Cost and Managerial Accounting

251. In ______________ costing where standardized goods or services result from a sequence of repetitive and more or less continuous operations to which costs are collected and averaged over the units produced during the year:

1. Multiple
2. Process
3. Operation
4. single.

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252. When the actual loss is more than the estimated loss, the difference between the two is considered to be ______________

1. Abnormal loss
2. normal loss
3. loss
4. none of these

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253. ______________ process loss should be transferred to costing profit & loss account.

1. Abnormal
2. normal
3. both a& b
4. none of these

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254. In process costing, the abnormal loss is treated as ______________ cost and written off to profit & loss account.

1. Unit
2. period
3. future
4. process

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255. ______________ is a budget which is updated continuously by adding a further period (a month/quarter) and deducting a corresponding earlier period.

1. Rolling budget
2. continuous budget
3. annual budget
4. both a & b

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256. ______________ is a summary of all function budgets in a Capsule form.

1. Master Budget
2. Sales budget
3. Performance budget
4. Cash Budget

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257. The primary difference between a fixed budget and a variable(flexible) budget is that a fixed budget:

1. Includes only fixed costs, while a variable budget includes only variable costs.
2. Is concerned only with future acquisitions of fixed assets, while a variable budget is concerned with expenses which vary with sales.
3. Cannot be changed after the period begins, while a variable budget can be changed after the period begins.
4. Is a plan for a single level of sales(or other measure of activity), while a variable budget consists of several plans, one for each of several levels of sales (or other measure of activity)

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258. Three types of standards are ______________

1. Current standard, basic standard and normal standard
2. Currency standard, basel standard and actual standard
3. Actual standard, estimated standard and expected standard
4. Expected standard, ideal standard and current standard

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259. Idle time variance is ______________

1. Idle time x actual labour
2. Idle time x standard rate
3. Idle time x budgeted labour rate
4. Idle time x historical cost

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260. Material mix variance = standard cost of standard mix - ______________

1. Actual cost of actual mix
2. Actual cost of standard mix
3. Standard cost of actual mix
4. Standard cost of budgeted mix

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