Cost Accounting : Materials and Labour

A Bill of Material serves the purpose of _____

• Purchase order

• Material requisition

• Purchase requisition

• Goods received note

Direct material is a _____

• Fixed cost

• Variable cost

• Semi-variable cost

• None of the above

Materials issued are priced at the latest purchase in ....................

• NIFO

• FIFO

• LIFO

• None of these

Materials issue are priced by dividing the total cost of material in stock by the total quantity of materials is called _____ method

• Simple average price

• Weighted average price

• Specific price

• Standard price

Given that for a job standard time is 8 hours, actual time taken is 6 hours and the time rate is Rs.2 per hour. What is the total wages, under Halsey Premium Plan?

• 18

• 14

• 16

• 12

Which of the following is / are time based incentive wage plan?

• Halsey Premium Plan

• Halsey Weir premium plan

• Rowan Premium plan

• All of the above

A worker is paid Rs. 0.50 per unit and he produces 18 units in 7 hours. Keeping in view the straight-piece rate system, the total wages of the worker would be?

• 18 * 7 * 0.50 = 63

• 18 * 0.50 = 9

• 18 * 7 =126

• 7 * 0.50 =3.5

Which of the following methods of wage payment is most suitable where quality and accuracy of work is of primary importance?

• Rowan Plan

• Halsey Premium plan

• Differential Piece rate system

• Time rate system

When standard output is 10 units per hour and actual output is 12 units per hour, the efficiency is?

• 80%

• 100%

• 83.33%

• 120%

In which of the following incentive plans of wage payment, wage on time basis are not guaranteed?

• Halsey plan

• Rowan Plan

• Taylor's Differential Piece rate system

• None of these