Costing

✅ The correct answer is B.
The method in which issue prices of material is computed by dividing total purchase cost of material in stock with total quantity in stock weighted average method. Under this method weighted average price is calculated by dividing the total cost of material purchased during the accounting period, in which the material to be priced is used by the total quantity of material purchased during that period.

✅ The correct answer is A.
Regression Analysis Method of quantitative analysis of cost function considers all data points.

✅ The correct answer is B.
A particular term for which specific revenue measurement is required is known as revenue object. A revenue object document is used as the basis for revenue recognition and partner settlement.

✅ The correct answer is B.
Material requisition is meant for supply of material from stores. A materials requisition form is a source document that the production department uses to request materials for manufacturing process. The production manager usually fills out the materials requisition form and delivers it to the materials or storage department where all of the raw materials are stored.

✅ The correct answer is D.
For estimation of each cost pool for cost function, attention must be paid to cost hierarchy. The cost hierarchy is a classification system used in activity-based costing that designates activities based on how easily they can be traced to a product.

✅ The correct answer is A.
In assumptions testing, violation of constant variance is called heteroscedasticity. Heteroscedasticity means unequal scatter. In regression analysis, we talk about heteroscedasticity in the context of the residuals or error term. Specifically, heteroscedasticity is a systematic change in the spread of the residuals over the range of measured values.

✅ The correct answer is A.
Flexible budget variance for revenues of company is classified as selling price variance. Sales price variance measures the change in a company’s total budgeted revenue to the actual revenue earned on a product.

✅ The correct answer is B.
100 units are introduced in a process in which normal loss is 5% of input If actual output is 97 then there is 2 units of abnormal gain.

✅ The correct answer is C.
Total Overhead = Direct service labour + Idle time wages + Overtime premium
= $7000 + $2000 + $950 = $9,950

✅ The correct answer is D.
Difference between attendance time and job time is idle time. Idle time is unproductive time on the part of employees or machines caused by management or as a result of factors beyond their control. Idle time is the time associated with waiting, or when a piece of machinery is not being used but could be.