Top 150+ Solved Applied Cost Accounting MCQ Questions Answer
Q. Milk, butter cream, etc obtained in is example of
a. By product
b. joint product
c. Co- product
d. none
Q. Abnormal gain =…………..
a. normal cost of normal output /Actual output*units of A.L
b. N.C of normal output / normal output * units of A. gain
c. Normal output /Actual output * A. gain
d. None of these
Q. In ………… costing separate account “ process A/C ” is kept for eachprocess
a. Proces
b. Job
c. Batch
d. none of these
Q. The finished product of last process is transferred to ……………… a/c
a. Abnormal gain
b. Abnormal loss
c. Normal loss
d. finished stock
Q. In ………… costing no distinction is made between direct and indirectmaterials
a. Job
b. Contract
c. Process
d. Service
Q. Cost of ………… is not included in the cost of the process
a. Abnormal los
b. Normal loss
c. Normal gain
d. Abnormal gain
Q. Cost of one process may be transferred to the next process at
a. Cost price
b. Market price
c. Cost or market price
d. Realizable price
Q. The most important criterion for distinguishing between scrap, byproductand joint product is…………of the products
a. Cost price
b. Market price
c. Relative sales value
d. Realizable value
Q. ………… costs relate to processes and incurred after split off points
a. Direct
b. Process
c. By product
d. Subsequent
Q. The cost incurred up to the point of separation are called …………cost
a. Direct
b. Process
c. Byproduct
d. Common
Q. ………… is the point of production at which separate products areidentified
a. Ordering point
b. Trade off point
c. Split off point
d. Matching point
Q. The product has generally…………over the relative quantities ofbyproducts and the main products
a. Control
b. No control
c. Value
d. Quantity
Q. The main product is usually produced in greater quantities than the
a. Scrap
b. Defectives
c. Byproduct
d. Joint product
Q. Joint costs are allocated according to…………value of individual productsunder the market value method
a. Market
b. Sales
c. Cost
d. Cost or market
Q. ………… is based on the distinction between fixed and variable cost
a. Service costing
b. Unit costing
c. Process costing
d. Marginal costing