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CMA Intermediate Exam: Cost Accounting 2 (Fill Blanks)
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CMA Intermediate Exam: Cost Accounting 2 (Fill Blanks)
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25 Questions

1. The two traditional systems of accounting for integration of cost and financial accounts are the _________________ and the ____________________.

2. When raw material is accounted at standard cost, variances due to normal reasons will be treated as __________________cost (give the element of cost).

3. The method of costing used in undertaking like gas companies, cinema houses, hospitals etc is known as ___________________

4. Historical costing uses post period costs while standards costing uses _________________ costs

5. In standard costs, ____________________ norm is applied as a scale of reference for assessing actual cost to serve as a basis of cost control

6. CAS ___ stands for cost of service cost Centre

7. In a company there were 1200 employee on the rolls at the beginning of a year and 1180 at the end. During the year 120 persons left services and 96 replacements were made. The labour turnover to flux method is _____

8. Margin of safety is_____________________________.

9. Maximum Level = (_____________ +Re-order Quantity) - (Minimum Consumption Rate × Minimum Re-order Period)

10. The abnormal idle time cost is charged to __________________ Account.

11. The ____________________ rate is computed by dividing the overheads by the aggregate of the productive hours of direct workers.

12. The document which describes the budgeting organisation, budgeting procedure etc. is known as ___________________.

13. The difference between practical capacity and the capacity based on sales expectancy is known as ________________

14. Normal idle time costs should be charged to ___________________ while that due to abnormal reasons should be charged to ___________________

15. E is an exporter who relinquishes his right to a receivable due at a future date in exchange for immediate cash payment at an agreed discount, passing on all the risks and responsibilities for collecting the debt to B. This arrangement is called _____________

16. Statement of cost per unit of equivalent production shows the per unit cost __________________

17. If variable cost to sales ratio is 60%, P/V ratio is ____

18. Standard cost when fixed is recorded on _________________ card

19. Under Gantt Task and Bonus Plan, no bonus is payable to a worker, if his efficiency is less than______

20. Overheads are an aggregate of ________________ and ______________and________________

21. Transfer of surplus material from one job or work order is recorded in ______________________

22. CAS-2 deals with Cost Accounting Standard on __________ determination.

23. Variable cost remains _______________

24. CAS ___ stands for cost of utilities

25. _______ costs are historical costs which are incurred in the past

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