Costing - Study Mode
[#1226] An overtime is considered in cost accounting as
Correct Answer
(D) both a and b
Explanation
Solution: An overtime is considered in cost accounting as indirect costs and overhead costs. Work performed by an employee or worker in excess of a basic workday ( typically 8 hours a day, 5 days a week) is overtime.
[#1227] In income statement of merchandising costs, period cost includes all costs which are not related to
Correct Answer
(D) cost of purchased goods
Explanation
Solution: In income statement of merchandising costs, period cost includes all costs which are not related to cost of purchased goods. The cost of goods purchased is the net cost of merchandise acquired.
[#1228] Wages paid to workers of factory are termed as
Correct Answer
(B) overtime premium
Explanation
Solution: Wages paid to workers of factory are termed as overtime premium. An overtime premium is the additional payment made to an employee for hours worked in excess of 40 hours per week.
[#1229] Bin card is also known as-
Correct Answer
(C) Store-keepers card
[#1230] Consider the following. 1. Basic defensive and interval ratio 2. Current ratio 3. Super quick ratio 4. Quick ratio Arrange these ratios in sequence to reflect the liquidity in descending order.
Correct Answer
(A) 2, 4, 3 and 1