1721. In a job cost system, costs are accumulated:

A. By specific Job *
B. By Department Process
C. By Kind of Material used
D. On A monthly basis

1722. The principal factors to be considered in designing a cost system include :

A. Manufacturing process
B. Desires of management
C. Nature of business
D. Company organisation structure
E. All of the above *

1723. The most suitable cost system -where the products differ in type of materials used and work performed is :

A. Job costing *
B. Operating costing
C. Process costing
D. None of these

1724. In shoe manufacture, the most suitable cost system is :

A. Job costing
B. Contract costing
C. Batch Costing *
D. None of these

1725. Job costing is used in :

A. Repair shops
B. Furniture making
C. Printing presses
D. Automobiles garages
E. All of these *

1726. Most of the expenses are direct in :

A. Job costing
B. Contract costing *
C. Batch Costing
D. All of these

1727. When a contract is not completed at the end of the accounting year , profit on incomplete contract is :

A. Transferred to profit and loss accounts
B. Transferred to reserve
C. Moved halfway to benefit and misfortune account and somewhat to hold *
D. None of them

1728. When a contract is not completed at the end of the year, loss on incomplete contract is :

A. Transferred to profit and loss account *
B. Transferred to work in progress
C. Moved part of the way to benefit and misfortune account and halfway to work underway
D. None of them

1729. When a contract is 40% complete , the amount of profit to be taken credit for is usually :

A. The amount of profit estimated
B. 40% of the estimated price
C. 1/3 of the estimated profit multiplied by cash ratio *
D. None of them

1730. In contract accounts , the amount of work in progress consist of :

A. Cost of work finished , affirmed and uncertified
B. Cost of work uncompleted
C. The amount of profit not transferred to profit and loss account
D. A of the above
E. A, B and C *