Cost Accounting

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In costing and budgeting hierarchy, an example of product sustaining cost is

In costing and budgeting hierarchy, an example of product sustaining cost is
  • A. initial offering cost
  • B. batch marketing cost
  • C. product marketing cost
  • D. product design cost
  • Correct Answer: Option D

Total transferred-out cost plus normal spoilage is divided by number of goods units produced to calculate

Total transferred-out cost plus normal spoilage is divided by number of goods units produced to calculate
  • A. cost per good units transferred out
  • B. cost per good units transferred in
  • C. revenue per good units transferred out
  • D. revenue per good units transferred in
  • Correct Answer: Option A

Centers such as revenue, cost, investment and profit all are known as

Centers such as revenue, cost, investment and profit all are known as
  • A. marketing center
  • B. financial center
  • C. responsibility center
  • D. planning center
  • Correct Answer: Option C

Span time from initial research and development of product till support and customer service, if not offered for that particular product will be called

Span time from initial research and development of product till support and customer service, if not offered for that particular product will be called
  • A. product life cycle
  • B. life cycle budgeting
  • C. life cycle costing
  • D. target costing
  • Correct Answer: Option A

Last step in developing operating budget is

Last step in developing operating budget is
  • A. implementing income
  • B. implementing decision
  • C. efficient implementation
  • D. effective implementation
  • Correct Answer: Option B

Decisions made by team of individuals or single person, whether to outsource products or in-source are classified as

Decisions made by team of individuals or single person, whether to outsource products or in-source are classified as
  • A. demand or supply decisions
  • B. make or buy decisions
  • C. relevant or irrelevant decision
  • D. idle or busy decisions
  • Correct Answer: Option B

Difference that exists between total revenues, can be earned from two different alternatives is termed as

Difference that exists between total revenues, can be earned from two different alternatives is termed as
  • A. independent revenue
  • B. incremental revenue
  • C. differential revenue
  • D. dependent revenue
  • Correct Answer: Option C

Throughout period costs, costing methods are treated as

Throughout period costs, costing methods are treated as
  • A. manufacturing in period
  • B. expenses of period
  • C. incurred in period
  • D. accrual in period
  • Correct Answer: Option B

Situation in which two or more independent variables are highly correlated is known as

Situation in which two or more independent variables are highly correlated is known as
  • A. price linearity
  • B. cost linearity
  • C. division linearity
  • D. multi-collinearity
  • Correct Answer: Option D

Method which allocates cost of support department to only operating departments is called

Method which allocates cost of support department to only operating departments is called
  • A. indirect method
  • B. direct method
  • C. step down method
  • D. reciprocal method
  • Correct Answer: Option B

If contribution margin per unit is $500 and contribution margin percentage is 25%, then selling price will be

If contribution margin per unit is $500 and contribution margin percentage is 25%, then selling price will be
  • A. $2,000
  • B. $5,250
  • C. $4,280
  • D. $3,860
  • Correct Answer: Option A

Considering dual rate method, if employees work for 8500 budgeted hours at $120 per hour and work for 9500 actual hours at $110 per hour, then total cost would be

Considering dual rate method, if employees work for 8500 budgeted hours at $120 per hour and work for 9500 actual hours at $110 per hour, then total cost would be
  • A. $2,078,000
  • B. $3,078,000
  • C. $2,065,000
  • D. $3,065,000
  • Correct Answer: Option C

Schedule of expected disbursements and cash receipts is considered as

Schedule of expected disbursements and cash receipts is considered as
  • A. planned schedule
  • B. cash budget
  • C. market budget
  • D. price schedule
  • Correct Answer: Option B

System which measures budget, action and plan of each responsibility center is known as

System which measures budget, action and plan of each responsibility center is known as
  • A. budgeted accounting
  • B. action accounting
  • C. planned accounting
  • D. responsibility accounting
  • Correct Answer: Option D

Cost, which is related to specific cost object and economically traceable, will be classified as

Cost, which is related to specific cost object and economically traceable, will be classified as
  • A. direct cost
  • B. indirect cost
  • C. line cost
  • D. staff cost
  • Correct Answer: Option A
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