Management Accounting - Study Mode
[#406] When costing takes into account only the variable cost and not the full production cost we will be using
Correct Answer
(D) marginal costing
[#407] Match the following. List-I List-II a. MCV 1. SP (RSQ - AQ) b. MPV 2. SP (SQ - AQ) c. MUV 3. AQ consumed (SP - AP) d. MMV 4. SC - AC
Correct Answer
(A) a-4, b-3, c-2, d-1
[#408] Which of the following statement is incorrect?
Correct Answer
(C) Period cost is the added value to a new product
[#409] Match the following. List-I List-II a. Variable costing 1. Absorption costing b. Valuation of stock is higher 2. Fixed cost is excluded from inventory valuation c. Marginal and differential costs are same 3. Marginal costing d. Marginal costing 4. No change in fixed cost
Correct Answer
(B) a-3, b-1, c-4, d-2
[#410] When calculating cost variances under a standard costing system we must
Correct Answer
(D) compare actual costs with standard costs at the actual level of output