Question

X Ltd., are the manufactures of moonlight Torches. The
following data relate to manufacture of torches during the
month of March 2015.
Raw materials consumed Rs. 20,000
Direct wages Rs. 12,000
Machine hours worked 9,500 hours
Machine hours rate Rs. 2
Office overhead 20% of works cost
Selling overhead 50 paise per unit
Units produced 20,000 units
Units sold 18,000 @ Rs. 5 per unit.
Prepare a cost sheet showing the cost and the profit per unit and
the total profit earned.

Answer 1

Answer:

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Answer 2

Answer:

 

The accounting approach in which expected benefts exceed the expectedcosts is classifed as:Cost-beneft approach

Cost approachAccounting approachBeneft approach

One o the most important tools in cost planning is

Direct costCost sheet

Budget

 Marginal costing

A costing system is used in situation where single homogenous product isproduced

 Job order costing

Process costing

Absorption costingProduct costing

The main purpose o cost accounting is:

Maximize proftProvide inormation to management to make decision

Help in inventory valuationAid in the fixation of selling prices

hich o the ollowing is an e!ecti"e techni#ue o cost control

Budgetar control!niorm costing

Standard costing

 Marginal costing

A costing system is used in situation where single homogenous product isproduced

 Job order costing 

Process costing

Absorption costingProduct costing

$ a company wishes to establish a actory o"erhead budget system inwhich estimated cost can be deri"ed directly rom estimates o acti"ityle"el% it should prepare a:

 

Cash budgetMaster budget"ixed budget

&lexible budget'na"orable "ariances are the result o management use o:$deal standards

 #$cienc standards

Basic standardsAttainable standards

Calendar "ariance is a sub "ariance o 

#xpenditure variance

(olume "ariance

Efficiency varianceVariable overhead cost variance

hich "ariance cannot exit under direct costing :Production "olume "ariance

Price variance

Efficiency varianceQuantity variance

The store)eeper should initiate a purchase re#uisition when stoc) reaches:

Minimum level%e&order level

Maximum level

Average level

The type o spoilage that should not a!ect the recorded cost o in"entories is

'ormal spoilage(easonal spoilage

ab normal spoilage

(tandard spoilage

The budget which commonly ta)es the orm o budgeted proft and lossand balance sheet

Cash budget

*aster budget

"lexible budget"ixed budget

 

According to which o the methods o pricing% issues are close to currenteconomic "alues

")"*Average cost method

(pecifc identifcation

+$&OThe decision model to calculate optimal #uantity o in"entory to beordered is called

#$cient order +uantit%ational order +uantit

*ptimized<