Paper 8 Cost Accounting | CMA Intermediate Match the following

 

CMA INTERMEDIATE EXAMINATION

Paper 8 Cost Accounting




Paper 8 Cost Accounting Match the following with answer

Sufficient to give the corresponding item in column 3 for column 1; reproducing columns 2 and 4 are not required

A. Match the following   

 

Column-I

 

Column-II

1.

Pharma Industry.

A.

Opportunity Cost.

2.

Management by exception.

B.

Direct Allocation.

3.

Assessment of employee with respect to a job.

C.

Joint Cost.

4.

Royalties.

D.

Batch Costing.

5.

CAS-19.

E.

Merit Rating.

 

 

F.

Variance Analysis.

 

 

G.

Job Evaluation.

 

 

H.

Notional Cost.

 Answer:

 

Column-I

 

Column-II

1.

Pharma Industry.

D.

Batch Costing.

2.

Management by exception.

F.

Variance Analysis.

3.

Assessment of employee with respect to a job.

E.

Merit Rating.

4.

Royalties.

B.

Direct Allocation.

5.

CAS-19.

C.

Joint Cost.



B. Match the following:  

 

Column-I

 

Column-II

(i)

Imputed costs.

A.

Cost control technique.

(ii)

FSN analysis.

B.

Treated as part of factory expenses.

(iii)

Captive power plant expenses.

C.

Costing profit and loss account.

(iv)

Abnormal loss is transferred to.

D.

Process of classifying material.

(v)

Variance analysis.

E.

Direct allocation.

 

 

F.

Not involving cash outlay.

 

 

G.

Management by exception.

 

 

H.

Decision package.

 Answer:

 

Column-I

 

Column-II

(i)

Imputed costs.

F.

Not involving cash outlay.

(ii)

FSN analysis.

D.

Process of classifying material.

(iii)

Captive power plant expenses.

B.

Treated as part of factory expenses.

(iv)

Abnormal loss is transferred to.

C.

Costing profit and loss account.

(v)

Variance analysis.

G.

Management by exception.



C. Match the following : 

 

Column-I

 

Column-II

(i)

Cash discount allowed.

(A)

Joint Cost.

(ii)

Escalation Clause.

(B)

Imputed Cost.

(iii)

CAS-19

(C)

Direct Expenses.

(iv)

Notional Cost.

(D)

Not shown in cost sheet but debited to profit and loss account.

(v)

Zero base budgeting.

(E)

Suck Cost.

 

 

(F)

Contract Costing.

 

 

(G)

Division Package.

 

 

(H)

Variable Cost.

 Answer

 

Column-I

 

Column-II

(i)

Cash discount allowed.

(D)

Not shown in cost sheet but debited to profit and loss account.

(ii)

Escalation Clause.

(F)

Contract Costing.

(iii)

CAS-19

(A)

Joint Cost.

(iv)

Notional Cost.

(B)

Imputed Cost.

(v)

Zero base budgeting.

(G)

Division Package.

 

D. Match the following:

 

Column-I

 

Column-II

(i)

Component of Cost Sheet.

(A)

High initial costs.

(ii)

Objective of Cost Accounting.

(B)

Classification of cost.

(iii)

CAS 1

(C)

In terms of completed units.

(iv)

Equivalent Production.

(D)

Reference to the job.

(v)

De-merit of a centralized purchase organization.

(E)

To determine the value of closing inventory.

 Answer:

 

Column-I

 

Column-II

(i)

Component of Cost Sheet.

(D)

Reference to the job.

(ii)

Objective of Cost Accounting.

(E)

To determine the value of closing inventory.

(iii)

CAS 1

(B)

Classification of cost.

(iv)

Equivalent Production.

(C)

In terms of completed units.

(v)

De-merit of a centralized purchase organization.

(A)

High initial costs.


E. Match the following: 

 

Column-I

 

Column-II

(xi)

High inventory turnover ratio.

A

Works Overhead.

(xii)

Job evaluation.

B

Opportunity Cost.

(xiii)

Salary of product designers.

C

Co-product.

(xiv)

By product value.

D

Sales and Production Budget.

(xv)

Master budget.

E

Administrative Overhead.

 

 

F

P & L Budget.

 

 

G

Rationality in wage structure

 

 

H

Efficient use of stock

 

 

I

Purchase cost/average inventory

 

 

J

Evaluation of employee performance

 Answer:

 

Column-I

 

Column-II

(xi)

High inventory turnover ratio.

H

Efficient use of stock

(xii)

Job evaluation.

G

Rationality in wage structure

(xiii)

Salary of product designers.

A

Works Overhead.

(xiv)

By product value.

B

Opportunity Cost.

(xv)

Master budget.

F

P & L Budget.