Costing

✅ The correct answer is D.
Cost that has elements of variable and fixed costs at same time is mixed cost and semi variable cost.

✅ The correct answer is A.
The type of process loss that should not affect the cost of inventory value is abnormal loss. Generally, an abnormal loss occurs because of negligence, carelessness, theft, mischief, fraud of employees, or inefficiency.

✅ The correct answer is C.
Prime cost = Raw material consumed + Direct labour + Direct expenses = 90000 + 60000 + 20000 = Rs. 170000.

✅ The correct answer is B.
Inter process profit
= (160000 / (100% – 20%) – 160000)
= 200000 – 160000 = Rs. 40000.

✅ The correct answer is D.
Evaluation criteria of regression equation must be considered as goodness of fit, economic plausibility and significance of independent variable.

✅ The correct answer is D.
Products, divisions and customers are examples of revenue object. A revenue object document is used as the basis for revenue recognition and partner settlement.

✅ The correct answer is A.
Partial or completed units of manufactured goods, that do not meet customer specifications and get sold at reduced price or simply discarded, are called spoilage. Spoilage is waste or scrap that occurs during the manufacturing process.

✅ The correct answer is B.
Flexible budget amount is added to flexible budget variance to calculate actual result. 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 B.
Range, in which relationship exists between level of activity or total cost is called relevant range. Relevant range is a level of volume or activity within which a company is expected to operate.

✅ The correct answer is B.
In a joint process of production, two or more products that yield high volume of sales as compared to total sales of other products are classified as joint product. A joint product is a product that results jointly with other products from processing a common input. A joint product can be the output of a process with fixed or variable proportions.