Measurement and Decision Making Assignment
Added on 2020-01-07
8 Pages1307 Words689 Views
Measurement and Decision Making 1
Questions no.Answers Q.1. In which of the following industries couldjob costing be used? B: Machine shop and speciality manufacturing Q.2. Formula for predetermined overhead rateD: Budgeted manufacturing overhead / budgetedamount of cost driver Q.3. Indirect material, indirect labour and othermanufacturing costs are termed as:C: Production cost Q.4. Calculation of total cost for the professionalaudit firm C: $1890Q.5. stating the industry which uses processcosting B: All of the above Q.6. Explanation not suitable for the statementmentioned:B: Direct costs were unexpectedly high Q.7. Calculation of total cost for the workperformed by an engineer C: $1125Q.8. Direct material, direct labour andmanufacturing overhead comes under: A: Product costQ.9. Cost that can be significantly influenced bymanager termed as:B: Controllable cost Q.10. Underestimation of manufacturibngoverhead and overestimation of activity basetermed as:D: over-applied factory overheadQ.11. Name of the industry uses process costing:C: i and iii (petroleum and sugar refining)12. Describing the flow of goods through themanufacturing cost in order to calculate COGSOne can determine the amount of cost of goodssold by using the following formula:COGS = Opening stock + purchase – closingstock Q.14 Process costing systems are suitable forfirm that produce 1. Homogeneous products Q.17 Bambie Ltd applies overheads based ondirect labor hours. The company has budgeted50000 direct labor hours at cost of $10 perhour, and manufacturing overhead of $750000 inc. 5000002
the assembly division for the year. The actuallabor hours used for the year turns out to be47000 hours. What is that applied overhead forthe year.Q.18 Process costing is normally used whenc. Large number of nearly identical products aremanufacturedQ.19 Planning is a. Setting objectives and formulating plans forfuture operationsQ.21 Which of following is not period cost?b. Administrative costQ.22 Matt Litkee is confused about under andover applied manufacturing overhead. Define theterms for Matt and indicate the balance in themanufacturing overhead account applicable toeach term.Under applied overhead cost refers to theamount that is related to the actual overhead costwhich are not allocated among different unit ofproduction. Contrary to this, there is overapplied overhead refers to the excessive amountthat is applied on the produced units over actualvalue of expenses. To balance F/W will bementioned in case of over applied overhead inmanufacturing overhead account. In opposite tothis, By balance C/D will be mentioned in caseof under applied overhead in manufacturingoverhead account.Q.24 managers using costing data for makingdecision will usually use the following data inproduct cost informationd. Manufacturing, upstream and downstreamcostsQ.25 Product costs area. Inventoriable costsQ.26 The technical term for moving costbetween one departments and the nextdepartments in multi-department processd. Transferred costsQ.27 which is in correct order of cost incurrencein the value chainc. R 7amp; D, product design, manufacturing ,marketing, distribution, customer support Q.28 Which statement is falsea. All information derived is necessary despitethe costQ.29 Examples of controllable anduncontrollable costAs per the detailed study, controllable cost isreferred as fixed cost which can be changed over3
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