B.Com (General) Semester 6 (TYBcom) - University of Mumbai Question Bank Solutions

State whether the following statement is True or False :
In Process costing, each process is treated as a separate cost centre.

State whether the following statement is True or False :
Process costing is applicable to those industries where manufactures of  homogeneous and standardised product are made in a continuous process.

Fill in the Blank :
Abnormal process losses should be transferred to ......... .

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When actual loss in process is less than the anticipated loss, the difference between the two is known as ..........

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Sale proceeds from abnormal processes loss are credited to ......... A/c. 

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Abnormal gain is recorded on the ......... side of the Process Account.

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....... products are defined as saleable or useable value incidentally produced in addition to the main product.

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When the actual loss in a process is less than the anticipated loss, the difference between the two is considered to be ...............

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In oil and petroleum refineries, ............... costing may be adopted more suitably.

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By-products are obtained simultaneously alongwith the ..........

Match the Pairs:

Multiple Choice Question.
Profit = Contribution (-) ..............

Multiple Choice Question.
Increase in ................ decreases P/V Ratio.

Multiple Choice Question.
.................shows the rate at which the organisation is earning profit once the
BEP is reached.

Multiple Choice Question.
................ is equal to fixed cast at Break-even Point.

State whether the following statement is True or False :
Contributing margin is the guiding factor of managerial decisions.

State whether the following statement is True or False :
Marginal costing cannot be used in conjunction with Standard costing.

State whether the following statement is True or False :
Marginal costing is the same as Variable costing. 

State whether the following statement is True or False :
Marginal costing technique can be combined with Standard costing.

State whether the following statement is True or False :
The large margin of safety indicates the soundness of business.