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Q. Non-production overheads might be added to the cost of the job:

Q. Are the costs of opening WIP, incurred in last period and brought forward as work in progress and the costs that were incurred in the current period, treated the same way?

Q. Identify the characteristics of services: I. Intangibility: They do not have a physical substance unlike goods. They cannot be held or seen. II. Inseparability: Consumption and creation of a service cannot be separated. Services are consumed as they are created. III. Variability: Services face the problem of maintaining consistency in the standard of output. IV. Perishability: Services cannot be stored. V. Lack of ownership: Services do not result in the transfer of property in anything.

Q. An equivalent unit means ‘equal to one finished unit of output’.

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. In job costing each job is given a unique:

Q. A product with a high gross profit could be an unprofitable product.

Q. Which of the following best describes a fixed cost? A cost which:

Q. . The cost which is to be incurred even when a business unit is closed is a.

Q. Retention money serves as a ………with the contractee.