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Q. If the amount of work certified is less than………of the contract price,then no profit should be taken to Profit & Loss Account.

Q. A job is a cost unit which consists of a single order or contract.

Q. Which of the following procedure is incorrect for attributing overhead costs to cost units? I. Collecting production overhead costs by item II. Establishing cost centres III. Allocating and apportioning overhead costs to cost centres IV. Apportioning service cost centre costs to production cost centres V. Absorbing production cost centre costs into cost units

Q. Identify which of the following statement is correct.

Q. . Production Overheads are costs related to the production process other than direct labour and materials. They are also known as factory overheads since they are incurred inside the factory, other overheads such as selling and administrative overheads are always charged to in the period in which they are incurred

Q. When there is opening work in progress there are two types of cost on the debit side of the account. These are the costs that were incurred last period and brought forward as work in progress and the costs that were incurred in the current period.

Q. The cost of units of abnormal loss is treated as an _________ for the period, and charged as an ___________for the period

Q. Indirect production costs are incurred in three main ways: • Production activities: costs arising in production departments such as fuel, depreciation, supervision • Service activities: the cost of operating non-producing departments such as materials handling, canteen • Establishment costs: general production overheads such as factory rent/rates, heating and lighting

Q. A computerised job accounting system contain which of the following features:

Q. Costing is specialized branch of accounting which deals with: