will be:- (a) Rs. 2,500 (b) Rs. 2,000 (c) Rs. 4,000 (d) Rs. 3,500

Description : Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost ... be:- (a) Rs. 2,500 (b) Rs. 2,000 (c) Rs. 4,000 (d) Rs. 3,500

Last Answer : (a) Rs. 2,500

State which of the following are the characteristics of service costing. 1. High levels of indirect costs as a proportion of total costs 2. Use of composite cost units 3. Use of equivalent units (a) (1) only (b) (1) and (2) only (c) (2) only (d) (2) and (3) only

Description : State which of the following are the characteristics of service costing. 1. High levels of indirect costs as a proportion of total costs 2. Use of composite cost units 3. Use of equivalent units (a) (1) only (b) (1) and (2) only (c) (2) only (d) (2) and (3) only

Last Answer : (b) (1) and (2) only

Which of the following statements is/are correct? 1. A materials requisition note is used to record the issue of direct material to a specific job. 2. A typical job cost will contain actual costs for material, labour and production overheads, and non –production overheads are often added as a percentage of total production cost 3. The job costing method can be applied in costing batches (a) (1) only (b) (1) and (2) only (c) (1) and (3) only (d) (2) and (3) only

Description : Which of the following statements is/are correct? 1. A materials requisition note is used to record the issue of direct material to a specific job. 2. A typical job cost will contain actual costs for material, labour and production ... 1) and (2) only (c) (1) and (3) only (d) (2) and (3) only

Last Answer : (c) (1) and (3) only

Which of the following statements are true? A. P/V Ratio can never be used to measure break-even point B. Higher the P/V ratio less will be the profit and vice versa C. Concept of P/V ratio is also used to determine profit at a given volume of sales D. All of the above

Description : Which of the following statements are true? A. P/V Ratio can never be used to measure break-even point B. Higher the P/V ratio less will be the profit and vice versa C. Concept of P/V ratio is also used to determine profit at a given volume of sales D. All of the above

Last Answer : C. Concept of P/V ratio is also used to determine profit at a given volume of sales

Deepak, Ashwani and Tarun jointly promised to pay ` 90,000 to Pradeep. Deepak was compelled by Pradeep to pay the entire amount of ` 90,000. Here: A. Deepak can file a suit against Pradeep for recovery of amount exceeding his share. B. Deepak is entitled to recover ` 30,000 each from Ashwani and Tarun C. On payment by Deepak, the contract is discharged and Ashwani and Tarun are also not liable to Deepak. D. Pradeep is not justified here and is liable to refund the entire amount to Deepak.

Description : Deepak, Ashwani and Tarun jointly promised to pay ` 90,000 to Pradeep. Deepak was compelled by Pradeep to pay the entire amount of ` 90,000. Here: A. Deepak can file a suit against Pradeep for ... to Deepak. D. Pradeep is not justified here and is liable to refund the entire amount to Deepak.

Last Answer : B. Deepak is entitled to recover ` 30,000 each from Ashwani and Tarun

In case of void agreements, collateral transactions are A. Also void B. Unenforceable C. Not affected D. Illegal

Description : In case of void agreements, collateral transactions are A. Also void B. Unenforceable C. Not affected D. Illegal

Last Answer : A. Also void

When channel members assume responsibility for one or more of the marketing flows over at least two separate levels of distribution manufacturing and wholesaling, in fact, such systems are synonymous with both forward and backward vertical integration is known as………… A. Corporate vertical marketing systems B. Contractual vertical marketing systems C. Administered vertical marketing systems D. None of the above

Description : When channel members assume responsibility for one or more of the marketing flows over at least two separate levels of distribution manufacturing and wholesaling, in fact, such systems are synonymous ... vertical marketing systems C. Administered vertical marketing systems D. None of the above

Last Answer : A. Corporate vertical marketing systems

Nominal GDP is A. The total value of goods and services net of exports B. The total value of goods and services produced during periods of low unemployment C. The total value of goods and services measured at current prices D. The total value of goods and services produced at full employment.

Description : Nominal GDP is A. The total value of goods and services net of exports B. The total value of goods and services produced during periods of low unemployment C. The total value of goods and services measured at current prices D. The total value of goods and services produced at full employment.

Last Answer : C. The total value of goods and services measured at current prices

What is Gross National Product: A. The total output of goods and services produced by the country’s economy B. The total domestic and foreign output claimed by residents of the country C. The sum of gross domestic product and investment

Description : What is Gross National Product: A. The total output of goods and services produced by the country’s economy B. The total domestic and foreign output claimed by residents of the country C. The sum of gross domestic product and investment

Last Answer : B. The total domestic and foreign output claimed by residents of the country

Direct material cost + direct labor cost + other variable costs is equal to… A. Contribution B. Total cost C. Marginal cost D. Sales

Description : Direct material cost + direct labor cost + other variable costs is equal to… A. Contribution B. Total cost C. Marginal cost D. Sales

Last Answer : A sales forecast is only......

Angle of incidence is the angle at which A. Total revenue line intersects the total cost line B. Total cost line intersects the variable cost line C. Variable cost line intersects fixed cost line D. Fixed cost line intersects total revenue line

Description : Angle of incidence is the angle at which A. Total revenue line intersects the total cost line B. Total cost line intersects the variable cost line C. Variable cost line intersects fixed cost line D. Fixed cost line intersects total revenue line

Last Answer : A. Total revenue line intersects the total cost line

Which of the following are characteristics of B.E.P? A. There is no loss and no profit to the firm. B. Total revenue is equal to total cost. C. Contribution is equal to fixed cost. D. All of the above.

Description : Which of the following are characteristics of B.E.P? A. There is no loss and no profit to the firm. B. Total revenue is equal to total cost. C. Contribution is equal to fixed cost. D. All of the above.

Last Answer : D. All of the above.

Under High and Low Point method, the output at two different levels is compared with the amount of __________ incurred at these two points. A. Total fixed costs B. Total costs C. Total fixed costs D. None of the above

Description : Under High and Low Point method, the output at two different levels is compared with the amount of __________ incurred at these two points. A. Total fixed costs B. Total costs C. Total fixed costs D. None of the above

Last Answer : B. Total costs

Marginal cost is computed as A. Prime cost + All Variable overheads B. Direct material + Direct labour + Direct Expenses + All variable overheads C. Total costs – All fixed overheads D. All of the above

Description : Marginal cost is computed as A. Prime cost + All Variable overheads B. Direct material + Direct labour + Direct Expenses + All variable overheads C. Total costs – All fixed overheads D. All of the above

Last Answer : A. Prime cost + All Variable overheads

The formula used for calculation of labour rate variance is A. Total standard labour cost of actual output - Total actual cost of actual output B. (Standard rate per hour - Actual rate per hour) * Actual Hours C. (Standard time - Actual time) * Standard rate per hour D. Abnormal idle hours * Standard hourly rate

Description : The formula used for calculation of labour rate variance is A. Total standard labour cost of actual output - Total actual cost of actual output B. (Standard rate per hour - Actual rate per hour) ... time - Actual time) * Standard rate per hour D. Abnormal idle hours * Standard hourly rate

Last Answer : B. (Standard rate per hour - Actual rate per hour) * Actual Hours

If the activity level increases 10%, total variable costs will A. remain the same B. increase by more than 10% C. decrease by less than 10% D. increase by10%

Description : If the activity level increases 10%, total variable costs will A. remain the same B. increase by more than 10% C. decrease by less than 10% D. increase by10%

Last Answer : D. increase by10%

Conversion cost is the sum total of: A. Direct material cost and direct wages cost B. Direct wages, direct expenses and factory overheads C. Indirect wages and factory overheads D. Indirect wages, direct wages & factory overheads

Description : Conversion cost is the sum total of: A. Direct material cost and direct wages cost B. Direct wages, direct expenses and factory overheads C. Indirect wages and factory overheads D. Indirect wages, direct wages & factory overheads

Last Answer : C. Indirect wages and factory overheads

The total number of Vedas is _______. A. One B. Two C. Three D. Fou

Description : The total number of Vedas is _______. A. One B. Two C. Three D. Four

Last Answer : D. Four

Malcolm Baldrige national quality award is for (MBNQA) A. Total Quality Management B. International Standard Organization C. Total Productive Maintenance D. Total Quality Control

Description : Malcolm Baldrige national quality award is for (MBNQA) A. Total Quality Management B. International Standard Organization C. Total Productive Maintenance D. Total Quality Control

Last Answer : A. Total Quality Management

Methods used to determine total budget for advertising its market offerings are A. affordable method B. competitive parity method C. percentage of sales method D. all of above

Description : Methods used to determine total budget for advertising its market offerings are A. affordable method B. competitive parity method C. percentage of sales method D. all of above

Last Answer : D. all of above

Consumers ________ low-cost products or items they buy infrequently. A. Prefer the lowest total cost of ownership of B. Remember prices of C. Are ambivalent to prices of D. Are more price sensitive to E. Are less price sensitive to

Description : Consumers ________ low-cost products or items they buy infrequently. A. Prefer the lowest total cost of ownership of B. Remember prices of C. Are ambivalent to prices of D. Are more price sensitive to E. Are less price sensitive to

Last Answer : E. Are less price sensitive to

Total managerial remuneration cannot exceed ____% of net profit A. 11 B. 12 C. 13 D. 14

Description : Total managerial remuneration cannot exceed ____% of net profit A. 11 B. 12 C. 13 D. 14

Last Answer : A. 11

Which historical personality of India is also known as Vishnugupta? -Do You Know?

Description : Which historical personality of India is also known as Vishnugupta? -Do You Know?

Last Answer : answer: