List of top Commerce Questions on Cost Accounting

In a factory 1,000 workers were idle because of a power failure. As a result, a loss of production of 2,000 units of Product X and 4,000 units of Product Y occurred. Each employee was paid a normal wage at the rate of Rs. 100 per hour. One standard hour is required to manufacture five units of Product X and four units of Product Y. How much is the Idle Time Variance due to power failure?

Arrange the following cost concepts in the correct order in which they appear in the Cost Sheet. (A) Works Cost
(B) Cost of Sales
(C) Prime Cost
(D) Cost of Production

Match List-I (Costing) with List-II (Industry where applicable):

List I	List II
(A) Batch Costing	Oil Industry
(B) Joint Cost	School
(C) Operating Cost	Pharma Industry
(D) Process Costing	Refineries