Question 1

In time wage system, wages are paid according to the&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#10;A)production&#10;B)time&#10;C)both a & b&#10;D)none of these

Accepted Answer

In a time wage system, wages are paid based on the amount of time worked, not on the quantity of production.

Question 2

Under piece rate system of wage payment, payment is made according to the&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#10;A)quantity of work done&#10;B)time&#10;C)both a&b&#10;D)none of these

Accepted Answer

Under a piece rate system, workers are paid based on the quantity of work done or the number of units produced, rather than the amount of time they spend on the job.

Question 3

Under Merrick's multiple piece rate system, 120% of the ordinary piece rate is given to workers whose level of performance is between&#8230;........................of the standard output.&#10;A)83% and 100%&#10;B)100% and 120%&#10;C)0% and 83%&#10;D)none of these

Accepted Answer

Under Merrick's multiple piece rate system, workers who achieve a level of performance between 100% and 120% of the standard output are given 120% of the ordinary piece rate. This system is designed to incentivize higher productivity by offering increased pay for performance above the standard output level.

Question 4

Basis of apportionment of welfare department expenses is&#8230;&#8230;&#8230;&#8230;..&#10;A)wages of each department&#10;B)number of employees&#10;C)materials consumed&#10;D)number of machineries

Accepted Answer

The basis of apportionment for welfare department expenses is typically the number of employees, as welfare benefits and services are generally provided on a per-employee basis.

Question 5

is the amount by which the absorbed overheads fall short of the actual amount of overheads incurred.&#10;A)over absorption of overheads&#10;B)under absorption of overheads&#10;C)overheads absorption&#10;D)none of these.

Accepted Answer

Under absorption of overheads occurs when the absorbed overheads are less than the actual overheads incurred, indicating that not all costs have been allocated to the product or service.

Question 6

When &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.is used on the basis of budgeted overheads and the rate is applied to the actual base, the actual overhead expenses may be different from the charged overheads.&#10;A)a predetermined rate&#10;B)actual rate method of absorption&#10;C)both a & b&#10;D)none of these

Accepted Answer

A predetermined rate is calculated based on budgeted overheads and applied to the actual base, leading to potential differences between actual overhead expenses and the charged overheads.

Question 7

The per unit expense of the &#8230;&#8230;&#8230;&#8230;&#8230;portion factory overhead varies with the volume of production while&#8230;..........................portion remains the same with volume.&#10;A)fixed, variable&#10;B)variable, fixed&#10;C)variable, semi-variable&#10;D)none of these

Accepted Answer

Fixed portion of factory overhead varies with the volume of production while variable portion remains the same with volume.

Question 8

&#8230;.expenses are excluded from cost.&#10;A)normal&#10;B)abnormal&#10;C)both a & b&#10;D)none of these

Accepted Answer

Abnormal expenses are excluded from the cost because they are considered unusual or non-recurring and do not reflect the regular cost of operations.

Question 9

Such expenses which are included (even though they are not incurred) for taking managerial decisions are called&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#10;A)notional expenses&#10;B)actual expenses&#10;C)imputed&#10;D)none of these

Accepted Answer

The answer of Such expenses which are included (even though...

Question 10

&#8230;&#8230;&#8230;expenses are partly fixed and partly variable.&#10;A)all expenses&#10;B)variable&#10;C)fixed&#10;D)semi-variable

Accepted Answer

Semi-variable expenses consist of both fixed and variable components, making them partly fixed and partly variable.

Question 11

Unsuccessful research expenditure should be ......................... cost accounts.&#10;A)excluded from&#10;B)included in&#10;C)apportioned in&#10;D)none of these

Accepted Answer

The answer of Unsuccessful research expenditure should be ......................... cost...

Question 12

Salary paid to general manager is an item of&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;expenses.&#10;A)fixed&#10;B)variable&#10;C)semi-variable&#10;D)estimated

Accepted Answer

The answer of Salary paid to general manager is an...

Deck 3: Wage Systems, Cost Apportionment, and Expenses in Cost Accounting