Top 150+ Solved Applied Cost Accounting MCQ Questions Answer
Q. Stock of work in progress and finished goods are valued at marginal costing not include
a. Fixed cost
b. Semi-fixed
c. Semi-variable
d. Variable
Q. In the marginal costing method, the actual amount of fixed overheads is wholly charged to
a. Cost sheet
b. Profit and loss
c. Balance sheet
d. Cost account
Q. Budget control is exercised by
a. Budget officer
b. Budget director
c. Budget controller
d. All the above
Q. Period for which budget is prepared is called
a. Budget period
b. Financial period
c. Fiscal period
d. Accounting period
Q. The most important budget having primary importance is called
a. Sales budget
b. Cash budget
c. Master budget
d. Fixed budget
Q. ……………..is a forecast of the total output of the whole organization
a. Sales budget
b. Production budget
c. Master budget
d. Material budget
Q. ……………..budget provides information about the materials to be acquired from the market
a. Material budget
b. Production budget
c. Cash budget
d. Purchase budget
Q. ……………..budget gives different budgeted cost for different levels of activity
a. Flexible budget
b. Fixed budget
c. Master budget
d. Production budget
Q. In contract costing payment of cash to the contractor is made on the basis of
a. Estimated work
b. Standard work
c. Certified work
d. Uncertified work
Q. In job costing each job is a ……………..to which all cost are assigned
a. Profit unit
b. Cost unit
c. Expenses
d. Variable
Q. In contract costing credit is taken only for a part of the profit on
a. Incomplete contract
b. Complete contract
c. Estimated contract
d. Initial contract
Q. If the contract is almost complete, the amount of profit generally transferred to profit and loss account is equal to
a. Estimated profit*(Contract price/Work certified)
b. National profit*(Cash Received/Work certified)
c. Estimated profit*(Work certified/Contract price)
d. Work certified*(Contract price/Estimated price)
Q. Job costing can be done in conjunction with
a. Standard costing
b. Process costing
c. Multiple costing
d. Marginal costing
Q. In contract costing most of the items of cost are
a. Direct
b. Indirect
c. Variable
d. Semivariable