841. Various methods are used for pricing materials used. Cost price methods are:
(A) Specific price
(B) First in first out
(C) Last in first out
D) All of the above
842. Which of the following is not an example of semi-variable costs?
(A) Telephone expenses
(B) Maintenance expenses of machines
C) Salary of the works manager
(D) Depreciation expenses
843. Costs which do not fluctuate as the level of activity changes within a given range are:
(A) Relevant costs
(B) Opportunity costs
(C) Mixed costs
D) Fixed costs
844. Fixed costs:
(A) Vary in total as production volume changes within a given range
B) Remain constant in total but vary per unit when production volume changes
(C) Remain constant per unit as production volume changes
(D) Vary in total when production volume does not change
845. Variable costs are conventionally deemed to:
A) Be constant per unit of output
(B) Vary per unit of output as production volume changes
(C) Be constant in total when production volume changes
(D) Vary, in total, from period to period when production is constant
846. Cost of sales is:
A) Total costs incurred in production, administration, and marketing functions
(B) Works cost plus administration overheads
(C) Aggregate of works, administration, and marketing overheads
(D) Prime costs plus marketing overheads
847. Prime cost is:
A) The total of direct costs
(B) All costs incurred in manufacturing a product
(C) The material cost of a product
(D) The cost of operating a department
848. A cost unit is:
(A) The cost per machine hour
(B) Cost per labour hour
C) A unit of production or service in relation to which costs are ascertained
(D) A measure of work output in a standard hour
849. Which of the following accounts will be debited if the business owner withdraws cash from the business for his personal use?
A: Drawings
(B: Cash
C: Business
D: Stock
850. Discount allowed is___________?
(A: Expense of business
B: Income of business
C: Loss of business
D: Abnormal loss of business
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