Top 150+ Solved Applied Cost Accounting MCQ Questions Answer
Q. In job costing each ………. Is a cost unit to which all costs are assigned
a. Jobb
b. profit
c. Batch
d. cost
Q. In a contract costing most of the items of cost are ……………..
a. Indirect
b. direct
c. normal
d. fixed
Q. ……………. In a contract , provides that the contract price would be suitably enhanced on the happening of a specified contingency
a. Cost plus contract
b. estimated profit
c. Escalation\ clause
d. EBQ
Q. The loss incurred on an incomplete contract is transferred to ……… account
a. Profit & loss a/c
b. work in progress
c. depreciation
d. Machinery
Q. When the completion stage of the contract is more than half, the profit tobe credited to P/L a/c will be equal to ………………..
a. 2/3 *notional profit *CR/WC
b. Estimated profit *W.C/contract price
c. 1/3 * N.P * CR/W.C
d. Total profit
Q. In …………….. contract the contractor will get cost plus stipulated profit
a. Sub contract
b. cost plus contract
c. job
d. direct
Q. Scope of specific order costing is very wide and includes ……. ,………,………….
a. Job, Batch and contract costing
b. Process , Contract and unit costing
c. Batch , Job and process costing
d. Unit , service and transport costing
Q. ………… is an important point to be determined in industries where batchcosting is employed
a. EBQ
b. EOQ
c. Re – order quantity
d. Batch
Q. When a contract is debited with the original cost of the plant , it shouldcredited with ………… at the end of the year
a. Original cost of the plant
b. Depreciated value of the stock
c. Profit
d. Estimated cost
Q. When the competition stage of a contract is less than ¼ , the totalexpenditure on the contract is transferred to ………… account
a. Work in progres
b. P/L a/c
c. Estimated profit
d. Notional profit
Q. If the contract is almost complete , the amount of profit generallytransferred to profit and loss account is equal to
a. Estimated profit * work certified/ contract price
b. Estimated profit * contract price / work certified
c. Notional profit * C.R/ W.C
d. Notional profit W.C/ C.R
Q. In a contract costing payment of cash to the contract is made on the basisof …………………………. Work
a. Certified
b. profit and loss a/c
c. contract price
d. cost
Q. Contract costing is a basic method of …………….. costing
a. Specific order costing
b. batch costing
c. process costing
d. Unit costing
Q. In job costing the production is generally against customers…………………. but not for stock
a. Order
b. profit
c. cash in hand
d. none of these