791. In which method, prices charged to production are at the current prices prevailing in the market:
A. FIFO
B. LIFO
C. Weighted average
D. Replacement price
792. When prices are showing a falling tendency, which method of pricing of material issues will show a higher closing stock value:
A. FIFO
B. LIFO
C. Weighted average
D. Replacement price
793. It is referred to as “substandard production” when production cannot be improved without incurring additional costs.:
A. Defectives
B. Waste
C. Spoilage
D. Scrap
794. In which of the following incentive plans of wages payment, wages on a time basis are not guaranteed?
A. Halsey plan
B. Rowan plan
C. Taylor’s differential piece rate system
D. Gantt’s task and bonus system
795. Under the high wage plan, a worker is paid:
A. At an at once than the typical rate
B. According to his efficiency
C. At a double rate for overtime
D. Normal wages plus bonus
796. In process costing, each producing department is a:
A. Cost unit
B. Cost centre
C. Investment centre
D. Sales centre
797. Management Accounting seeks to serve the purpose of management to run a business more efficiently and thus uses the techniques of:
A. Financial Accounting ;
B. Cost Accounting
C. Mathematics and Statistics
D. All of the above
798. Cost information facilitates many important decisions except:
A. Introduction of a product
B. Whether to make or buy
C. Retention of profit
D. Exploration of an additional market
799. A cost is:
A. A sacrifice
B. Release of something
C. Measure of consumption of resources
D. All of the above
800. Which of the following is not a function of Cost Accounting?
A. Cost ascertainment
B. Planning and control
C. Decision-making
D. External reporting
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