Costing

✅ The correct answer is A.
Broad’s average use to assign cost of revenue to cost objects will be classified as refined costing system. A refined costing system reduces the use of broad averages for assigning the cost of resources to cost objects (such as jobs, products, and services) and provides better measurement of the costs of indirect resources used by different cost objects no matter how differently various cost objects use indirect resources.

✅ The correct answer is C.

✅ The correct answer is B.
Subtracted flexible budget amount can form an actual result to calculate flexible budget variance. A flexible budget variance is any difference between the results generated by a flexible budget model and actual results. If actual revenues are inserted into a flexible budget model, this means that any variance will arise between budgeted and actual expenses, not revenues.

✅ The correct answer is A.
Differential piece wages means different wages for different level of performance. A differential piece-rate system is a method of wage payment in which after tests have set a standard time for any task assigned the worker gets a high piece rate for completing the job within the allotted time and lower piece rate for completing the job beyond the allotted time.

✅ The correct answer is C.
ABC analysis is an inventory control technique in which Inventory is classified into A, B and C Category with A being the lowest quantity, highest value.

✅ The correct answer is A.
Degree of influence that a manager would have on revenues, cost, profit and investment is known as controllability. Controllability is an important property of a control system, and the controllability property plays a crucial role in many control problems, such as stabilization of unstable systems by feedback, or optimal control.

✅ The correct answer is A.
Budget which calculates expected revenues and expected costs, based on actual output quantity is named as flexible budget. A flexible budget, also called a variable budget, is financial plan of estimated revenues and expenses based on the current actual amount of output.

✅ The correct answer is D.
Fifth step in process costing system is to assign total cost to completed units. Total cost is an economic measure that sums all expenses paid to produce a product, purchase an investment, or acquire a piece of equipment including not only the initial cash outlay but also the opportunity cost of their choices.

✅ The correct answer is A.
Time rate system method of wage payment is most suitable where the speed of production is beyond the control of worker. The time rate system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory.

✅ The correct answer is C.
Support department cost allocation method which makes no difference between variable and fixed costs is classified as single rate cost allocation method. The single-rate cost-allocation method makes no distinction between fixed costs and variable costs in the cost pool.