What is the primary purpose of job costing?

To track the cost of each manufacturing job.

To standardize production processes.

To manage financial investments.

What is the economic batch quantity?

The quantity of a product that can be produced in a single batch.

The optimal batch size that minimizes production costs.

The total annual production quantity.

The quantity of finished goods in inventory.

What are some of the factors influencing the determination of economic lot size in batch costing?

Set up cost, manufacturing cost, interest on capital, storage cost, and rate of consumption.

Direct labor, direct materials, and overhead costs.

Selling price, administrative overhead, and gross profit margin.

Market demand, competition, and advertising expenses.

What is the main objective of contract costing?

To calculate the overhead costs of a project.

To track the cost of manufacturing jobs.

To estimate future production quantities.

To ascertain the cost and profit of each contract separately.

What is the purpose of inter-firm comparison?

To maintain secrecy within the industry.

To encourage unhealthy competition among firms.

To evaluate the performance and efficiency of firms in the same industry.

Which of the following is a requisite for the successful implementation of inter-firm comparison?

Maintaining complete secrecy among firms.

Lack of trust and cooperation among member firms.

A central body for data collection and analysis.

Non-disclosure of cost information.

What type of information is generally collected in inter-firm comparison?

Cost and cost structures, raw material consumption, labour efficiency, and machine utilisation.

Stock market data, political information, and weather forecasts.

Customer reviews, employee feedback, and marketing strategies.

Sales revenue, profit margins, and advertising expenses.

What are the advantages of inter-firm comparison?

Encourages unhealthy competition and secrecy.

Reduces cost consciousness and standardization.

Provides an overall view of the industry, helps in identifying weaknesses, and improves efficiency.

Increases monopolistic trends and hampers price regulation.

What is the main limitation of inter-firm comparison?

Inability to gather reliable cost data.

Difficulty in implementing cost accounting systems.

Methods of Cost Determination - 1 Free MCQ Practice Test with Solutions

	Cost Management 48 videos\|51 docs\|17 tests

	Cost Management 48 videos\|51 docs\|17 tests

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