Costing - Study Mode

[#621] Which of the following is usually NOT a right enjoyed by a Principal in the contract of Agency?
Correct Answer

(B) Right to charge abnormal fee for the agency

[#622] Cost of goods sold is calculated:
Correct Answer

(A) Cost of production + opening stock of finished goods - closing stock of finished goods

[#623] operating costing is a ________.
Correct Answer

(A) method of costing

Explanation

Solution: Operating costing is a method of costing. Operating costing is a process and technique of accumulating and ascertainment of cost for providing a standardized service to the public or to an undertaking.

[#624] In goods transport service the cost unit is ________.
Correct Answer

(C) cost per ton kilo meters

Explanation

Solution: In goods transport service the cost unit is cost per ton kilo meters.

[#625] Difference between job time and attendance time is
Correct Answer

(D) idle time

Explanation

Solution: Difference between job time and attendance time is idle time. Idle time is unproductive time on the part of employees or machines caused by management or as a result of factors beyond their control. Idle time is the time associated with waiting, or when a piece of machinery is not being used but could be.