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Cost and Management Accounting
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Avg score: 26% Most missed: “P/V ratio 50%; variable cost of the produce Rs. 25; selling price is------------…”
Cost and Management Accounting
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25 Questions

1. The ascertainment of costs after they have been incurred is known as-----------.
2. An increase in selling price------------------.
3. The ratio which measures the profit in relation to capital employed is known as---------------.
4. Direct cost incurred can be identified with--------.
5. Warehouse rent is a part of -----------------.
6. The purpose of financial accounting is to provide information for-----------.
7. The ratio which measures the relationship between the cost of goods sold and the amount of average inventory is----------.
8. An ideal liquid ratio is----------------.
9. Operation budget normally cover for a period of------------------.
10. Return on equity is also called--------.
11. Management accounting is an offshoot of--------------.
12. Sales Rs. 50,000; variable cost Rs. 30,000; Net profit Rs. 6,000; Fixed cost is-----------------.
13. Which of the following is usually a long-term budget?
14. Cost classification can be done in ----------.
15. Danger level is __________
16. Sale of defectives is reduced from-----------.
17. P/V ratio 50%; variable cost of the produce Rs. 25; selling price is------------------.
18. P/V ratio is 25% and margin of safety is Rs. 3,00,000; the amount of profit is-------------.
19. Depreciation on fixed assets is-------------.
20. An example of variable cost is----------.
21. Direct material is a ----------------.
22. Office and administration expenses can be charged on the basis of-------.
23. Low turnover of stock ratio indicates-------------.
24. Which ratio measures the number of times the receivables are rotated in a year in terms of sales?
25. The budget which usually takes the form of budgeted profit and loss account and balance sheet is known as--------------------