Top 150+ Solved Applied Cost Accounting MCQ Questions Answer
Q. Budgeting system……………. key managerial functions
a. Co-ordinate
b. Integrates
c. Controls
d. Organize
Q. ……………. is the budget incorporating all the components functional budgets
a. Sales budget
b. Production budget
c. Capital budget
d. Master budget
Q. ……………. is the most important budget
a. Master budget
b. Cash budget
c. Sales budget
d. Production budget
Q. ……………. forms the basis on which all other budgets are built up
a. Master budget
b. Cash budget
c. Sales budget
d. Summary budget
Q. The job costing each job is a ……………. to which all costs are assigned
a. Profit unit
b. Cost unit
c. Expenses
d. Variable
Q. Job costing can be used in industries using
a. Farm costing
b. Multiple costing
c. Standard costing
d. One-operation costing
Q. The loss incurred on an incomplete contract is transferred to
a. Profit and Loss Account
b. Contract account
c. Work certified
d. Work in progress account
Q. Contract costing is a basic method of
a. Specific costing
b. Specific order costing
c. Economic batch costing
d. Economic order costing
Q. In cost-plus contract, the contractor will get costplus
a. Accumulated profit
b. Stipulated profit
c. Earned profit
d. Budgeted profit
Q. In marginal costing valuation of stock of work in progress is done on the basis of
a. Market cost
b. Marginal cost
c. Product cost
d. Cost price
Q. In marginal costing selling price is based on
a. Contribution
b. Marginal cost
c. Market cost
d. Marginal cost plus contribution
Q. The difference between selling price and marginal cost is
a. Profit
b. Marginal cost
c. Contribution
d. Loss