Costing MCQ Questions and Solutions with Explanations | Commerce

A. Budgeted labour costs - Actual labour costs

B. (Standard hours - Actual hours) × Actual wage rate

C. (Standard wage rate - Actual wage rate) × Actual hours worked

D. (Standard wage rate - Actual wage rate) × Standard hours worked

A. service

B. batch

C. multiple

D. job

A. ABC Analysis

B. JIT Inventory System

C. VED Analysis

D. Perpetual Inventory System

A. a-2, b-4, c-3, d-1

B. a-3, b-2, c-1, d-4

C. a-3, b-1, c-4, d-2

D. a-4, b-3, c-2, d-1

A. a-4, b-3, c-2, d-1

B. a-4, b-3, c-1, d-2

C. a-3, b-4, c-1, d-2

D. a-3, b-4, c-2, d-1

A. long-term

B. very long-term

C. short-term

D. very short-term

A. material requisition

B. stores ledger

C. material issue analysis sheet

D. None of these

A. If its operations or departments are not directly involved in revenue generating activities, but instead focus on elements of cost control

B. If its management is evaluated not only on revenues and expenses, but also on asset investment

C. If its management is compensated based on the level of profitability

D. If its management is held accountable for both revenues and expenses and has the authority to make decision regarding its products, markets and source of supply

A. Pure ratio

B. Percentage

C. Rate or time

D. Either of the above

A. cost of production

B. products

C. period

D. None of these