COST ACCOUNTING - ONLINE ASSESSMENT

Cost Accounting is...

• the recording of all the costs incurred in a business
• the recording of all the expenses incurred in a business
• the recording of all the direct costs incurred in a business
• the recording of all the revenue incurred in a business

Cost unit is calculated as

• Total Expense/Quantity
• Quantity/Total Cost
• Total Cost/Quantity
• Quantity/Total Expense

Prime cost is calculated as:

• Direct Material+Direct Labour+Direct Expense
• Direct Labour - DirectExpense
• Direct Expense+overheads
• Direct Cost + Indirect Cost

Costs that possess characteristics of both fixed and variable cost are called...

• Semi-variable cost
• Step cost
• variable cost
• fixed cost

Under Halsey Plan, the bonus is paid at a fixed percentage of time saved is

• 40%

• 20%

• 30%

• 50%

Direct costs are those which

• can be accurately traced to a product
• are significant in the production process
• are incurred in a specific period
• include only purchase of materials

Worker A finishes a job in 8 hrs and

Worker B finishes the job in 12 hrs.The standard time allowed for completing the job is 20 hrs and the standard rate per hour is rs 5.Calculate the earnings of workers under Rowan Plan.

• A-64,B-84

• A-70,B-80

• A-58,B-72

• A-65,B-85

From the following data calculate the earnings of a worker under Halsey weir plan .Standard time-10 hrs,wage rate per hr-Rs.6,time taken-8 hrs

• 54

• 52

• 57.6

• 53

From the following particulars calculate labour turn over rate under flux method.No of employees at the beginning of the period- 2010.No of employees at the end of the period-1990.No of employees left during the period-50.No of employees replaced during the period-30.

• 2.5%

• 1.5%

• 4%

• 5%

The cost of goods sold is equal to

• Total purchases-Total sales

• Opening stock+Purchases

• Opening stock-Purchases+Closing stock+Direct cost

• Opening stock+Total purchases-Closing stock+Direct cost