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1) Which of the given will cause income determined with absorption costing to be higher than income determined with direct costing?

i) Units produced equals units sold

ii) Units produced is greater than units sold

ii) Units produced is less than units sold

iv) Income determined with absorption costing will always equivalent income determined with direct costing

2) For partial value chain functions given below, which sequence is right?

i) Design, production, marketing

ii) Marketing, production, distribution

iii) Research and development, production, distribution

iv) Customer service, marketing, distribution

3) ex of cost probable to have indirect relationship with products being manufactured:

i) Production lab or costs

ii) Raw material costs

iii) Electricity costs for packaging equipment

iv) None of the above

4) Costs may be assigned to product or activity for many purposes, but care should be exercised when using allocated costs because:

i) Direct costs recognized with product or activity may not be correctly assigned

ii) Fixed costs will change in total if volume of activity changes

iii) All costs may not have been assigned to product or activity

iv) Randomly assigned costs may not behave in way assumed in allocation method

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916571

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