Professional Documents
Culture Documents
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10. Multiple costing is a technique of using two or more costing methods for ascertainment of cost by
_____.
A. the same firm.
B. the several firms.
C. the same industry
D. the several industries.
ANSWER: A
11. Wages paid to a labour who was engaged in production activities can be termed as _______.
A. direct cost.
B. indirect cost.
C. sunk cost.
D. imputed cost.
ANSWER: A
12. The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost.
B. historical cost.
C. sunk cost.
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D. shutdown cost.
ANSWER: D
19. Which one of the following is not considered for preparation of cost sheet?
A. Factory cost.
B. Goodwill written off.
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C. Labour cost.
D. Selling cost.
ANSWER: B
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B. selling overhead
C. distribution overhead.
D. administration overhead.
ANSWER: D
29. Office and administrative expenses can be charged on the basis of _______.
A. material cost.
B. labour cost.
C. prime cost.
D. factory cost.
ANSWER: C
30. Selling and distribution expenses can be charged on the basis of _______.
A. material cost.
B. labour cost.
C. prime cost.
D. factory cost.
ANSWER: C
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A. property tax.
B. interest on capital.
C. direct material cost.
D. depreciation of machinery.
ANSWER: C
34. Cost accounting concepts include all the following except ________.
A. planning.
B. controlling.
C. profit sharing
D. product costing.
ANSWER: C
38. A document which provides for the detailed cost centre and cost unit is _____.
A. tender.
B. cost sheet.
C. invoice.
D. profitStatement.
ANSWER: B
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40. The ascertainment of costs after they have been incurred is known as ____.
A. marginal costing.
B. historical costing.
C. sunk cost.
D. notional cost.
ANSWER: B
45. According to which method of pricing issues is close to current economic values?
A. Last In First Out.
B. First In First Out
C. Highest In First Out
D. weighted average price.
ANSWER: A
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47. Which of the following methods of stock control aims at concentrating efforts on selected items of
material?
A. Perpetual inventory system.
B. Material turnover ratio.
C. Level setting.
D. ABC analysis.
ANSWER: D
48. In which of the following methods issues of materials are priced at a predetermined rate?
A. Inflated price method.
B. Standard price method.
C. Replacement price method.
D. Specific price method.
ANSWER: B
49. In which of the following methods issues of materials are priced at the price prevailing at the time of
issue?
A. Inflated price method.
B. Standard price method.
C. Replacement price method.
D. Specific price method.
ANSWER: C
50. In base stock method of pricing the material issues, the term base stock represents the ____.
A. quantity of stock being issued.
B. stock in balance.
C. minimum stock.
D. maximum stock.
ANSWER: C
51. Material consumed is Rs. 5,00,000 Opening stock of raw material is Rs. 50,000 and Closing stock of
raw material is Rs. 25,000. What is the cost of raw material purchased?
A. Rs. 4,50,000.
B. Rs. 4,75,000.
C. Rs. 5,25,000.
D. Rs. 5, 50,000.
ANSWER: B
52. If selling price is Rs. 25,000 and profit is Rs. 5,000 then what is the percentage of profit on cast?
A. 20%.
B. 25%.
C. 33.33%.
D. 35%.
ANSWER: B
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B. issue of material.
C. purchase of material.
D. purchase, storage and issue of material.
ANSWER: D
55. Stock control through stock levels and EOQ is called __________.
A. demand and supply method.
B. perpetual inventory system.
C. control by important and exception
D. . automatic order method.
ANSWER: B
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61. Average method of pricing the material issues is useful when _____.
A. material prices are rising.
B. material prices are falling.
C. material prices are constant.
D. material prices are fluctuating.
ANSWER: D
65. The document which is prepared after receiving and inspecting material _____.
A. material record note.
B. goods received note.
C. bill of material.
D. inventory record.
ANSWER: B
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80. Those cost which is incurred to prevent the labour turnover ______.
A. management cost.
B. replacement cost.
C. preventive cost.
D. compensation cost.
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ANSWER: C
82. An employee is eligible for getting overtime wage if he/she works for more than ____.
A. 6 hrs a day.
B. 8 hrs a day.
C. 9 hrs a day.
D. 12 hrs a day.
ANSWER: B
83. Which of the following methods of wage payment is most suitable where quality and accuracy of work
is of primary importance?
A. Piece rate system.
B. Time rate system.
C. Differential piece rate system.
D. .Halsey premium plan.
ANSWER: B
84. Cost of idle time arising due to non availability of raw material is _______.
A. charged to costing profit and loss account.
B. charged to financial profit and loss account.
C. charged to factory overhead.
D. recovered by inflating the wage rate.
ANSWER: A
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C. payroll department.
D. engineering department.
ANSWER: D
88. Under Gantts task and bonus plan no bonus is payable to a worker if his efficiency is less than
_________.
A. 50%.
B. 60%.
C. 83.5%.
D. 100%.
ANSWER: D
89. When standard output is 10 units per hour and actual output is 12 units per hour, the efficiency is
________.
A. 75%.
B. 80%.
C. 90%.
D. 120%.
ANSWER: D
90. Given that for a job standard time is 8 hrs, actual time taken is 6 hrs and the time rate is Rs. 2 per hr.
What is the total wages under Halsey premium plan?
A. Rs. 12.
B. Rs. 14.
C. Rs. 16.
D. Rs. 18.
ANSWER: B
91. Comparing Rowan plan and Halsey plan, it is seen that when the time saved is less than 50% of the
standard time _________.
A. Rowan plan allows more wages to a worker than Halsey plan.
B. Rowan plan allows less wages to a worker than Halsey plan.
C. Rowan and Halsey plan allow equal wages to a worker.
D. Rowan plan and Halsey plan are equal to ordinary time wage.
ANSWER: A
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ANSWER: A
99. How many rate are used to calculate wages under Taylorss differential piece rate system?
A. two
B. three
C. four
D. five
ANSWER: B
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D. chargeable expenses.
ANSWER: A
103. Allotment of overhead incurred for a particular cost centre to that specific cost centre is _________.
A. allocation.
B. allotment.
C. primary distribution.
D. secondary distribution.
ANSWER: A
106. A former producing only wheat for which price is fixed by government should have a costing system
in order to ________.
A. ascertain the profit earned by him.
B. establish the cost per quintal of wheat produced by him.
C. control the various cost incurred.
D. ascertain the marginal cost.
ANSWER: A
107. The process of setting standards and comparing actual performance with standards with a view to
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108. Under ABC method of material control, the material are classified according to ___.
A. its value.
B. its usage.
C. its nature.
D. its availability.
ANSWER: A
109. The use of several under takings of the same costing principles and/or practices are known as
_____________.
A. marginal costing.
B. historical costing.
C. absorption costing.
D. uniform costing
ANSWER: D
110. The loss which arise in manufacturing activity on account of inherent nature of the product is
__________.
A. normal loss.
B. abnormal loss.
C. net loss.
D. gross loss.
ANSWER: A
112. In order to avoid the stoppage of production due to shortage of material _______.
A. maximum stock level is maintained.
B. minimum stock level is maintained.
C. re-order level is maintained.
D. average stock level is maintained.
ANSWER: B
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114. This is a point at which the store keeper should initiate purchase requisition for fresh supply. It is
__________.
A. maximum stock level.
B. minimum stock level.
C. reorder level.
D. average stock level.
ANSWER: C
115. This is a level at which normal issue of material are stopped, but issued under special condition. It is
___________.
A. maximum stock level.
B. minimum stock level.
C. danger level.
D. average stock level.
ANSWER: C
118. Annual usage is 6000 units @ Rs. 20 per unit. Cost of placing an order is Rs. 60 and annual carrying
cost of one unit is 10% of inventory value. EOQ = _____.
A. 600 units.
B. 750 units.
C. 1200 units.
D. 1250 units.
ANSWER: A
119. The method in which issue prices of material is computed by dividing total purchase cost of material
in stock with total quantity in stock ________.
A. Simple average method.
B. weighted average method.
C. periodical average method.
D. periodic simple average method.
ANSWER: B
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120. If Minimum stock level is 900 units and economic order quantity is 750 units, then average stock level
= ______________.
A. 825 units.
B. 1275 units.
C. 1525 units.
D. 1650 units.
ANSWER: B
121. Under which method the rate of wages are linked with the cost of living index?
A. Flat time rate.
B. High day rate.
C. Measured day rate.
D. Graduated time rate.
ANSWER: D
123. Under which plan efficiency is shared by employee and employer equally?
A. Time rate.
B. Gantts task and bonus plan.
C. Halsey plan.
D. Rowan plan.
ANSWER: C
124. Which of the following method of wage payment is most suitable where the speed of production is
beyond the control of worker?
A. Time rate system.
B. Piece rate system.
C. Halsey premium system.
D. Rowan premium plan.
ANSWER: A
125. Standard time for 10 units of production is 12 minutes. A worker produced 200 units in 3 hours. Time
saved = ____________.
A. 1/2 hour.
B. 1 hours.
C. 1 1/2 hours.
D. 21/2 hours.
ANSWER: B
126. Under which method of wage payment, wages are influenced by idle time?
A. Straight piece rate.
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127. Standard time is 60 hours and guaranteed time rate is 50 paise per hour. What is the amount of wages
if job is completed in 40 hours? (Rowan plan is in use) ______.
A. Rs. 24.00
B. Rs. 26.67.
C. Rs. 28.80.
D. Rs. 30.00.
ANSWER: B
128. The allotment of whole item of cost to cost centre or cost units is called _____.
A. cost allocation
B. cost apportionment.
C. cost absorption.
D. cost disbursement.
ANSWER: A
132. Charging to a cost centre those overheads that result solely from the existence of that cost centre is
known as ________.
A. allocation.
B. apportionment.
C. absorption.
D. allotment.
ANSWER: A
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136. Which method of absorption of factory overheads do you suggest in a concern which produces only
one uniform item of product?
A. Percentage of direct wages basis.
B. Direct labour rate basis.
C. Machine hour rate.
D. A rate per unit of output.
ANSWER: D
137. When the actual overhead is more than absorbed overhead it is known as ________.
A. over absorption.
B. under absorption.
C. equal absorption.
D. major absorption.
ANSWER: B
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D. distribution overhead.
ANSWER: C
140. Number of worker employed is used as basis for the apportionment of _____.
A. rent.
B. canteen expenses.
C. PF contribution.
D. rate and tax.
ANSWER: B
145. The process of allocating and apportioning the costs on suitable basis to all the departments is
_______.
A. departmentalization.
B. primary distribution.
C. secondary distribution.
D. classification.
ANSWER: B
146. The process of grouping of costs according to some common characteristics ____.
A. absorption.
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B. primary distribution.
C. secondary distribution.
D. classification.
ANSWER: D
147. The process of redistribution of service department costs to production departments is __________.
A. departmentalization.
B. primary distribution.
C. secondary distribution.
D. classification.
ANSWER: C
152. When there is no inter departmental services between two service departments then which of the
following method of distribution can be used?
A. Direct redistribution method.
B. Step method.
C. Trial and error method.
D. Repeated distribution method.
ANSWER: A
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159. Charging output with overhead at reasonable rate is called ______________. a. allocation.
A. allocation
B. appropriation.
C. apportionment.
D. absorption.
ANSWER: C
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162. When the actual overhead is less than the absorbed overhead it is ________.
A. over absorption.
B. under absorption.
C. equal absorption.
D. major absorption.
ANSWER: B
163. In which method of overhead absorption, the overhead rate will not be in percentage?
A. Direct labour method.
B. Direct wage method.
C. Prime cost method.
D. Labour hour method.
ANSWER: D
164. Factory overhead is Rs. 3,00,000. and direct material cost is Rs. 5,00,000.What is the overhead rate
under direct material cost method?
A. 25%
B. 30%
C. 60%
D. 166.67%
ANSWER: C
165. Works overhead is Rs. 40,000, total machine hours is 8500 hours and time allowed for machine
setting is 500 hours. What is the machine rate?
A. Rs. 2 per hour
B. Rs. 3 per hour
C. Rs. 4 per hour
D. Rs. 5 per hour
ANSWER: D
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C. cost of sales.
D. cost of production.
ANSWER: A
167. Cost of the machine is Rs. 95,000 and installation charges is Rs.15,000. Scrap value at the end of the
working life of 10 years is Rs. 10,000. Machine works for 2000 hours in a year. What is the per hour rate of
depreciation?
A. Rs. 4 per hour.
B. Rs. 5 per hour.
C. Rs. 6 per hour.
D. Rs. 8 per hour.
ANSWER: B
169. In labour oriented manufacturing industry which method of overhead absorption is suitable?
A. Direct material cost method.
B. Prime cost method.
C. Labour hour method.
D. Machine hour method.
ANSWER: C
171. The type of loss that should not affect cost of inventories is __________.
A. normal loss.
B. abnormal loss.
C. seasonal loss.
D. standard loss.
ANSWER: A
172. The costing method which can be used in industry where the product pass through different processes
is known as _________.
A. job costing.
B. operating costing.
C. batch costing.
D. process costing.
ANSWER: D
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174. Normal loss units and its realizable scrap value (if any) is ___________.
A. debited to process a/c.
B. credited to process a/c.
C. debited to costing profit and loss a/c.
D. debited to profit and loss a/c.
ANSWER: B
179. The loss arising out of abnormal reason such as theft, fire etc is called as ______.
A. normal loss.
B. abnormal loss.
C. seasonal loss.
D. standard loss.
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ANSWER: B
180. Actual loss is more than the predetermined normal loss, it is _________.
A. normal loss.
B. abnormal loss.
C. seasonal loss.
D. standard loss.
ANSWER: B
181. Actual loss is less than the predetermined normal loss, it is ___________.
A. normal loss.
B. abnormal loss.
C. seasonal loss.
D. abnormal gain.
ANSWER: D
182. When output of earlier process is transferred at a profit to the subsequent process, it is ___________.
A. inter departmental profit.
B. abnormal gain.
C. inter process profit.
D. manufacturing profit.
ANSWER: C
183. 100 units are introduced in a process in which normal loss is 5% of input. If actual output is 97, then
there is ________.
A. no abnormal loss and normal gain.
B. 2 units of abnormal gain.
C. 3 units of abnormal gain.
D. 3 units of normal loss.
ANSWER: B
184. 50 units are processed at a cost of Rs. 80, normal loss is 10%, each unit carries a scrap value of 25
paise. If output is 40 units, the value of abnormal loss will be _______.
A. Rs. 1.25.
B. Rs. 8.00.
C. Rs. 8.75.
D. Rs. 8.88.
ANSWER: C
186. Classification and accumulation of costs by fixed and variable costs is of special importance in
________.
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A. process costing.
B. unit costing.
C. operation costing.
D. operating costing.
ANSWER: D
188. Two economically equal importance product are simultaneously produced in the same manufacturing
process, these product are __________.
A. joint products.
B. by products.
C. two process products.
D. economic products.
ANSWER: A
189. When two products are simultaneously produced in a process and one of them has comparatively high
value and other is of low value , the low value product is called ___.
A. joint products.
B. by products.
C. seasonal products..
D. economic products.
ANSWER: B
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ANSWER: D
194. Input is 10,000 units and normal loss is 20% of input and abnormal loss is 400 units. What is actual
output?
A. 7600 units.
B. 10,000 units.
C. 10, 400 units.
D. 12000 units.
ANSWER: A
195. Output is 6400 units and normal loss is 20%. What is actual input?
A. 7400 units.
B. 8000 units.
C. 8400 units.
D. 9600 units.
ANSWER: B
196. Cost of process Rs.1,60,000 and profit to be charged on the transfer price is 20%. What is the inter
process profit?
A. Rs. 32,000.
B. Rs. 40,000.
C. Rs. 48,000.
D. Rs. 54,000.
ANSWER: B
197. Job costing method is the most suitable method for ___________.
A. oil process units.
B. transport companies.
C. sugar industries.
D. repair shops.
ANSWER: D
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202. . Cost of contract and profit or loss thereon are determined by preparing _________.
A. cost sheet.
B. profit and loss a/c.
C. trading a/c.
D. separate ledger a/c.
ANSWER: D
203. The basis for the payment of cash by contractee under contract is _________.
A. work certified.
B. work uncertified.
C. contract cost.
D. value of plant used in the contract.
ANSWER: A
204. The basis for determining profit to be taken into account on incomplete contract is ________.
A. cost of contract.
B. contract price.
C. percentage of work certified as done.
D. uncertified work.
ANSWER: C
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208. The amount which is unpaid on work certified is kept as provision. Such provision is called
______________.
A. retention money.
B. special provision.
C. work in progress.
D. notional profit.
ANSWER: A
209. In case of complete contract, the whole amount of profit is transferred to ________.
A. contract a/c.
B. work in progress a/c.
C. profit and loss a/c.
D. contractee a/c.
ANSWER: C
211. Profit to be transferred to profit and loss a/c, if the contract is complete to the extent of only 20% is
_________.
A. nil.
B. 1/3.
C. 1/4
D. 2/3
ANSWER: A
212. When the work certified is 25% or more but less than 50% of the contract price, subject to the ratio of
cash received to work certified, the amount of profit to be credited to profit and loss a/c is __________.
A. 1/3 of notional profit
B. 1/4 of notional profit
C. 2/3 of notional profit
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214. Notional profit of a contract is Rs. 60,000, Work certified is Rs. 8,00,000 and contract price is Rs.
10,00,000. What is the amount of profit to be transferred to profit and loss a/c if the 80% of the work
certified is paid in cash?
A. Rs. 24,0000.
B. Rs. 30,000.
C. Rs. 32,000.
D. Rs. 36,000.
ANSWER: C
215. Cash received is Rs. 9,00,000, being 90% of work certified. The amount of value of work certified is
___________.
A. Rs. 8,10,000.
B. Rs. 9,90,000.
C. Rs. 10,00,000.
D. Rs. 10,81,000.
ANSWER: C
218. Various items of costs are classified in operating costing under _________.
A. two major heads.
B. three major heads.
C. four major heads.
D. five major heads.
ANSWER: B
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225. How many books are maintained, under non integral system of accounting?
A. Two sets of books.
B. Three sets of books.
C. Four sets of books.
D. Five sets of books.
ANSWER: A
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226. Under which system of accounting, reconciliation of financial and costing profit is not needed?
A. Non integral accounting.
B. Integral accounting.
C. Double accounting.
D. Double entry accounting.
ANSWER: B
227. Which of the following item of expenses will not appear in cost accounting?
A. Direct material cost.
B. Factory overheads.
C. Selling Expenses.
D. Loss on sale of fixed assets.
ANSWER: D
228. Which of the following item of expenses will not appear in financial accounting?
A. Notional rent.
B. Stamp duties.
C. Loss on sale of fixed assets.
D. Cash discount.
ANSWER: A
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ANSWER: A
233. When cash is received from contractee which a/c should be credited?
A. Cash a/c.
B. Contract a/c.
C. Contractor a/c.
D. Contractee a/c.
ANSWER: D
235. Which of the following methods of remuneration is most likely to give stability of labour cost to the
employer?
A. Group bonus scheme.
B. Measured day rate.
C. Premium bonus scheme.
D. Straight piece work.
ANSWER: D
236. The type of process loss that should not affect the cost of inventory value is _____.
A. abnormal loss.
B. normal loss.
C. seasonal loss.
D. standard loss.
ANSWER: A
237. The stage where joint products are separated from each other is known as ______.
A. breakeven point.
B. angle of incident.
C. split off point.
D. point of occurrence.
ANSWER: C
238. Fifty units are put in a process at a total cost of Rs.90. Wastage is normally 10% without any scrap
value. If output is 40 units the amount of abnormal loss would be ____.
A. Rs. 8.
B. Rs. 9.
C. Rs. 10.
D. Rs. 12.
ANSWER: C
239. If the actual loss is more than the estimated normal loss, then it is _______.
A. abnormal loss.
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B. normal loss.
C. seasonal loss.
D. abnormal gain.
ANSWER: A
240. If the actual loss is less than the estimated normal loss, then it is _______.
A. abnormal loss.
B. normal loss.
C. seasonal loss.
D. abnormal gain.
ANSWER: D
243. Direct material Rs. 25,000 and wages Rs. 15,000 and direct expenses Rs. 5,000. What would be the
factory cost if factory overhead rate is 20%?
A. Rs. 45,000.
B. Rs. 50,000.
C. Rs. 54,000.
D. Rs. 60,000.
ANSWER: B
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