Cost Accounting Quiz-5

Contract costing is a special form of ________ costing also known as terminal costing.

The balance of money not paid by contractee is known as:

Which system of contract costing is employed in case where it is very difficult for the contractor to quote the contract price because there is no precedent which may be taken as the basis?

For bridge construction _________ costing is used.

Direct material RS 40,000, Direct wages RS 18,000, Direct expenses RS 15,000, fuel RS 2,500, Office overheads RS 8,100, selling overheads RS 19,800. The Prime cost is:

A pharmaceutical company is having annual demand of its medicine 1,60,000 units. For the production of units, company has to bear setting up and order processing cost of RS 1,600. Cost of manufacturing one unit is RS 8000. Cost of carrying is 10% per annum. What’s Economic Batch Quantity (in units)?

A provision in a contract for adjustment of prices quoted and accepted, in the event of specified contingencies is called:

Work approved by the contractee or his nominee on a specific date is called:

Office Cost is also named as:

Excess of overheads in costing as compared to financial profit and loss A/c is