Question Bank for Cost and Works Accounting-II for TYBCom

 Question Bank for Cost and Works Accounting-II for TYBCom

Fill in the Blanks                                                                  

1. An example of a production overhead would be _____.

2.________deals with the principles and methods of determining the production or operation overheads.

3. According to W.W.Bigg “In cost accounting, all indirect costs are termed as ______”.

4.Departmentalization of overhead is_________.

5.Absorption is also called as__________.

True or False                                                                             

1. Direct Labour hour rate of absorption of overhead is suitable where most of the production is done by using machines.

2. Under absorption of fixed overheads means the existence of idle Capacity.

3. Indirect wages are paid for auxiliary services.

4. The word ‘allocation’, ‘appointment’, and ‘allotment’ have exactly the same meaning in the costing.

5. ABC system provides a more accurate basis for calculating product cost. 

6. Administration overheads incurred in the factory

7. A product with a high gross profit could be an unprofitable product.

8. Indirect wages are paid for auxiliary services.

9. The word ‘allocation’, ‘appointment’, and ‘allotment’ have exactly the same meaning in the costing.

10. Direct Labour hour rate of absorption of overhead is suitable where most of the production is done by using machines.

 

                                                                   

Q3)Answer the question in Brief                                  

1. What do mean by overhead? Explain the different methods of classification of overheads.

2. Describe various methods of separation of Semi-variable Costs into Fixed and Variable costs. 

3. What are the advantages of different types of cost classification?

4. What do mean by overhead? Explain the different methods of Apportionment of overheads.

5. Explain various sources of Collection of overheads.

MCQ

1.Normal stores losses are__________.

a)part of prime cost

b)Part of production overheads

c)Part of selling and distribution

d)Written off to costing and profit and loss account

2.Basis of apportionment of store service expenses is______

a)Value of material consumed

b)Units of material consumed

c)Products produced

d)None of these

3.Sharing the costs of the service centers between the production centers is called___________

a)Reapportionment

b)Reallocation 

c)Secondary Reapportionment

d)None

4.Absorption is also called_____

a)Allocation 

b)Sharing

c)Overheads

d)None

5.Standard deals with the principles and methods of determining depreciation and amortization.

a)CAS9

b)CAS12

c)CAS15

d)CAS16