Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2007 M.B.A Finance FA - Financial Accounting and Management - Question Paper

c. Cost Sheet production d. None of above

4. _________ refers to the cost of materials, which become a major part of the finished product.
a. Direct labour cost b. Direct expense cost
c. Direct material cost d. All of above

5. Sunk cost is relevant cost.
a. actual b. False

6. Depreciation is a kind of which cost.
a. Non-cash cost b. Incremental cost
c. Sunk cost d. Imputed cost

7. Opportunity cost is also known as opportunity lost.
a. actual b. False

8. A cost, which can be influenced by the action of a specified number of an undertaking, is called.
a. Controllable cost b. Non-Controllable cost
c. Incremental d. Decremental cost

9. Match the subsequent figures with their accurate cost.
(I)





(i) (ii)








(iii) (iv)



(II)
(i) Fixed cost (ii) Variable cost
(iii) Step cost (iv) Total cost

10. Wages & Salaries of storekeepers are Indirect labours.
a. actual b. False

11. Match the subsequent kind of cost under their accurate heading.

(i. Direct wages (i) Seeling & Distribution exp
(ii). Depreciation on building (ii) Direct labour
(iii). Office rent (iii) Factory expenses
(iv). Warehousing expenses (iv) Office expenses

12. Goodwill written off is a part of cost sheet.

a. True b. False

13. Write the subsequent steps in sequence to obtain out the total cost in cost sheet.

a. Factory cost b. Prime cost
c. Cost of sales d. Production cost

14. The subsequent extract of costing info related commodity ‘A’ for the half year ending 31st December 1999.

Purchase of Raw material – 1,20,000
Factory rent rate & insurance – 8,000
Carriage inward - 1,440
Other factory overheads - 40,000
Direct wages - 1,00,000
Stock (1 July 99)
Raw material - 20,000
Finished product (1000 tones) - 15,000
Stock (31st Dec 99)
Raw material - 22,240

Earning:   Approval pending.