Top 150+ Solved Applied Cost Accounting MCQ Questions Answer
Q. Value of work done to the satisfaction of contractee
a. Work certified
b. Work un certified
c. Fixed price contract
d. fluctuating contract
Q. A portion of work certified retained by contractee is known
a. Retention money
b. advance
c. Fixed price contract
d. fluctuating contract
Q. Profit on incomplete contract is known as ,………..
a. P/L a/c
b. notional profit
c. Net profit
d. completed contract
Q. Work in the process of completion
a. Work in progres
b. notional profit
c. Net profit
d. completed contract
Q. A portion of main contract entrusted to some one else
a. Extra work
b. Sub work
c. Work in progress
d. Sub contract
Q. Provision for increase in the contract price to accommodate increase inmaterial and labour cost
a. De escalation clause
b. fluctuating price
c. Fixed price
d. Escalation price
Q. A contract in which the contractor is given the lost of work done plus acertain percentage for profit is called …………………….
a. Cost plus contract
b. Sub contract
c. Fixed price contract
d. none of these
Q. The person who gives the work on contract is known as ……
a. Contractor
b. contractee
c. Sub contraction
d. sub contractee
Q. ……….. is the portion of work certified not paid by the contractee tillcompletion of the work
a. Work certified
b. Uncertified
c. Retention money
d. notional profit
Q. The work in the process of completion is known as …………….
a. Work certified
b. work in progress
c. Work un certified
d. notional profit
Q. …………….. is the provision to increase the contract price increase in theCost of construction over a particular level
a. Escalation clause
b. Desecration clause
c. Retention money
d. work certified
Q. Estimated profit on incomplete contract can also be called as ,……………..
a. Net profit
b. notional profit
c. Work in progress
d. net loss
Q. A contract in which the price is fixed in advance is a ………….. contract
a. Sub contract
b. fixed price contract
c. Cost plus contract
d. Fixed cost with Escalation clause
Q. A portion of the contact entrusted to somebody else is known as……………..
a. Extra work
b. Sub contract
c. Cost plus contract
d. fixed price contract
Q. A method of costing applied where costs are collected and accumulatedfor each work order is ………………….
a. Process a/c
b. contract costing
c. Operating costing
d. job costing