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

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 a costing system, a job account is similar to a work in progress account, except that it is for one job only. In a company that specialises in jobbing work, the work in progress account is the total of all the individual job accounts.

Q. The overhead cost for a particular job =

Q. The units basis has the following limitations.

Q. Under or over absorption is caused by the actual fixed overhead and production volume being different from those figures used to calculate the predetermined rate.

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

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

Q. Overhead is actually the total of:

Q. Overhead is the cost incurred in the course of making a product, providing a service or running a department, but which cannot be traced directly and in full to the product, service or department.