IF the profit are 50% of operating cost, it is ……………. of invoice price.

Related MCQs

• 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
• Allocation is where overheads are allocated to cost centres. If a cost centre is responsible for the entire cost of an item of expenditure, the entire cost is charged directly to the cost centre.
• When the abnormal has a scrape value the net cost of abnormal loss (cost of abnormal loss minus its scrap value) is then transferred as a cost to the cost accounting income statement at the end of the accounting period.
• If the amount of work certified is less than………of the contract price,then no profit should be taken to Profit & Loss Account.
• The over-absorbed overhead is accounted for as an adjustment to the profit in the period, and is added to profit in the cost accounting income statement.
• Cost plus pricing means that a desired profit margin is added to total costs to arrive at the selling price.
• The disposal cost of abnormal loss is included in the abnormal loss account and therefore in the transfer of the cost of abnormal loss to the statement of profit or loss.
• In Job costing a cost is calculated for each individual job, and this cost can be used to establish the profit or loss from doing the job.
• Operating cost is the cost incurred for providing:
• Which of the following cost is also known as overhead cost or on cost: