121. The most common imprest system is the ________ system?
A. Petty cash
B. Cash book
C. Cash receipt
D. Discount
122. Which English alphabet is similar to the shape of an account?
A. I
B. T
C. H
D. None
123. When production is equal to sales, which of the following is TRUE?
A. No change occurs to inventories for either use absorption costing or variable costing methods
B. The use of absorption costing produces a higher net income than the use of variable costing
C. The use of absorption costing produces a lower net income than the use of variable costing
D. The use of absorption costing causes inventory value to increase more than they would though the use of variable costing
124. An average cost is also known as________?
A. Variable cost
B. Unit cost
C. Total cost
D. Fixed cost
125. Costs that change in response to alternative courses of action are called___________?
A. Relevant costs
B. Differential costs
C. Target costs
D. Sunk costs
126. The total cost incurred in the operation of a business undertaking other than the cost of manufacturing and production is known as________?
A. Direct cost
B. Variable cost
C. Commercial cost
D. Conversion cost
127. Consider the following data for a company during the month of June 2012 Budgeted hours 4,000 Standard hours for actual production 4,400 Maximum possible hours in the budget period 4,800 Actual hours 3,800 The activity ratio of the company during the month is
A. 111%
B. 120%
C. 95%
D. 117%
128. Which of the following bases is not appropriate for apportionment of Transport department‘s cost ?
A. Crane hours
B. Crane value
C. Truck Mileage
D. Truck value
129. The cost of obsolete inventory acquired several years ago, to be considered in a keep vs. disposal decision is an example of :
A. Uncontrollable cost
B. Sunk cost
C. Avoidable cost
D. Opportunity cost
130. Budgeted sales for the next year is 5,00,000 units. Desired ending finished goods inventory is 1,50,000 units and equivalent units in ending W-I-P inventory is 60,000 units. The opening finished goods inventory for the next year is 80,000 units, with 50,000 equivalent units in beginning W-I-P inventory How many equivalent units should be produced?
A. 5,80,000
B. 5,50,000
C. 5,00,000
D. 5,75,000