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business
management cost accounting

Questions and Answers of Management Cost Accounting

What do you mean by labour?
What do you understand by the term labour turnover?
Under the high wage plan, a worker is paid(a) Normal wage plus bonus (b) At a double rate for overtime(c) According to his or her efficiency (d) At a time rate higher than the usual rate
Incentive method of wage payment used for indirect workers is(a) Gantt’s task and bonus plan (b) Rowan’s plan(c) Taylor’s differential piece-rate system (d) None of the above
The method of remuneration that gives stability of labour cost to the employer is(a) Group bonus scheme (b) Measured day work(c) Premium bonus system (d) Straight piece rate
The wage system that benefits the less-efficient workers is(a) Time wage (b) Piece rate(c) Halsey’s system (d) Rowan’s system
The system that combines both time and piece rate is(a) Emerson’s system (b) Merrick’s differential system(c) Halsey system (d) Bedaux system
Under Gantt’s task and bonus plan, no bonus is available to a worker if his or her efficiency is lower than(a) 100% (b) 50%(c) 75% (d) 66 2/3%
Under Emerson’s efficiency plan, the worker gets wages at(a) 100% efficiency (b) 80% efficiency(c) 33 1/3% efficiency (d) 66 2/3% efficiency
Cost of normal idle time is charged to(a) Factory overhead (b) Office overhead(c) Selling overhead (d) Administrative overhead
Wage sheet is prepared by(a) Cost accounting department (b) Payroll department(c) Personnel department (d) Timekeeping department
Time and motion study is conducted by(a) Payroll department (b) Personnel department(c) Timekeeping department (d) Engineering department
The human element in labour makes the control of labour cost difficult.State whether the following statements are true or false:
Labour cost is a second major element of cost.State whether the following statements are true or false:
Job evaluation and job analysis are the same.State whether the following statements are true or false:
Time and motion study is conducted by the payroll department.State whether the following statements are true or false:
Labour once lost cannot be recouped.State whether the following statements are true or false:
Time and motion study refers to a study to establish a proper method and time.State whether the following statements are true or false:
Productivity of workers can be improved only if they are supervised closely.State whether the following statements are true or false:
For reducing labour cost per unit, a high input-to-output ratio is important.State whether the following statements are true or false:
The idle-time report should show normal idle time separately from abnormal idle time.State whether the following statements are true or false:
Timekeeping and time booking are the same.State whether the following statements are true or false:
Explain the term prime cost with examples.
Explain the terms cost of goods sold and cost of sales.
Explain the difference between works overhead and works cost.
Explain the purposes of a cost sheet.
Write a note on the various overheads.
Mention the non-cost items.
Give a few examples for items of appropriation of profit.
What is the formula for computing cost per unit?
What are the important features of a cost sheet?
What is cost sheet?
WIP comes under(a) Factory overheads (b) Prime cost(c) Administrative overheads (d) None of the above
Works cost is otherwise known as(a) Prime cost (b) Production cost(c) Factory cost (d) None of the above
Cost of goods sold is the stage between(a) Cost of production and sales (b) Factory cost and cost of production(c) Prime cost and factory cost (d) None of above
Reserve is an example of(a) Cost item (b) Non-cost item(c) Selling item (d) None of the above
Cost sheet is also known as(a) Statement of production (b) Statement of selling(c) Statement of cost (d) None of the above
The cost of production stage can be called as(a) Semi-finished goods stage (b) Finished goods stage(c) Both a and b (d) None of above
Twenty per cent of profit on a cost of Rs 25,350 is(a) 5,070 (b) 8,607(c) 5,860 (d) 2,060
Depreciation of factory plant is a(a) Factory overhead (b) Administrative overhead(c) Selling overhead (d) None of the above
Premises comes under(a) Factory overheads (b) Administrative overheads(c) Selling and distribution (d) None of the above
_____ is not included in cost sheet.(a) Research expenses (b) Security(c) Stores supervision expenses (d) Commission
Reserve is an example of non-cost items.State whether the following statements are true or false:
Income tax is included in the cost sheet.State whether the following statements are true or false:
Cost sheet is a memorandum statement.State whether the following statements are true or false:
Works cost is otherwise known as factory cost.State whether the following statements are true or false:
Cost of goods sold is a stage between cost of production and cost of sales.State whether the following statements are true or false:
Cost sheet is also known as statement of cost.State whether the following statements are true or false:
Secondary packing is a part of direct material.State whether the following statements are true or false:
Cost of sales and cost of goods sold are the same.State whether the following statements are true or false:
Cost of production stage can be called as finished goods stage.State whether the following statements are true or false:
Prime cost = direct wages + direct material + production overheads.State whether the following statements are true or false:
Calculate the material turnover ratio for the material items mentioned in the previous problem and express in number of days the average inventory held.
Write elaborately on periodic inventory system.
Write a detailed note on perpetual inventory system.
Bring out the major duties of a storekeeper.
What are the objectives and requirements of material control?
Explain the importance of material control.
Give short notes on JIT and VED analyses?
What is ABC analysis?
What is reorder level?
Explain the concept of EOQ. What is its importance in cost accounts?
What do you mean by minimum stock level?
What do you mean by material control?
The cost of goods sold is computed by deducting(a) Opening inventory (b) Closing inventory(c) Both a and b (d) None of the above
Physical inventory is usually taken near(a) Beginning of the accounting period (b) End of the accounting period(c) Middle of the accounting period (d) None of the above
Higher cost of finished product would make the product(a) Competitive (b) Uncompetitive(c) Comparative (d) None of the above
If the quality of materials purchased is too low, the product will be of(a) Superior quality (b) Inferior quality(c) Both a and b (d) None of the above
Timely deliveries have special significance in(a) VED analysis (b) JIT analysis(c) Periodic inventory system (d) Perpetual inventory system
_____analysis is used mainly for the control of spare parts(a) VED analysis (b) JIT analysis(c) Periodic inventory system (d) Perpetual inventory system
Reorder level = safety stock +______(a) Short time consumption (b) Lead time consumption(c) Average consumption (d) None of the above
Formula for average stock level(a) Minimum + maximum level/2 (b) Minimum level + 1/2 of ROQ or EOQ(c) Both a and b
Stock verification sheets are maintained to record the results of(a) Annual consumption (b) Physical verification(c) Both a and b (d) None of the above
Under ABC analysis, A stands for(a) Low-value item (b) Minimum-value item(c) High-value item (d) None of the above
Material control covers three stages, namely, purchasing, storing and issuing.State whether the following statements are true or false:
Stock verification sheets are maintained to record the results of physical verification.State whether the following statements are true or false:
There are two aspects, namely, accounting aspect and operational aspect, of material control.State whether the following statements are true or false:
Under ABC analysis, A stands for high-value items.State whether the following statements are true or false:
Perpetual inventory system means a continuous stocktaking system.State whether the following statements are true or false:
When maximum stock level is fixed, the stock at hand should never exceed this level.State whether the following statements are true or false:
EOQ is a reorder quantity.State whether the following statements are true or false:
The terms material and inventory should not be used synonymously.State whether the following statements are true or false:
ABC analysis concentrates more on important items.State whether the following statements are true or false:
Continuous stock taking should not be resorted to since it results in the disruption of work.State whether the following statements are true or false:
From the following data, prepare a cash budget for the quarter October–December. Draft a note from the management accountant and financial controller to accompany this statement.Rs(a) Sales: from
Based on the following information, prepare a cash budget for ABC Ltd:First quarter(Rs)Second quarter(Rs)Third quarter(Rs)Fourth quarter(Rs)Opening cash balance 10,000 Collection from customers
Prepare a profit and cash budget for the first quarter, April–June, for A.B. Industries Ltd from the following information for the coming year:a. The company produces two products, and their unit
From the following budgeted figures, prepare a cash budget for the three months till 30 June:Months Sales(Rs)Materials(Rs)Wages(Rs)Overheads(Rs)January 60,000 40,000 11,000 6,200 February 56,000
Prepare a cash budget for the three months ending on 30 June from the following information:a. Month Sales(Rs)Materials(Rs)Wages(Rs)Overheads(Rs)February 14,000 9,600 3,000 1,700 March 15,000 9,000
A new plant has been ordered, which will be received and paid in May. It will cost Rs 1,20,000.
The company is to pay dividends to shareholders and bonuses to workers of Rs 15,000 and Rs 22,500, respectively, in April.
Income tax of Rs 57,500 is due to be paid on 15 June.
Delay allowed in payment of all expenses is 1 month.
20% of sales are for cash, and period of credit allowed to customers for credit is 1 month.
A company expects to have Rs 37,500 as cash in hand on 1 April and requires you to prepare an estimate of its cash position during the three months April, May and June. The following information is
A department of Company X attains sales of Rs 6,00,000 at 80% of its normal capacity; its expenses are as follows:Administration costs Office salaries Rs 90,000 General expenses 2% of sales
Prepare a manufacturing overhead budget and ascertain the manufacturing overhead rates at 50% and 70% capacities. The following particulars are given at 60% capacity:Variable overheads Indirect
Draw up a flexible budget for overhead expenses on the basis of the following data and determine the overheads rates at 70%, 80% and 90% plant capacity:At 70% capacity At 80% capacity At 90% capacity
Prepare a flexible budget for overheads on the basis of the following data. Ascertain the overhead rates at 50%, 60% and 70% capacity.At 60% capacity (Rs)Variable overheads Indirect material 6,000 At
The budgeted output of a factory specializing in the production of a single product at an optimum capacity of 6,400 units per annum amounts to Rs 1,76,048 as detailed here:Rs Rs Fixed costs —

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