List of top Commerce Questions on Cost Accounting

Match List - I with List - II:

Assertion (A):
Process costing method is useful in the manufacturing of products like steel, paper, medicines, soaps, chemical etc.
Reason (R):
Process costing is a method of costing used in industries where the material has to pass through two or more processes for being converted into a final product.

Arrange the following items in correct sequence in which they are shown in Marginal Cost Statement:
A. Variable Cost
B. Profit
C. Contribution
D. Sales
E. Fixed Cost

While reconciliation of cost and financial accounts for calculating profits as per Financial Accounts from Profits as per Cost Accounts, which of the following purely financial items are deducted? A. Interest on loans or bank mortgages
B. Interest received on bank deposits, loans and investments
C. Expenses and discounts on issue of shares, debentures etc.
D. Loss by fire not covered by insurance
E. Rent Receivables

In a factory 1,000 workers were idle because of a power failure. As a result, a loss of production of 2,000 units of Product X and 4,000 units of Product Y occurred. Each employee was paid a normal wage at the rate of Rs. 100 per hour. One standard hour is required to manufacture five units of Product X and four units of Product Y. How much is the Idle Time Variance due to power failure?

Arrange the following cost concepts in the correct order in which they appear in the Cost Sheet. (A) Works Cost
(B) Cost of Sales
(C) Prime Cost
(D) Cost of Production

Match List-I (Costing) with List-II (Industry where applicable):

List I	List II
(A) Batch Costing	Oil Industry
(B) Joint Cost	School
(C) Operating Cost	Pharma Industry
(D) Process Costing	Refineries