(A) Sunk Cost
(B) Standard Cost
(C) Relevant Cost
(D) Irrelevant Cost
Category: Accounting Mcqs
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The short run is a time period in which:
(A) All resources are fixed.
(B) The level of output is fixed.
(C) The size of the production plant is variable.
(D) Some resources are fixed and others are variable
Under perpetual Inventory system at the end of the year:
(A) No closing entry passed
(B) Closing entry passed
(C) Closing value find through closing entry only
(D) None of the above.
Which of the following is/are not associated with ordering costs?
(A) Interest
(B) Insurance
(C) Opportunity costs
(D) All of the given options
FOH absorption rate is calculated by the way of :
(A) Estimated FOH Cost/Direct labor hours
(B) Estimated FOH Cost/No of units produced
(C) Estimated FOH Cost/Prime Cost
(D) All of the given options
Alpha company purchased a machine worth Rs 200,000 in the last year. Now that machine can be use in a new project which company has received this year. Now the cost of that machine is to be called:
(A) Project cost
(B) Sunk cost
(C) Opportunity cost
(D) Relevant cost
What will be the impact of normal loss on the overall per unit cost ?
(A) Per unit cost will increase
(B) Per unit cost will decrease
(C) Per unit cost remain unchanged
(D) Normal loss has no relation to unit cost
Cost of goods sold can be calculated as follow?
(A) Cost of goods manufactured Add Opening finished goods inventory Less Closing finished goods inventory
(B) Cost of goods manufactured Less Opening finished goods inventory Less Closing finished goods inventory
(C) Cost of goods manufactured Less Opening finished goods inventory Add Closing finished goods inventory
(D) Cost of goods manufactured Add Opening finished goods inventory Add Closing finished goods inventory