Costing - Study Mode

[#716] Labour cost variance is the difference between standard cost of labour and . . . . . . . .
Correct Answer

(C) Actual cost of labour

[#717] Added value is the change in . . . . . . . .
Correct Answer

(A) market value

[#718] What does a low proprietary ratio indicates?
Correct Answer

(B) Weak financial position

[#719] Cost accounting originated from-
Correct Answer

(A) To remove the shortcomings of financial accounting

[#720] If budget sales units are 8000, ending inventory is 2000 units and beginning inventory is 3000, then budget production would be
Correct Answer

(D) 7000 units

Explanation

Solution: Budget production = Budget sales + Ending inventory - Beginning inventory = 8000 + 2000 - 3000 = 7000 units.