Costing - Study Mode
[#301] If the amount of work certified is less than . . . . . . . . of the contract price, then no profit should be taken to Profit & Loss Account.
Correct Answer
(B) 25%
[#302] Contracts where all agreed costs are recovered is known as:
Correct Answer
(C) Cost plus contract costing
[#303] Match the items of List-I with those of List-II and indicate the correct answer List-I List-II a. Acid test ratio 1. Profitability analysis b. Debt service coverage ratio 2. Activity analysis c. Debt equity ratio 3. Liquidity analysis d. Stock turnover ratio 4. Long-term solvency analysis
Correct Answer
(D) a-3, b-1, c-4, d-2
[#304] Material mix variance = standard cost of standard mix - . . . . . . . .
Correct Answer
(C) Standard cost of actual mix
[#305] Administration and management overheads are realized as a percentage
Correct Answer
(D) Factory cost