771. Which of the following element must be taken into account while calculating total earnings of a worker under different incentive wage schemes?
A. Rate per unit
B. Units of production
C. Extra time taken by employee to complete the production
D. Number of workers employed
772. The journal entry of purchase of stock under periodic inventory system would be?
A. Inventory to Cash
B. Cash to Purchases
C. Purchases to Inventory
D. None of the given options
773. Closing work in process Inventory of last year:
A. Is treated as Opening inventory for current year
B. Is not carried forward to next year
C. Become expense in the next year
D. Charge to Profit & Loss account
774. The FIFO inventory costing method (when using a perpetual inventory system) assumes that the cost of the earliest units purchased is allocated in which of the following ways?
A. First to be allocated to the ending inventory
B. Last to be allocated to the cost of goods sold
C. Last to be allocated to the ending inventory
D. First to be allocated to the cost of goods sold
775. While transporting petrol, a little quantity will be evaporated; such kind of loss is termed as:
A. Normal Loss
B. Abnormal Loss
C. It is incremental loss
D. It cannot be abnormal loss
776. The cost of electricity bill of the factory is treated as:
A. Fixed cost
B. Variable cost
C. Step cost
D. Semi variable cost
777. A cost centre is
A.A unit of product or service in relation to which costs are ascertained
B. An amount of expenditure attributable to an activity
C. A production or service location, function, activity or item of equipment for which costs are accumulated
D. A centre for which an individual budget is drawn up
778. Cost accounting department prepares ___________ that helps the in preparing final accounts.
A. Cost sheets
B. Cost of goods sold statement
C. Cost of production Report
D. Material requisition form
779. When FOH is under applied and charged to Net profit , the treatment would be:
A. Under applied Add net profit
B. Under applied Less net profit
C. Under applied Less operating expense
D. None of the given options
780. A worker is paid Rs. 0.50 per unit and he produces 18 units in 7 hours. Keeping in view the piece rate system, the total wages of the worker would be:
A. 18 x 7 x 0.50 = Rs. 63
B. 18 x 0.50 = Rs. 9
C. 18 x 7 = Rs. 126
D. 7 x 0.5 = Rs. 3.5