9:18 al docs.google.com 2 points The costing method applicable in hotels, airlines, transportation and school businesses is called Process costing Job costing Contract costing Batch costing Service Costing 2 points The process whereby all inventory items are physically counted and valued at a regularly predetermined point in time at the end of an accounting periods is Continuous stock taking Stock taking Periodic stock taking Physical stock taking System stock taking Notional profit 2 points 9:18 docs.google.com Notional profit = 2 points Contract price - Value of work certified Value of work certified - Cost of WIP Value of contract - Cash recieved Value of work certified - Cost of work certified Option 6 Contract price - Contract cost 2 points A company absorbs overheads on machine hours which were budgeted at 11.250 hours with overheads of N258,750. Actual results were 10,980 hours with overheads of N254,692. The overheads were Under-absorbed by N2,152 Over-absorbed by N4,058 Under-absorbed by N4,058 Exactly N2,152 Over-absorbed by N2,152 Which of the following is NOT an 2 points 9:18 docs.google.com 2 points Which of the following is NOT an objective of Cost Accounting? Provision of information to fix prices Provision of information to ascertain cost Provision of information to aid planning Provision of information to aid fraud investigation Provision of information for decision making 2 points Which of the following is NOT a characteristic of contract costing? Surplus materials High proportion of direct costs Continuous operation Low indirect costs Difficulties of cost control Which of the following is NOT a goal 2 points of Just-in-Time (JIT) system? Elimination om TVOUC mg activities 9:18 docs.google.com Which of the following is NOT a goal 2 points of Just-In-Time (JIT) system? Elimination of non-value adding activities Multiple batch sizes Demand -pull manufacture No production wastage 100% on time deliveries 2 points The system used to control the investments in stocks items and has the overall objective of minimising total associated cost is called Maximum inventory level Average inventory level Minimum inventory level Economic Order Quantity Reorder inventory level The arrangement of items in logical 2 points groups having regard to their nature or purpose is termed 9:18 docs.google.com The arrangement of items in logical 2 points groups having regard to their nature or purpose is termed. Coding Decoding Classification System Symbolisation Selling and distribution overhead is a 2 points type of overhead incurred outside the factory. Which of the following is not a component of selling cost? Cost of implementing sales order Cost of printing posters and handbills Hotel bills of sales officers Cost of free samples Warehouse Rent All these are forms of specific order 2 points costing which applies where work is undertaken according to customer's nificatione non 9:18 docs.google.com All these are forms of specific order 2 points costing which applies where work is undertaken according to customer's specifications except Contract costing None of the above Process costing Job costing Batch costing 2 points A typical Material Requisition Note contains the following information EXCEPT Job to be charged Invoice Number Quantity Part Number and description Authorisation 2 points Which of the following is NOT a functional classification of overhead? 9:18 docs.google.com 2 points Which of the following is NOT a functional classification of overhead? Distribution overhead Variable overhead Selling overhead Administration overhead Production overhead Prime cost is alan 2 points Contribution Direct cost Indirect cost Irrelevant cost Semi-fixed cost 2 points The process of charging the proportion of common items of cost to two or more cost centres on some equitable basis is called Overhead allocation 9:18 docs.google.com A system of symbols designed to be 2 points applied to a classified set of items, to give a brief accurate reference facilitating entry, collation and analysis is referred to as....... Codification Symbolisation Computerisation Classification Categorisation The distribution of the cost incurred 2 points in service centers to production centers is termed as Cost allocation Cost reapportionment Cost absorption Cost apportionment Cost realignment 2 points The document that records the details of materials received from sunnliers which inci dicional 9:18 docs.google.com 2 points The document that records the details of materials received from suppliers, which includes additional items such as the date, suppliers name, purchase order and quantity is Goods received note Material order note Waybill Stores requisition note Performa Invoice 2 points Which of the following basis is suitable for apportioning Building Depreciation Overhead? Number of Employees Space Occupied Book Value of Equipment Weight of Materials Number of Unit/Department 2 points The major objective of cost classification is to 9:18 Done docs.google.com AA d Number of Employees Space Occupied Book Value of Equipment Weight of Materials Number of Unit/Department 2 points The major objective of cost classification is to Assist management in various decision area Assist in product pricing Serve as a control mechanism Assist management in product diversification Enhance optimal production mix Page 1 of 1 Submit This form was created inside of Baze University. Report Abuse