Cost and Managerial Accounting

291. Sales budget is a

1. Functional budget
2. Master budget
3. Expenditure budget
4. none of these

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292. The budget which commonly takes the form of budgeted profit and loss account and balance sheet is

1. cash budget
2. master budget
3. flexible budget
4. fixed budget

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293. The deviation of the actual cost or profit or sales from the standard cost or profit or sale is known as ______________

1. Difference
2. Variance
3. Discrepancy
4. Inconsistency

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294. Labour cost variance is the difference between standard cost of labour and ______________

1. Budgeted cost of labour
2. Estimated cost of labour
3. Actual cost of labour
4. None of these

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295. The technique of standard costing may not be applicable in case of

1. Large concerns
2. Small concerns
3. All concerns
4. Both b & c

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296. A favourable variance will arise when capital revenues are ______________ than expected.

1. More
2. Less
3. Lesser
4. None of the above

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297. Labour rate variance is computed by multiplying the

1. Standard labour rate with the difference between standard labour hours and actual labour hours
2. Actual labour hours with the difference between standard labour hours and actual labour hours
3. Actual labour rate with the difference between standard labour rate and actual labour hours.
4. None of the above

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298. ______________ is a post mortem of past costs.

1. Financial accounting
2. cost accounting
3. both a & b
4. none of these

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299. Operating costing is also known as ______________ costing.

1. Service
2. batch
3. multiple
4. job

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300. Cost accounting provides data for managerial ______________

1. Decision making
2. recruitment
3. retrenchment
4. none of the above.

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