Costing - Study Mode
[#671] The use of FIFO method is suitable for
Correct Answer
(B) Incase of falling price
[#672] In . . . . . . . . each job is a cost unit to which all costs are assigned.
Correct Answer
(B) Job costing
[#673] Consider the following statements. 1. Marginal costing and absorption costing are the same. 2. For decision-making, absorption costing is more suitable than marginal costing. 3. Marginal costing is based on the distinction between fixed and variable costs. Which of the statement(s) given above is/are correct?
Correct Answer
(C) Both 1 and 3
[#674] If the selling price is fixed at 25% above the cost, the gross profit ratio is
Correct Answer
(D) 20%
[#675] The sum of prime cost and factory overheads is known as which of the following form?
Correct Answer
(A) Factory cost