Cost and Managerial Accounting

331. The type of standard best suitable for cost control purpose is

1. Basic standard
2. Ideal standard
3. Normal standard
4. Expected standard

View answer

332. ______________ is the oldest branch of accounting.

1. Financial accounting
2. cost accounting
3. management accounting
4. none of these

View answer

333. ______________ costing is a type or technique of costing.

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

View answer

334. The method of costing used in a refinery is ______________ costing.

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

View answer

335. Fixed cost ______________ in the same proportion in which output changes.

1. does not change
2. changes
3. increases
4. none of these.

View answer

336. ______________ cost is irrecoverable cost.

1. marginal
2. out of pocket
3. Sunk
4. none of these

View answer

337. An opportunity cost does not involve ______________

1. Cash outlays
2. direct cost
3. indirect cost
4. none of the above

View answer

338. Material control does not cover the following stage.

1. Purchase of materials
2. storing of materials
3. issue of materials
4. production

View answer

339. Last in first out method is suitable in times of ______________

1. Rising prices
2. falling prices
3. fluctuating prices
4. none of these

View answer

340. Re-ordering level = Maximum consumption x ______________

1. Average re-order period
2. Maximum usage
3. Maximum re-order period
4. Normal usage

View answer