Cost and Managerial Accounting

351. ______________ budget gives an estimate of the anticipated receipts and payment of cash during the budget period.

1. Sales
2. Production
3. Cash
4. Master

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352. Capacity Ratio=

1. Number of actual working days in a period x 100
   Number of working days in the budget period
2. Actual hours worked x 100
   Budgeted hours
3. Standard hours for actual production x 100
   Actual hours worked
4. Standard hours for actual productionx 100
   Budgeted standard hours

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353. The difference between fixed and variable cost has a special significance in the preparation of

1. Flexible budget
2. master budget
3. cash budget
4. sales budget

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354. Management by exception is exercising control over ______________

1. Costs
2. Favourable items
3. Unfavourable items
4. all of these

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355. Material Usage Variance=Material Mix Variance + ______________

1. Material Yield Variance
2. Material cost variance
3. Material price variance
4. Material quantity variance

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356. Volume Variance =

1. Standard rate (Actual output-budgeted output)
2. Actual output x standard rate-budgeted fixed overheads
3. Standard rate per hour(standard hours produced-actual hours)
4. All of the above

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357. In automobile, ______________ costing is used

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

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358. ______________ is the cost which involves payment to outsiders.

1. Out of pocket cost
2. Imputed cost
3. notional cost
4. none of these

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359. Material should be issued by the store keeper against ______________

1. Material requisition
2. bill of materials
3. both a & b
4. none of these

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360. Inventory turnover ratio = Cost of inventory consumed during the period ÷ Cost of ______________ held during the period

1. Average inventory
2. minimum inventory
3. maximum inventory
4. none of these

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