951. The three major elements of product costs are all but :
A. Direct materials
B. Direct labor
C. Factory overhead
D. Indirect labor
952. Factory Overhead cost includes:
(A) Factory Rent
(B) Property Tax
(C) Salaries of Factory Clerk
(D) All of the given options
953. The danger Level can be calculated?
(A) Average consumption x Lead time to get urgent supplies
(B) Normal consumption x Lead time to get urgent supplies
(C) Maximum consumption x Lead time to get urgent supplies
(D) Minimum consumption x Lead time to get urgent supplies
954. Under/Over applied FOH cost can be adjusted in which of the following:
(A) Entire Production
(B) Cost of Goods Sold
(C) Net Profit
(D) All of given options
955. All Indirect cost is charged/record in the head of?
(A) Prime cost
(B) FOH cost
(C) Direct labor cost
(D) None of the given options
956. Store in charge, after receiving the material as per the goods received note, places the material at its location and makes an entry in___?
(A) Bin Card
(B) Store Ledger Card
(C) Stock Ledger
(D) None of the given options
957. A standard rate is paid to the employee when he completed his job:
(A) In time less than the standard
(B) In standard time
(C) In time more than standard
(D) Both in standard time and more than the standard time
958. Weighted average cost per unit is calculated by which of the following formula?
(A) Cost of goods issued/number of units issued
(B) Total Cost/Total Units
(C) Cost of goods manufactured/closing units
(D) Cost of goods sold/total units
959. When FOH is under applied and charged to Net Profit, the treatment would be:
(A) Under applied Add net profit
(B) Under applied Less net profit
(C) Under applied Less operating expense
(D) None of the given options
960. Which of the following items should not be capitalized relating to fixed assets?
A: Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use
B: Stand by equipment and servicing equipment
C: Expenditure incurred on test runs and experimental production
D: Administration and general expenses
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