Cost Account MCQ PDF

  1. ……….set of account books are maintained under Non – Integrated system. a. One b. Two c. Three d. Four ANS: B   2. Idle time variance is always ………. a. Favourable b. Controllable c. Profitable d. Unfavourable ANS: A   3. Wages control A/c is debited by………. a. Direct wages only b. Indirect wages only c. Direct & Indirect wages d. Not Direct Nor Indirect wages ANS: A     4.Normal loss is ……….to process A/c. a. Credited b. Debited c. Nominal d. Ignored ANS: C   5.What cost should be represents is an ……….cost. a. Standard b. Change In Quantity c. Change In Wastage d. Actual ANS: A   6. Contribution margin is known as………. a. Marginal Income b. Gross Margin c. Net Income d. Net Profit ANS: D   7 Activity Based Costing is a………. a. Method of costing b. Method of allocation c. Technique of costing d. Absorption ANS: A   8. The transactions which influence the cost are………. a. Input b. Output c. Profit Centre d. Cost Drivers ANS: B   9. The difference between the Actual Quantity and the Standard Quantity , multiplied by Standard Price is the ——- a. Materials efficiency variance b. Materials Volume variance c. Materials price variance d. Materials usage variance ANS: D   10. Process cost is very much applicable in—– a. Construction Industry b. Pharmaceutical Industry c. Airline Industry d. Railway Industry ANS: B   11. An estimate of what cost should be is known as —— a. Actual cost b. Ideal cost c. Standard cost d. Forecast cost ANS: B   12. Sale of plant from site is ————- a. Credited to Contract Account b. Debited to Contract Account c. Debited to Insurance Claim Account d. Credited to Insurance Claim Account ANS: B   13. After adjustment of scrap value, balance on Abnormal Loss Account is transferred to—— a. Balance Sheet b. Costing Profit and Loss Account c. Process Account d. Contract Account ANS: B   14. In process costing , each producing department is a—– a. Cost unit b. Cost Centre c. Investment Centre d. Sales Centre ANS: D   15. A standard which is established for use unaltered for an indefinite period is called—- a. Current standard b. Ideal standard c. Basic standard d. Expected standard ANS: C   16. Cost of output is calculated at each process — a. Everyday b. Periodically c. Weekly d. Monthly ANS: A   17. The application of factory overheads usually would be recorded as an increase in—— a. Cost of goods sold b. Work – in – progress control c. Factory overheads control d. Finished goods control ANS: B   18. —– is the person for whom the contract job is undertaken a. Contractor b. Contractee c. Sub-contractor d. Job-worker ANS: B   19. Issue of material is credited to —— a. Stores ledger control account b. WIP Control Account c. Overheads Control Account d. Labour Control Account ANS: D   20. Fixed cost is equal to —– a. Break even sales x Margin of Safety b. Sales x Margin of Safety c. Sales x Profit Volume Ratio d. Profit Volume Ratio x Break even sales ANS: D   21. Providing the power required to run production equipment is an example of a —— a. Unit level activity b. Batch level activity c. Product level activity d. Organization sustaining activity ANS: A   22. The cost variance is controllable when it rises due to——- a. Controllable circumstances b. Non – controllable circumstances c. Managerial efficiency d. Workers efficiency ANS: C   23. The term Standard Hours allowed measures ——- a. Budgeted Output at Actual Hours b. Budgeted Output at Standard Hours c. Actual Output at Standard Hours d. Actual Output at Actual Hours ANS: C   24. Margin of Safety is referred to as—– a. Excess of sales over break – even sales b. Excess of sales over fixed cost c. Excess of sales over variable cost d. Excess of sales over budgeted sales ANS: A   25. Work certified is valued at———- a. Cost price b. Cost or Market price whichever is less c. Market price d. Estimated price ANS: A   If You Need Most Importance MCQ PDF Cost Accounting Question Bank Than Pay Rs 100 Only  Contact 8652719712 / 8779537141  Telegram Group  Mumbai Univeersity :-   https://t.me/mumbaiuniversityidol   Suraj Patel Education :-   https://t.me/surajpateleducation   F.Y.J.C EXAM :-   https://t.me/FYJCexam   S.Y.J.C EXAM :- https://t.me/SYJCexam   F.Y EXAM :-   https://t.me/fyexam   S.Y EXAM :-   https://t.me/syexam   T.Y EXAM :-   https://t.me/tyexam   M.Com Part 1 EXAM :-   https://t.me/McomPart1Exam   M.Com Part 2 EXAM :-  https://t.me/McomPart2Exam       M.A EXAM :-   https://t.me/mastudentsexam        YouTube Channel    https://www.youtube.com/channel/UCNxVWIrZ1JYB4y-bWXfaBAw