(A) Product cost
(B) Period cost
(C) Both product and period cost
(D) Historical cost
Tag: Financial Accounting Mcqs
Exchange losses or gains after purchase transaction is complete is treated as?
(A) Product cost.
(B) Overhead cost.
(C) Purchase cost.
(D) Finance cost
When overtime is required for meeting urgent orders, overtime premium should be?
(A) Charged to Costing Profit and Loss A/c
(B) Charged to overhead costs
(C) Charged to respective jobs
(D) None of the above.
Selling and distribution overhead does not include?
(A) Cost of warehousing
(B) Repacking cost
(C) Transportation cost
(D) Demurrage charges.
CAS 8 requires each type of utility to be treated as?
(A) Separate cost object
(B) Not part of cost as not include in material
(C) Not part of cost as they do not form part of product
(D) Treated as administrative overheads.
Maximum possible productive capacity of a plant when no operating time is lost , is its?
(A) Practical capacity
(B) Theoretical capacity
(C) Normal capacity
(D) Capacity based on sales expectancy
The forex component of imported material cost is converted?
(A) At the rate on the date of settlement
(B) At the rate on the date of transaction
(C) At the rate on date of delivery
(D) None of the above.
Idle capacity of a plant is the difference between?
(A) Maximum capacity and practical capacity
(B) Practical capacity and normal capacity
(C) Practical capacity and capacity based on sales expectancy
(D) Maximum capacity and actual capacity.