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Dr. G. R. Damodaran College of Science Core: Cost Accounting
Multiple Choice Questions. 1. Basic objective of cost accounting is A. tax compliance. B. .financial audit. C. cost ascertainment. D. profit D. profit analysis. ANSWER: C
.
2. Direct cost incurred can be identified with A. each department. B. each unit of output. C. each month. D. each executive. ANSWER: B 3. Overhead cost is the total of A. all indirect costs. B. all direct costs. C. indirect and direct costs. D. all specific costs. ANSWER: A
.
Master your semester with Scribd & The New York Times Special offer 4. for Im Imstudents: puted coOnly st is$4.99/month. a .
A. notional cost.
.
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Dr. G. R. Damodaran College of Science Core: Cost Accounting
Multiple Choice Questions. 1. Basic objective of cost accounting is A. tax compliance. B. .financial audit. C. cost ascertainment. D. profit D. profit analysis. ANSWER: C
.
2. Direct cost incurred can be identified with A. each department. B. each unit of output. C. each month. D. each executive. ANSWER: B 3. Overhead cost is the total of A. all indirect costs. B. all direct costs. C. indirect and direct costs. D. all specific costs. ANSWER: A
.
Master your semester with Scribd & The New York Times Special offer 4. for Im Imstudents: puted coOnly st is$4.99/month. a .
A. notional cost.
.
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6. Process costing is suitable for . A. hospitals. B. oil reefing firms. C. transport firms. D. brick D. brick laying firms. ANSWER: B 7. Cost classification can be done in . a. two ways. A. two ways. B. three ways. C. four ways. D. several ways. ANSWER: D 8. Costing refers to the techniques and processes of A. ascertainment of costs. B. allocation of costs. C. apportion of costs. D. distribution of costs. ANSWER: A 9. Cost accounting was developed because of the A. limitations of the financial accounting. B. limitations of the management accounting. C. limitations of the human resource accounting. D. limitations of the double entry accounting. ANSWER: A
.
.
10. Multiple costing is a technique of using two or more costing methods for ascertainment of co . A. the same firm. Read Free Foron 30this Days Sign up to vote title B. the several firms. C. the same industry Not useful Useful Cancel anytime. D.students: the several Special offer for Onlyindustries. $4.99/month. ANSWER: A
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D. shutdown cost. ANSWER: D 13. Classification of cost is useful A. to find gross profit. B. to find net profit. C. to identify costs. D. to identify efficiency. ANSWER: C 14. Elements of costs are A. three types. B. four types. C. five types. D. seven types. ANSWER: A 15. Direct expenses are also called A. major expenses. B. chargeable expenses. C. overhead expenses. D. sundry expenses. ANSWER: B
.
.
.
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16. Indirect material used in production is classified as . Download With Free Trial A. office overhead. B. selling overhead. C. distribution overhead. D. factory overhead. ANSWER: D Read Free Foron 30this Days Sign up to vote title
Master your semester with Scribd & The17.New York Warehouse rentTimes is a part of . Special offer for students:cost. Only $4.99/month. A. prime
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C. Labour cost. D. Selling cost. ANSWER: B 20. Sale of defectives is reduced from A. prime cost. B. works cost. C. cost of production. D. cost of sales. ANSWER: C
.
21. Tender is an . A. estimation of profit. B. estimation of cost. C. estimation of selling price. D. estimation of units. ANSWER: C 22. Cost of sales plus profit is A. selling price. B. value of finished product. C. value of goods produced. D. value of stocks. ANSWER: A
.
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Download With Free Trial 23. Prime cost includes . A. direct materials, direct wages and indirect expenses. B. indirect materials and indirect labour and indirect expenses. C. direct materials, direct wages and direct expenses. D. direct materials, indirect wages and indirect ex penses Read Free Foron 30this Days Sign up to vote title ANSWER: C
Master your semester with Scribd & The New York Times Special offer students: Only $4.99/month. 24.forTotal of all direct costs is termed as
A. prime cost.
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B. selling overhead C. distribution overhead. D. administration overhead. ANSWER: D 27. Counting house salary is part of A. factory overhead. B. selling overhead. C. distribution overhead. D. administration overhead. ANSWER: D
.
28. Factory overhead can be charged on the basis of A. material cost. B. labour cost. C. prime cost. D. direct expenses. ANSWER: A
.
29. Office and administrative expenses can be charged on the basis of A. material cost. B. labour cost. C. prime cost. D. factory cost. ANSWER: C
.
30. Selling and distribution expenses can be charged on the basis of . A. material cost. B. labour cost. You're Reading a Preview C. prime cost. Unlock full access with a freeRead trial.up Free Foron 30this Days D. factory cost. Sign to vote title ANSWER: C Useful Not useful Cancel anytime. Download With Free Trial Special offer for students: Only $4.99/month. 31. One of the most important tools in cost planning is
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A. property tax. B. interest on capital. C. direct material cost. D. depreciation of machinery. ANSWER: C 34. Cost accounting concepts include all the following except A. planning. B. controlling. C. profit sharing D. product costing. ANSWER: C 35. Toy manufacturing industry should use A. unit costing. B. process costing. C. batch costing. D. multiple costing. ANSWER: C 36. Job costing used in A. paper mills B. chemical works. C. printing works D. textile mill. ANSWER: C
.
.
.
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37. When premises are owned, a charge for rent is A. production cost. B. imputed cost. C. marginal cost. D. cost of sales. Special offerANSWER: for students: B Only $4.99/month.
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40. The ascertainment of costs after they have been incurred is known as A. marginal costing. B. historical costing. C. sunk cost. D. notional cost. ANSWER: B 41. Direct material is a A. fixed cost. B. variable cost. C. semi variable cost. D. semi fixed cost. ANSWER: B 42. Direct material is a A. manufacturing cost. B. administrative cost. C. selling cost. D. distribution cost. ANSWER: A
.
.
.
43. The most important element of cost You're in manufacturing industries is Reading a Preview A. material. Unlock full access with a free trial. B. labour. C. direct osts. Download With Free Trial D. indirect costs. ANSWER: A
.
44. Which of the following is considered to be the no rmal loss of material? A. Loss due to accident. Read Free Foron 30this Days Sign up to vote title B. Pilferage. C. Loss due to breaking the bulk. Useful Not useful Cancel anytime. D.students: Loss due to $4.99/month. careless handling of materials. Special offer for Only ANSWER: C
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47. Which of the following methods of stock control aims at concentrating efforts on selected ite material? A. Perpetual inventory system. B. Material turnover ratio. C. Level setting. D. ABC analysis. ANSWER: D 48. In which of the following methods issues of materials are priced at a predetermined rate? A. Inflated price method. B. Standard price method. C. Replacement price method. D. Specific price method. ANSWER: B
49. In which of the following methods issues of materials are priced at the price prevailing at the issue? A. Inflated price method. B. Standard price method. C. Replacement price method. D. Specific price method. You're Reading a Preview ANSWER: C Unlock full access with a free trial.
50. In base stock method of pricing the material issues, the term base stock represents the Download With Free Trial A. quantity of stock being issued. B. stock in balance. C. minimum stock. D. maximum stock. ANSWER: C Read Free Foron 30this Days Sign up to vote title 51. Material consumed is Rs. 5,00,000 Opening stock of raw material Rs.Not 50,0 00 and Closing Useful is useful Cancel anytime. raw Rs. 25,000. What is the cost of raw material purchased? Special offer formaterial students: is Only $4.99/month. A. Rs. 4,50,000.
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B. issue of material. C. purchase of material. D. purchase, storage and issue of material. ANSWER: D 54. Material requisition is meant for A. purchase of material. B. supply of material from stores. C. sale of material. D. storage of material. ANSWER: B
.
55. Stock control through stock levels and EOQ is called A. demand and supply method. B. perpetual inventory system. C. control by important and exception D. . automatic order method. ANSWER: B 56. ABC analysis is----------A. At Better Control B. Always Better Control C. Average better Control. D. All best control. ANSWER: B 57. JIT inventory system is A. Just In Time. B. Just Inventory Time. C. Job In Time. D. Job Inventory Time. ANSWER: A
.
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58. Perpetual inventory system involves
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A. material prices are rising. B. material prices are falling. C. material prices are constant. D. material prices are fluctuating. ANSWER: A 61. Average method of pricing the material issues is useful when A. material prices are rising. B. material prices are falling. C. material prices are constant. D. material prices are fluctuating. ANSWER: D
.
62. Scrap is . A. residue of material. B. wastage of material. C. surplus material. D. abnormal loss of material. ANSWER: A 63. Material is issued by store keeper against . A. material requisition. You're Reading a Preview B. material order. Unlock full access with a free trial. C. goods received note. D. purchase requisition. Download With Free Trial ANSWER: A 64. EOQ stands for . A. Economic Order Quantity. B. Essential Order Quantity. C. Economic Output Quantity. D. Essential Output Quantity. Special offerANSWER: for students: A Only $4.99/month.
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67. Defectives . A. cannot be rectified and made into good units. B. can be rectified and mad made into good units. C. can be a part of finished product. D. can be termed as spoilage. ANSWER: A 68. Bin card is maintained by A. costing department. B. stores department. C. finance department. D. accounting department. ANSWER: B
.
69. Labour turnover is . A. productivity of labour. B. efficiency of the labour. C. change in labour force. D. total cost of the labour. ANSWER: C 70. Time study is for . A. measurement of work. B. fixation of standard time. C. ascertainment of actual hours. D. ascertainment of labour cost. ANSWER: B
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71. Idle time is . A. time spent by workers in factory. B. time spent by workers in office. C. time spent by workers off their work. D.students: time spent workers on their job. Special offer for Onlyby $4.99/month. ANSWER: C
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74. Time booking refers to . A. time spent by worker on their job. B. time spent by workers in the factory. C. time spent by workers without work D. time spent by workers off their job. ANSWER: A 75. Difference between attendance time and job time is A. job time. B. over time. C. actual time. D. idle time. ANSWER: D 76. Piece workers are paid on the basis of A. output sold. B. output produced. C. output in stock. D. input received. ANSWER: B
.
.
You're Reading a Preview 77. Time wages are paid on the basis of . Unlock full access with a free trial. A. actual time. B. standard time. Download With Free Trial C. time saved. D. overtime. ANSWER: A 78. Differential piece wages means . Master your semester with Scribd A. different wages for different level of performance. B. different wages for different time consumed. & The New York Times C.students: differentOnly wages for different level of output. Special offer for $4.99/month.
D. different wages for different types of industries.
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ANSWER: C
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81. Normal idle time A. . can be avoided. B. can be minimized. C. cannot be avoided. D. can be controlled. ANSWER: C
.
82. An employee is eligible for getting overtime wage if he/she works for more than A. 6 hrs a day. B. 8 hrs a day. C. 9 hrs a day. D. 12 hrs a day. ANSWER: B
.
83. Which of the following methods of wage payment is most suitable where qu ality and accura is of primary importance? A. Piece rate system. B. Time rate system. C. Differential piece rate system. D. .Halsey premium plan. You're Reading a Preview ANSWER: B Unlock full access with a free trial.
84. Cost of idle time arising due to non availability of raw material is . Download With Free Trial A. charged to costing profit and loss account. B. charged to financial profit and loss account. C. charged to factory overhead. D. recovered by inflating the wage rate. ANSWER: A Read Free Foron 30this Days Sign up to vote title
Master your semester with Scribd & The85.New Times LabourYork productivity can NOT be measured by comparing Useful Special offer for Onlywith $4.99/month. A.students: actual time standard time.
B. total output with total man hours.
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C. payroll department. D. engineering department. ANSWER: D
88. Under Gantts task and bonus plan no bonus is payable to a worker if his efficiency is less tha . A. 50%. B. 60%. C. 83.5%. D. 100%. ANSWER: D
89. When standard output is 10 units per hour and actual output is 12 units per hour, the efficien . A. 75%. B. 80%. C. 90%. D. 120%. ANSWER: D 90. Given that for a job standard time is 8 hrs, actual time taken is 6 hrs and the time rate is Rs. What is the total wages under Halsey premium plan? a Preview You're Reading A. Rs. 12. Unlock full access with a free trial. B. Rs. 14. C. Rs. 16. Download With Free Trial D. Rs. 18. ANSWER: B
91. Comparing Rowan plan and Halsey plan, it is seen that when the time saved is less than 50% standard time . Free Foron 30this Days Sign up to vote title A. Rowan plan allows more wages to a worker than H alseyRead plan. B. Rowan plan allows less wages to a worker than Halsey plan. Useful Not useful Cancel anytime. C.students: Rowan and plan allow equal wages to a worker. Special offer for Only Halsey $4.99/month. D. Rowan plan and Halsey plan are equal to ordinary time wage.
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ANSWER: A
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94. Bonus under Rowan scheme is paid . A. as a proportion of standard time to actual time. B. as a proportion of actual time to standard time. C. as a proportion of time saved to standard time. D. as a proportion of time saved to standard time. ANSWER: B 95. Labour cost is the second element of A. cost. B. profit C. sales D. task ANSWER: A
.
96. Number of methods available for calculation of Labour turnover is A. two B. three C. four D. five ANSWER: B You're Reading a Preview 97. Over time premium is paid A. at normal rate. B. below the normal rate. C. at 50% of the normal rate. D. at double normal rate. ANSWER: B
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Master your semester with Scribd 98. Merricks multiple piece rate system has & The New York Times A. two rates. Special offer for Only $4.99/month. B.students: three rates.
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D. chargeable expenses. ANSWER: A 101. Reorder level = . A. maximum level Xminimum level. B. maximum consumption X maximum reorder period. C. minimum consumption x minimum reorder period. D. normal consumption X normal reorder period. ANSWER: B 102. Overhead can be classified according to function-wise as . A. fixed o/h, variable o/h and semi-variable o/h. B. controllable o/h and uncontrollable o/h. C. manufacturing o/h, administration o/h and selling & distribution o/h. D. past cost and future cost. ANSWER: C 103. Allotment of overhead incurred for a particular cost centre to that specific cost centre is A. allocation. B. allotment. C. primary distribution. D. secondary distribution. You're Reading a Preview ANSWER: A Unlock full access with a free trial.
104. Establishment of costing system in India is essential . Download With Free Trial A. in the case of all industrial concerns. B. for all companies having a paid up capital of Rs. 25 lakhs. C. in the case of such companies as may be required to maintain costing records b y the centra under section 209 of the companies act. D. in case the concerned firm is covered by the MRTP act. Read Free Foron 30this Days Sign up to vote title ANSWER: C
Master your semester with Scribd & The New York Times Special offer for students: Only $4.99/month. 105. Cost accounting
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control the cost is A. cost reduction. B. cost control. C. cost allocation. D. cost ascertainment. ANSWER: B
.
108. Under ABC method of material control, the material are classified according to A. its value. B. its usage. C. its nature. D. its availability. ANSWER: A
.
109. The use of several under takings of the same costing principles and/or practices are known . A. marginal costing. B. historical costing. C. absorption costing. D. uniform costing ANSWER: D
You're Reading a Preview 110. The loss which arise in manufacturing activity on account of inherent n ature of the product Unlock full access with a free trial. . A. normal loss. Download With Free Trial B. abnormal loss. C. net loss. D. gross loss. ANSWER: A
Master your semester with Scribd 111. Generally types of stores are classified into A. two types. & The New York Times B.students: three types. Special offer for Only $4.99/month. C. four types.
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D. average stock level is maintained. ANSWER: A
114. This is a point at which the store keeper should initiate purchase requisition for fresh supply . A. maximum stock level. B. minimum stock level. C. reorder level. D. average stock level. ANSWER: C
115. This is a level at which normal issue of material are stopped, but issued und er special condi . A. maximum stock level. B. minimum stock level. C. danger level. D. average stock level. ANSWER: C 116. Discarded material substances having no value is called A. waste. B. scrap. You're Reading a Preview C. defectives. Unlock full access with a free trial. D. spoilage. ANSWER: A Download With Free Trial 117. Discarded material substances having some value is A. waste. B. scrap. C. defective. D. spoilage. ANSWER: B
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120. If Minimum stock level is 900 units and economic order quantity is 75 0 units, then average = . A. 825 units. B. 1275 units. C. 1525 units. D. 1650 units. ANSWER: B 121. Under which method the rate of wages are linked with the cost of living index? A. Flat time rate. B. High day rate. C. Measured day rate. D. Graduated time rate. ANSWER: D 122. Under Halsey-Weir scheme, workers are paid . A. 25% of time saved. B. 30% of time saved. C. 35% of time saved. D. 50% of time saved. ANSWER: B You're Reading a Preview Unlock access withand a freeemployer trial. 123. Under which plan efficiency is shared byfullemployee equally? A. Time rate. Download With Free Trial B. Gantts task and bonus plan. C. Halsey plan. D. Rowan plan. ANSWER: C
Master your semester with Scribd Free Foron 30this Days Sign up to vote title 124. Which of the following method of wage payment is mostRead suitable where the speed ofprodu control Times of worker? & The beyond NewtheYork Useful Not useful A.students: Time rate system. Special offer for Only $4.99/month. B. Piece rate system.
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B. Differential piece rate. C. Premium and bonus plan. D. Time wage rate. ANSWER: D
127. Standard time is 60 hours and guaranteed time rate is 50 paise per hour. What is the amoun if job is completed in 40 hours? (Rowan plan is in use) . A. Rs. 24.00 B. Rs. 26.67. C. Rs. 28.80. D. Rs. 30.00. ANSWER: B 128. The allotment of whole item of cost to cost centre or cost units is called A. cost allocation B. cost apportionment. C. cost absorption. D. cost disbursement. ANSWER: A 129. Packing cost is A. production cost. B. selling cost. C. administration cost. D. distribution cost. ANSWER: D
.
.
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130. Directors remuneration and expenses form part of A. production overhead. B. administrative overhead. C. selling overhead. D. distribution overhead. Special offerANSWER: for students: B Only $4.99/month.
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133. Absorption means . A. charging overheads to cost centres. B. charging of overheads to cost units. C. charging of overheads to cost centres or cost units. D. allotment of overheads to different departments. ANSWER: B 134. Which of the following is a service department? A. Refining department. B. Machining department. C. Receiving department. D. Finishing department. ANSWER: C 135. Which of the following is NOT a selling overhead? A. Insurance to cover sold goods while in transit. B. Royalty on sales. C. Legal cost on debt realization. D. Distribution of samples. ANSWER: C
You're Reading a Preview 136. Which method of absorption of factory overheads do you suggest in a concern which produ Unlock full access with a free trial. one uniform item of product? A. Percentage of direct wages basis. Download With Free Trial B. Direct labour rate basis. C. Machine hour rate. D. A rate per unit of output. ANSWER: D
Master your semester with Scribd Read Free Foron 30 Days Signitup to vote title 137. When the actual overhead is more than absorbed overhead is known asthis A. over York absorption. & The New Times Useful Not useful B.students: under absorption. Special offer for Only $4.99/month. C. equal absorption.
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D. distribution overhead. ANSWER: C 140. Number of worker employed is used as basis for the apportionment of A. rent. B. canteen expenses. C. PF contribution. D. rate and tax. ANSWER: B 141. Fixed cost per unit increases when A. variable cost per unit increases. B. variable cost per unit decreases. C. production volume increases. D. production volume decreases. ANSWER: D
.
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142. Variable cost per unit . A. varies when output varies. B. remains constant. C. increase when output increases. D. decreases when output decreases. You're Reading a Preview ANSWER: B Unlock full access with a free trial.
143. Increase in total variable cost is due to . Download With Free Trial A. increase in fixed cost. B. increase in sales. C. increase in production. D. increase in efficiency. ANSWER: C Read Free Foron 30this Days Sign up to vote title
Master your semester with Scribd & The144. New YorkofTimes An example fixed cost . Special offer for students: Only A. property tax.$4.99/month.
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B. primary distribution. C. secondary distribution. D. classification. ANSWER: D 147. The process of redistribution of service department costs to production departments is A. departmentalization. B. primary distribution. C. secondary distribution. D. classification. ANSWER: C 148. Which of the following is an example of semi-variable cost? A. Salary. B. Tax. C. Telephone expenses. D. . Office expenses. ANSWER: C 149. Depreciation of plant can be apportioned on the basis of A. plant value. B. plant size. You're Reading a Preview C. working days. Unlock full access with a free trial. D. output produced. ANSWER: A Download With Free Trial 150. Indirect materials can be apportioned on the basis of A. direct material. B. prime cost. C. direct labour hour. D. machine hour. ANSWER: A
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153. A cost unit is . A. the cost per machine hour. B. the cost per labour hour. C. a unit of production or service in relation to which costs are ascertained. D. a measure of work output in a standard hour. ANSWER: C 154. Factory overhead is also called as A. sundry overhead. B. extra overhead. C. works overhead. D. total overhead. ANSWER: C
.
155. Appropriate basis for apportionment of material handling charges is A. material purchased. B. material in stock. C. material consumed. D. material wasted. ANSWER: C 156. Recreation expenses in factory are You're apportioned on athe basis of Reading Preview A. material cost. Unlock full access with a free trial. B. wages. C. prime cost. Download With Free Trial D. number of employees. ANSWER: D
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157. Sundry overhead expenses may be apportioned in the ratio of . A. material consumed. Read Free Foron 30this Days Sign up to vote title B. number of employees. C. labour hours. Useful Not useful Cancel anytime. D.students: machineOnly hours. Special offer for $4.99/month. ANSWER: C
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160. Comprehensive machine hour rate includes A. machine operators wages. B. managing directors salary. C. income tax. D. office rent. ANSWER: A 161. Creche expenses can be apportioned on the basis of A. no. of male employees. B. no. of female employees C. no. of total employees. D. no. of managerial employees. ANSWER: B
.
.
162. When the actual overhead is less than the absorbed overhead it is A. over absorption. B. under absorption. C. equal absorption. D. major absorption. ANSWER: B
.
You're Reading a Preview 163. In which method of overhead absorption, the overhead rate will not be in percentage? Unlock full access with a free trial. A. Direct labour method. B. Direct wage method. Download With Free Trial C. Prime cost method. D. Labour hour method. ANSWER: D
164.your Factorysemester overhead is Rs. 3,00,000. and direct material cost is Rs. 5,00,000.What is the overh Master with Scribd Read Free Foron 30this Days Sign up to vote title under direct material cost method? A. 25% York Times & The New Useful Not useful B.students: 30% Only $4.99/month. Special offer for C. 60%
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C. cost of sales. D. cost of production. ANSWER: A 167. Cost of the machine is Rs. 95,000 and installation charges is Rs.15,000. Scrap value at the working life of 10 years is Rs. 10,000. Machine works for 2000 hours in a year. What is the per depreciation? A. Rs. 4 per hour. B. Rs. 5 per hour. C. Rs. 6 per hour. D. Rs. 8 per hour. ANSWER: B 168. In a machine dominated industry which method of overhead absorption is suitable? A. Direct material cost method. B. Prime cost method. C. Labour hour method. D. Machine hour method. ANSWER: D
169. In labour oriented manufacturing industry which method of overhead abso rption is suitable A. Direct material cost method. You're Reading a Preview B. Prime cost method. Unlock full access with a free trial. C. Labour hour method. D. Machine hour method. Download With Free Trial ANSWER: C 170. Most appropriate basis for the apportionment of power is . A. no. of labour. B. no. of output. Read Free Foron 30this Days Sign up to vote title C. no. of machines. D. horse power of machines. Useful Not useful Cancel anytime. Special offerANSWER: for students: D Only $4.99/month.
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173. The expenses relating to a particular process is A. debited to that process a/c. B. credited to that process a/c. C. debited to costing profit and loss a/c. D. debited to profit and loss a/c. ANSWER: A
.
174. Normal loss units and its realizable scrap value (if any) is A. debited to process a/c. B. credited to process a/c. C. debited to costing profit and loss a/c. D. debited to profit and loss a/c. ANSWER: B 175. Value of normal loss is charged to A. other good product. B. trading a/c. C. profit and loss a/c. D. costing profit and loss a/c. ANSWER: A
.
.
You're Reading a Preview 176. Which of the following will be affected by normal loss? Unlock full access with a free trial. A. Costing profit. B. Financial profit. Download With Free Trial C. Process profit. D. cost of Good units. ANSWER: D 177. Normal loss in the manufacturing process leads to Master your semester with Scribd A. reduction in unit price of other good units. B. increase in unit price of other good units. & The New York Times C.students: reduction in $4.99/month. costing profit. Special offer for Only D. increase in costing profit.
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ANSWER: B
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180. Actual loss is more than the predetermined normal loss, it is A. normal loss. B. abnormal loss. C. seasonal loss. D. standard loss. ANSWER: B
.
181. Actual loss is less than the predetermined normal loss, it is A. normal loss. B. abnormal loss. C. seasonal loss. D. abnormal gain. ANSWER: D
.
182. When output of earlier process is transferred at a profit to the subsequent process, it is A. inter departmental profit. B. abnormal gain. C. inter process profit. D. manufacturing profit. ANSWER: C You're Reading a Preview
Unlock full access with a free 183. 100 units are introduced in a process in which normal losstrial. is 5% of input. If actual output is there is . A. no abnormal loss and normal gain.Download With Free Trial B. 2 units of abnormal gain. C. 3 units of abnormal gain. D. 3 units of normal loss. ANSWER: B Read Free Foron 30this Days Sign up to vote title
Master your semester with Scribd & The184. New York Timesat a cost of Rs. 80, normal loss is10%, Useful Not useful a scrap valu 50 units are processed each unit carries Special offer for students: Only paise. If output is $4.99/month. 40 units, the value of abnormal loss will be
A. Rs. 1.25.
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A. process costing. B. unit costing. C. operation costing. D. operating costing. ANSWER: D 187. Abnormal process loss can be transferred to A. costing profit and loss a/c. B. financial profit and loss a/c. C. manufacturing. D. trading. ANSWER: A
.
188. Two economically equal importance product are simultaneously produced in the same man process, these product are . A. joint products. B. by products. C. two process products. D. economic products. ANSWER: A
189. When two products are simultaneously produced process and one of them has compara You're Readingina aPreview value and other is of low value , the low value product is called . Unlock full access with a free trial. A. joint products. B. by products. Download With Free Trial C. seasonal products.. D. economic products. ANSWER: B 190.your If any by-product is produced sold it is credited to . Master semester withandScribd Read Free Foron 30this Days Sign up to vote title A. profit and loss a/c. B. by-product & The New Yorka/cTimes Useful Not useful C. process a/c. $4.99/month. Special offer for students: Only D. abnormal gain a/c.
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ANSWER: D
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193. Inter process profits are . A. credited to each process a/c. B. debited to respective process a/c. C. shown only in the finished stock a/c. D. shown in the balance sheet. ANSWER: B 194. Input is 10,000 units and normal loss is 20% of input and abnormal loss is 400 units. What output? A. 7600 units. B. 10,000 units. C. 10, 400 units. D. 12000 units. ANSWER: A 195. Output is 6400 units and normal loss is 20%. What is actual input? A. 7400 units. B. 8000 units. C. 8400 units. D. 9600 units. You're Reading a Preview ANSWER: B Unlock full access with a free trial.
196. Cost of process Rs.1,60,000 and profit to be charged on the transfer price is 20%. What is t Download With Free Trial process profit? A. Rs. 32,000. B. Rs. 40,000. C. Rs. 48,000. D. Rs. 54,000. Read Free Foron 30this Days Sign up to vote title ANSWER: B
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B. minimum quantity of output. C. economic batch quantity. D. profit of batches. ANSWER: C 200. Which method of costing can be used in furniture manufacture industry? A. Job costing. B. Contract costing. C. Process costing. D. Specific order costing. ANSWER: A 201. Contract costing is most appropriate method of costing for A. construction industry. B. banking industry. C. textile mills D. cement industry. ANSWER: A
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202. . Cost of contract and profit or loss thereon are determined by preparing A. cost sheet. B. profit and loss a/c. You're Reading a Preview C. trading a/c. Unlock full access with a free trial. D. separate ledger a/c. ANSWER: D Download With Free Trial 203. The basis for the payment of cash by contractee under contract is . A. work certified. B. work uncertified. C. contract cost. Read Free Foron 30this Days Sign up to vote title D. value of plant used in the contract. ANSWER: A Useful Not useful
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204. The basis for determining profit to be taken into account on incomplete contract is
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A. debited to contract a/c. B. credited to contract a/c. C. debited to contractor a/c. D. debited to profit and loss a/c. ANSWER: B 207. Work uncertified is A. debited to contract a/c. B. credited to contract a/c. C. debited to contractor a/c. D. debited to profit and loss a/c. ANSWER: B
.
208. The amount which is unpaid on work certified is kept as provision. Such provision is called . A. retention money. B. special provision. C. work in progress. D. notional profit. ANSWER: A 209. In case of complete contract, the whole amount of aprofit is transferred to You're Reading Preview A. contract a/c. Unlock full access with a free trial. B. work in progress a/c. C. profit and loss a/c. Download With Free Trial D. contractee a/c. ANSWER: C 210. Process a/c is . A. a nominal a/c. B. a real a/c. C. a personal a/c. D.students: either nominal or real a/c. Special offer for Only $4.99/month. ANSWER: A
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D. 1/5 of notional profit ANSWER: A 213. . Contract a/c is . A. a nominal a/c. B. a real a/c. C. a personal a/c. D. either nominal or real a/c. ANSWER: A
214. Notional profit of a contract is Rs. 60,000, Work certified is Rs. 8,00,000 and contract price 10,00,000. What is the amount of profit to be transferred to profit and loss a/c if the 80% of the w certified is paid in cash? A. Rs. 24,0000. B. Rs. 30,000. C. Rs. 32,000. D. Rs. 36,000. ANSWER: C
215. Cash received is Rs. 9,00,000, being 90% of work certified. The amount of value of work c . A. Rs. 8,10,000. You're Reading a Preview B. Rs. 9,90,000. Unlock full access with a free trial. C. Rs. 10,00,000. D. Rs. 10,81,000. Download With Free Trial ANSWER: C 216. operating costing is a A. method of costing. B. technique of costing. C. norm of costing. D. procedure of costing. Special offerANSWER: for students: A Only $4.99/month.
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219. The physical distance covered by a vehicle is measured in terms of A. ton kilometers. B. passenger kilometers. C. vehicle days. D. running kilometers or miles. ANSWER: D 220. The cost unit in passenger transport service is A. mile per hour. B. passenger kilometers. C. kilometer per day. D. cost per hour. ANSWER: B
.
221. In goods transport service the cost unit is A. cost per ton. B. cost per hour. C. cost per ton kilometers. D. cost per vehicle. ANSWER: C
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222. In lodging houses, costs are expressed in terms of a Preview . You're Reading A. room day. Unlock full access with a free trial. B. customer day. C. customer hour. Download With Free Trial D. cost per month. ANSWER: A 223. Standing charges are A. semi variable cost. B. variable cost. C. fixed cost. D.students: chargeable Special offer for Onlycost. $4.99/month. ANSWER: C
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226. Under which system of accounting, reconciliation of financial and costing profit is not need A. Non integral accounting. B. Integral accounting. C. Double accounting. D. Double entry accounting. ANSWER: B 227. Which of the following item of expenses will not appear in cost accounting? A. Direct material cost. B. Factory overheads. C. Selling Expenses. D. Loss on sale of fixed assets. ANSWER: D 228. Which of the following item of expenses will not appear in financial accoun ting? A. Notional rent. B. Stamp duties. C. Loss on sale of fixed assets. D. Cash discount. ANSWER: A
You're Reading a Preview 229. The term cost refers to . Unlock full access with a free trial. A. the present value of future benefits. B. the value of sacrifice made to acquire goods or services. Download With Free Trial C. an asset that has given benefit but now expired. D. the price of products sold or services rendered. ANSWER: B 230.your Cost accounting differs from financial accounting in respect of . Master semester with Scribd Read Free Foron 30this Days Sign up to vote title A. reporting of cost. B. ascertainment of cost. & The New York Times Useful Not useful C.students: control of cost. Special offer for Only $4.99/month. D. recording of cost.
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233. When cash is received from contractee which a/c should be credited? A. Cash a/c. B. Contract a/c. C. Contractor a/c. D. Contractee a/c. ANSWER: D 234. Direct labour means . A. labour which can be conveniently associated with aparticular cost unit. B. labour which completes the work manually. C. permanent labour in the production department. D. labour which is recruited directly and not through contractors. ANSWER: A
235. Which of the following methods of remuneration is most likely to give stability of labour co employer? A. Group bonus scheme. B. Measured day rate. C. Premium bonus scheme. D. Straight piece work. You're Reading a Preview ANSWER: D Unlock full access with a free trial.
236. The type of process loss that should not affect the cost of inventory value is Download With Free Trial A. abnormal loss. B. normal loss. C. seasonal loss. D. standard loss. ANSWER: A Read Free Foron 30this Days Sign up to vote title
Master your semester with Scribd & The237. New York Times Useful The stage where joint products are separated from each other is known asuseful Not Special offer for students: Onlypoint. $4.99/month. A. breakeven
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B. normal loss. C. seasonal loss. D. abnormal gain. ANSWER: A 240. If the actual loss is less than the estimated normal loss, then it is A. abnormal loss. B. normal loss. C. seasonal loss. D. abnormal gain. ANSWER: D 241. Dividend paid is the nature of A. appropriation of profit. B. financial charges. C. financial income. D. trading expenses. ANSWER: A
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242. Which one of the following is NOT a method of costing? A. Marginal costing. B. Process costing. You're Reading a Preview C. Contract costing. Unlock full access with a free trial. D. Job costing. ANSWER: A Download With Free Trial
243. Direct material Rs. 25,000 and wages Rs. 15,000 and direct expenses Rs. 5,000. What wou factory cost if factory overhead rate is 20%? A. Rs. 45,000. B. Rs. 50,000. Read Free Foron 30this Days Sign up to vote title C. Rs. 54,000. D. Rs. 60,000. Not useful Useful Cancel anytime. Special offerANSWER: for students: B Only $4.99/month.
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