BLANKS
1. Costing is a
technique of -------
2. The main function of
cost accounting is ------ reporting
3. The main function of
financial accounting is ------ reporting
4. Cost accounting has
developed because of ------ of financial accountant
5. Cost accounting is
the science, art and ---- of a cost accountant.
6. The ordinary trading
account is a locked store house of most valuable information to which the
------ is the key.
7. Cost accounts deals
with facts and figures and partly with -----
8. In cement industry,
cost unit is ---------
9. In automobile
industry, cost unit should be ---------
10.The method of costing
used in a refinery is -------
11. ------ Method is
used in transport undertaking
12. ----- costing
methods is used in cinemas.
13. In ----- Costing
method, the cost of group of similar commodities is ascertained.
14. The process of
identifying summarising and terpreting information needed for planning and control for management decision and for product costing is termed as ------
15. The ascertainment of
cost after they have been incurred is known as ------
16. Cost units are a
brick line may be ------- bricks.
17. ------ Costing is
used in power supply companies
18. Cost unit in a
hospital may be a --------
19. Stocks are valued at
------- price in cost accounting.
20. ------ Costing is a
technique based on classification of costs into fixed and variable.
21. One of the important
functions of cost accounting is proper matching of ----- with revenue.
22. ----- Costing refers
to use of same costing principles and practice in several undertakings.
23. Financial accounting
takes a ------- view of financial transactions.
24. The industries where
more than one methods of costing is applicable is known as ----- costing
method.
25. A system where costs
are predetermined is known as ---- costing.
26. Historical Costing is
the ascertainment of cost after they have been --------
27. Marginal costing is
the ascertainment of marginal cost by differentiating between ------
28. Process costing is
suitable for industries where production is ------
29. Unit costing is also
known as ---- costing
30. Contract costing is
sometimes called ------ costing to emphasis that a deadline has been fixed by a
contractor.
31. The aggregate cost of
direct material direct labour and direct expenses is known as ------
32. The aggregate cost of
indirect materials, indirect labour and indirect expenses is known as --------
33.
The total of all
direct costs is termed as --------
34.
Materials used plus
direct labour plus factory overhead is called -------
35.
Two examples of fixed
factory overhead are ---- and ------
36.
Two examples of
variable factory overheads are ----- and ------
37.
The aggregate cost of
direct wages and manufacturing overhead is termed as ------
38.
An example of
pre-production cost is --- cost.
39.
------ is a location,
person or an item of equipment for which cost may be ascertained and used for the
purpose of cost control.
40.
------ is a cost
centre which consists of person or a group of persons.
41.
----- costs are
hypothetical notional cost.
42.
------- cost are
partly fixed and partly variable in relation to output.
43.
------ unit costs
remained constant with changes in volume, while ---- unit costs fluctuate with
volume.
44.
------- expenditure
benefits only the current period, while ---- expenditure benefits more than one
period.
45.
When a change is made
in the level of production, the resulting change in total cost is referred to
as --------
46.
------ is a cost,
which cannot be influenced by the action of specified member of an undertaking.
47.
------ is a document
which provides for the detailed cost of a cost centre or cot unit.
48.
Works costs is the
total of prime cost and -----
49.
------ is the sum of
works cost and administrative overheads.
50.
An item of cost which
is direct for one business, may be --- another business.
51.
Cost of primary
packing material is the part of ---- material cost.
52.
Cost of secondary
packing material is the part of ------ overhead cost.
53.
Two levels of
material control exist ---- and --------
54.
Purchase of material
is initiated through --------
55.
Regular purchase
requisition is initiated by the --------
56.
Regular purchase
requisition is initiated when level of material reaches at --------
57.
----- requisition is
initiated by the department head.
58.
–----- are invited by
the purchase department.
59. Statement known as
------ is prepared by purchase department to compare price quotation of
different suppliers.
60. -------- is prepared
to place orders for materials.
61. --------- is prepared
by the receiving Department.
62. Goods received note
is prepared by the -------
63. Goods received note
is also known as -----
64. ------ is prepared by
Material Inspection department.
65. ----- items of materials
should be stores ad near as possible to the departments using them.
66.
Allotting codes and
symbols to different items of stores is known as -------
67.
------ is the level
beyond which normally stock should not exceed.
68.
------ is the level
below which the stock should not fall.
69.
Minimum level is also
known as -----
70.
------ the time
required to replenish the stores.
71.
----- is the level at
which normal issues of materials are stopped.
72.
Bin cards are also
known as -------
73.
Store ledger is kept
in the ------
74.
Bin cards are
maintained by ------
75.
----- records only
the quantity of materials
76.
------ is the level
at which a new order for materials is to be placed.
77.
------ represents
that quantity of materials which is normally ordered.
78.
Under A,B,C analysis
A stands for -------
79.
------- are
maintained by the store keeper.
80.
Formula for minimum
level is --------
81.
Formula for average
stock level is ------
82.
The system under
which stock is verified after the close of financial year is ----- control
system.
83.
Two important
opposing factors in fixing E.O.Q are ----- and -----
84.
---- record only the
quantity of receipts, issues and their current balances.
85.
Store-keeper by
seeing bin cards send ------ for the purchases of materials.
86.
To ensure the
accuracy of inventory records, -------- of the stores is made by a programme of
continuous stock – taking.
87.
----- is an essential
feature of the perpetual inventory system.
88.
In ------ checking is
spread over throughout the year.
89.
A.B.C analysis is
also known as -------- method.
90.
----- are maintained
to record the results of physical verification of material under perpetual
inventory control.
91.
Stock Adjustment
Account is debited with ------ and credited with ------
92.
Bin card is a record
of ------- only.
93.
Formula for
calculating maximum level is -------
94.
Two avoidable reasons
for the difference between physical quantity of material and that shown on bin
card may be ----- and -------
95.
A method of recording
stores balance after every receipt and issue to facilitate regular checking and
to obviate closing down for stock taking is known is ------
96.
The method of
physical verification of material throughout the year is known as ----
97.
An ----- cost is
advantage foregone.
98.
All cost are ------
controllable.
99.
An ----- cost does
not involved cash out flow.
100.
Out of pocket costs
involve payment to --------
101.
Added value in the
change in -----
102.
A profit centre is a
division of organization unit which is concerned with controlling, both --- and
costs.
103.
Depreciation is a
----- expenditure.
104.
Total cost – Selling
and distribution overheads = ------
105.
Cost of raw material
Consumed = Opening stock + Net purchase + Carriage inwards ---
106.
Works cost works on
cost = ------
107.
Prime cost factory
overheads + ------- = Cost of production.
108.
Prime cost +
--------- + Opening stock of W.I.P – Closing stock of W.I.P = Works cost.
109.
Cost of sales +
------- = Sales
110.
Prime cost + works on
cost + Office on cost = ------
111.
Cost unit in a
textile industry is --------
112.
Units like passenger
km., man days and kilowatt hours are termed as ------ units.
113.
A cost which involves
payment to outside parties is known as ------ cost
114.
In cost accounting
all abnormal losses are transferred to -------
115.
On the basis of behavior
of cost, overheads are classified into ----------
116.
Normal loss is always
recovered from -------
117.
Small material like
mails, glue, thread may be treated the part of ----- material.
118.
Closing stock of
finished goods is valued on the basis of ------
119.
Selling and
distribution overheads are recovered as a percentage of -------
120.
Carrying cost is also
known as -------
121.
------ is a document
used for drawing materials from the stores.
122.
Transfer of surplus
material from one job to another job is recorded is ------
123.
A ------ is prepared
when material is returned from production department.
124.
Material is
transferred with a note known as --------
125.
------ is prepared to
calculate the value of material consumed in each job.
126.
Under ------ method,
materials are issued to production at a predetermined price.
127.
------- method even
out the fluctuate in purchase prices.
128.
Under the
--------method, the new price is calculated after each purchase.
129.
Under the -------
cost method, the material issued during a month are costed at the weighted
average price as at the end of the price month.
130.
------- is a special
type of discount allowed for bulk purchase.
131.
Labour is the most
------
132.
Labour cost includes
both ---- and -------
133.
Formalities relating
to recruitment of an employee starts with receipt of ------- by the Personal
department.
134.
Each employee
recruited is allotted --------
135.
------ is maintained
in personal department giving full information about each employee in a
business.
136.
Engineering
Department maintain control over --------- and -------
137.
Motion study is also
known as --------
138.
Motion study was
developed by --------
139.
Movements in motion
study are known as ------
140.
Time study is also
known as -------
141.
------ is a
systematic study to determine the worth of a job.
142.
------ is the process
of evaluating the workers actually performing the jobs.
143.
------ is a method of
evaluating job in terms of money value.
144.
------- is concerned
with recording the time of each worker engaged in the factory.
145.
Recording of time is
done for two purposes, namely ----- and -----
146.
Wages are calculated
by ------
147.
----- is the
reporting of each worker’s time for each department, operation or job.
148.
Payrolls are prepared
by --------
149.
--------- is the
difference between time clocked and time booked.
150.
Labour cost is a
------ major element of cost.
151.
The method of costing
applied in biscuit industry is ----- and in steel industry is -------
152.
Average unit cost for
each process is calculated by diving the ----- by ------
153.
The cost system that
must be used in an industry is determined by -------
154.
The two special
problems that arise in process cost industry re ---- and -----
155.
Where raw material
requires certain stages before it is converted into finished product, the
method of costing is ------
156.
If the actual loss in
more than anticipated loss, the difference between the two is considered as
-------
157.
When the actual loss
is than the normal loss, the difference between the two is termed as -------
158.
The cost of normal
loss is less recovered from cost of production of ------
159.
Abnormal process
losses are credited to --------
160.
Abnormal process
losses are transferred to --------
161.
Normal loss may be
either ------- or ------
162.
The two main methods
of calculating equivalent production are ---- and -------
163.
------ represents the
production is a process in term of completed units.
164.
If 100 units of
opening W.I.P are 80% complete, it is equivalent to ----- completed units.
165.
If 600 units of
closing stock are 30% complete, it is equivalent to ---- completed units.
166.
If 1000 units of
normal loss are 100% complete for material, labour and overheads, it is
equivalent to ---- completed units.
167.
A budget is a -----
and / or ------- statement, prepared & approved prior to a defined period
of time of the policy to be pursued during that period for the purpose
attaining a given ------
168.
----- is the
establishment of budgets relating the responsibility of executives to the
requirement of a policy or to provide a basis of its -------
169.
Budgetary control
involves checking and evaluation of ----- performance.
170.
The factor which
imposes a restriction on the maximization of profit is known as ------ factor.
171.
------ are subsidiary
to Master Budget.
172.
The essence of
advertisement budget is to coordinate advertisement with -----
173.
Production budget is
based on stabilized quantity of --- or -----
174.
The document which
describes the budgeting organization, procedures etc., is known as ----
175.
------ budgets are
most suited for fixed expenses.
The following are the ans
| 1. Ascertaining cost | 26. Incurred | 51. Direct | 76. Ordering level | 101. Market value | 126. Standard price | 151. process; unit or output costing |
| 2. Internal | 27. Fixed; variable | 52. Selling and distribution | 77. Economic order quantity | 102. Sales | 127. Average Cost | 152. Total process cost; number of unit in the process |
| 3. External | 28. Continuous | 53. Quantly control, financial control | 78. High value items | 103. semi average | 128. Simple arithmetic Average | 153. Type of manufacturing process |
| 4. Limitation | 29. Single or output | 54. Purchase Requisition | 79. Bin Cards | 104. Cost of goods sold | 129. Periodic weighted average | 154. valuation of work in progress; processes losses |
| 5. Practice | 30. Terminal | 55. Store keeper | 80. Reorder level (Normal Consumption x Normal Re-order period) | 105. Closing stock | 130. Trade discount or quantity discount | 155. process |
| 6. Cost system | 31. Prime cost | 56. Re-order level | 81. Minimum level + ½ Reorder quantity | 106. Factory overheads | 131. Perishable commodity | 156. Abnormal loss |
| 7. Estimates | 32. Overheads | 57. special or occasional purchase | 82. Periodic inventory central system | 107. Administrative overhead | 132. Monetary benefits, finger benefits | 157. Abnormal gain |
| 8. Tonne | 33. Prime cost | 58. Quotationor Tenders | 83. Cost of ordinering; cost of carrying stock | 108. Factory overhead | 133. employee placement requisition | 158. good unit |
| 9. number | 34. works cost | 59. comparative statement of quotations | 84. Bin card | 109. profit | 134. a token or ticket number | 159. Process account |
| 10. Process costing | 35. Factory rent, foreman Salaries | 60. Purchase order | 85. Purchase Requisition | 110. Cost of production | 135. Employee History Card | 160. Costing Profit and Loss Account |
| 11. Operating costing | 36. Power, Lubricants | 61. goods received note | 86. Physical verification | 111. metre | 136. working conditions; production method | 161. Waste; a scrap |
| 12. Operating | 37. Conversion cost | 62. Receipt and Inspection Department | 87. Continuous stock taking | 112. Composite or compound | 137. Method study | 162. F.I.F.O.; Average cost |
| 13. Batch | 38. Research and Development | 63. Goods Receiving Clerk | 88. Physical verification | 113. Out of pocket | 138. F.B. Gillbrith | 163. Equivalent production |
| 14. Cost Accounting | 39. Cost centre | 64. Material Inspection Report | 89. Always Better Control | 114. Costing P & L A/c | 139. Theirblig | 164. 200 |
| 15. Historical Costing | 40. Personal cost centre | 65. Heavy and Bulky | 90. Stock verification sheets | 115. Fixed variable semi variable | 140. Work measurement | 165. 180 |
| 16. 1000 | 41. Imputed cost | 66. Codification | 91. Shortage of Stock, surplus | 116. Product | 141. Job Evaluation | 166. Zero |
| 17. Operating | 42. Semi-variable | 67.Maximum level | 92. Quantity | 117. Indirect | 142. Merit Rating | 167. Quantitative monetary |
| 18. Patient | 43. Variable; fixed | 68. Minimum level | 93. Reorder level + Reorder quantity – (minimum consumption minimum reorder period) | 118. cost of production | 143. Job Evaluation | 168. Budgetary control; actual revision |
| 19. Cost | 44. Revenue; Capital | 69. Safely or Buffer level | 94. Shrinkage and evaporation absorption of moisture | 119. Works cost | 144. Time – keeping | 169. Actual |
| 20. Marginal | 45. Differential costs | 70. Reordering level | 95. Perpetual inventory system | 120. Holding cost | 146. Pay roll department | 170. principal budget |
| 21. Costs | 46. Uncontrollable | 71. Danger level | 96. Physical perpetual inventory | 121. material requisition | 147. Time keeping | 171. Functional budget |
| 22. Uniform | 47. Cost sheet | 72. Bin tag or stock card | 97. opportunity | 122. Material Transfer Note | 148. Time keeping department | 172. Sales |
| 23. Macro | 48. Factory overheads | 73. Cost Accounting Department | 98. Not | 123. Material returned note | 149. Idle time | 173. production; stock |
| 24. Multiple | 49. Cost of production | 74. Store keeper | 99. Opportunity | 124. Material transfer Note | 150. Second | 174. Budget manual |
| 25. Standard | 50. indirect | 75. Bin Card | 100. outsiders | 125. Material Abstract | 175. Fixed |
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