Cost and Managerial Accounting

71. ____________ is a detailed budget of cash receipts and cash expenditure incorporating both revenue and capital items.

1. Cash Budget
2. Capital Expenditure Budget
3. Sales Budget
4. Overhead Budget

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72. If credit sales for the year is Rs. 5,40,000 and Debtors at the end of year is Rs. 90,000 the Average Collection Period will be

1. 30 days
2. 61 days
3. 90 days
4. 120 days

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73. Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost then amount on account of abnormal gain to be transferred to Costing P&L will be:-

1. Rs. 2,500
2. Rs. 2,000
3. Rs. 4,000
4. Rs. 3,500

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74. Responsibility Centre can be categorised into:

1. Cost Centres only
2. Profit Centres only
3. Investment Centres only
4. Cost Centres, Profit Centres and Investment Centres

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75. Calculate the prime cost from the following information:
Direct material purchased: Rs. 1,00,000
Direct material consumed: Rs. 90,000
Direct labour: Rs. 60,000
Direct expenses: Rs. 20,000
Manufacturing overheads: Rs. 30,000

1. Rs. 1,80,000
2. Rs. 2,00,000
3. Rs. 1,70,000
4. Rs. 2,10,000

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76. Bin Card is a

1. Quantitative as well as value wise records of material received, issued and balance;
2. Quantitative record of material received, issued and balance
3. Value wise records of material received, issued and balance
4. a record of labour attendance

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77. Calculate EOQ (approx.) from the following details:
Annual Consumption: 24000 units
Ordering cost: Rs. 10 per order
Purchase price: Rs. 100 per unit
Carrying cost: 5%

1. 310
2. 400
3. 290
4. 300

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78. Calculate the value of closing stock from the following according to Weighted Average method:
1st January, 2014: Opening balance: 50 units @ Rs. 4
Receipts:
5th January, 2014: 100 units @ Rs. 5
12th January, 2014: 200 units @ Rs. 4.50
Issues:
2nd January, 2014: 30 units
18th January, 2014: 150 units

1. Rs. 765
2. Rs. 805
3. Rs. 786
4. Rs. 700

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79. Labour turnover means:

1. Turnover generated by labour
2. Rate of change in composition of labour force during a specified period
3. Either of the above
4. Both of the above

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80. Overhead refers to:

1. Direct or Prime Cost
2. All Indirect costs
3. only Factory indirect costs
4. Only indirect expenses

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