Top 50+ Solved Basics of Cost Accounting MCQ Questions Answer
Q. …………………..does not deal with the accumulation, classification, analysis, allocation,summarization, interpretation, reporting and control of current and perspective costs.
a. Cost Accounting
b. Financial Accounting
c. Cost Accountancy
d. Practice
Q. The amount of expenditure incurred on, or attributable to, a specified thing or an activity orcost unit is known as
a. Product
b. Cost
c. Batch
d. Financial Accounting
Q. The aggregate amount of all the items of expenses paid or payable for the particular productor service is called as
a. Direct cost
b. Committed cost
c. Total Cost
d. Marginal cost
Q. …………..cost represents the increase or decrease in total cost which occurs with change inoutput.
a. Conversion cost
b. Marginal cost
c. Explicit cost
d. Method
Q. The expenses which can be directly charged to jobs, products, processes, cost centers or costunits is termed as
a. Direct Cost
b. Indirect Cost
c. Committed Cost
d. Reduction of cost
Q. The Technique and ………….of ascertaining the cost is known as Costing.
a. Batch
b. Method
c. Process
d. Batch costing
Q. ………….is applied where production is carried out as per specific order and customerspecifications.
a. Batch costing
b. Job costing
c. Contract costing
d. Fixed expense
Q. Marginal costing is also known as ………………….. costing
a. Variable
b. Semi-variable
c. Fixed
d. Historical costing
Q. …………..is the system of costing under which costs are determined after theyhave been incurred.
a. Uniform costing
b. Historical costing
c. Standard costing
d. Cost Accounting
Q. The branch of accounting dealing with the classification, recording, allocation,summarization and reporting of current and prospective costs is known as
a. Cost Accountancy
b. Costing
c. Cost Accounting
d. Advantages
Q. The term…………………. is comprehensively used to include various aspects such ascosting, cost accounting, cost control, cost audit and budgetary control.
a. Cost Accountancy
b. Costing
c. Cost Accounting
d. Inventory control
Q. ……………….is concerned with ascertainment of cost.
a. Cost Accountancy
b. Costing
c. Cost Accounting
d. Management control
Q. ……………… is concerned with accounting and recording of costs.
a. Cost Accountancy
b. Costing
c. Cost Accounting
d. Ascertainment of cost
Q. ………………………..is concerned with formulation and / or application of principles, methodsand techniques of costing.
a. Cost Accountancy
b. Costing
c. Cost Accounting
d. Calculation of cost
Q. The evolution of cost accounting took place because of…………………….of financialaccounting.
a. Advantages
b. Limitations
c. Merits
d. Management control