Top 150+ Solved Cost and Management Accounting (CMA) MCQ Questions Answer
Q. Material control does not cover the following stage.
a. purchase of materials
b. storing of materials
c. issue of materials
d. production
Q. Material control aims at achieving effective…………
a. material management
b. quality control
c. accounting of material
d. material supply
Q. Stores Ledger is maintained in the…………………
a. store
b. finance department
c. cost accounting department
d. both a & b
Q. Stock verification sheets are maintained to record the results of ……….
a. physical verification
b. financial control
c. financial verification
d. quality verification
Q. Stock Adjustment Account is debited with ……….and credited with ………..
a. surplus, shortage of stock
b. shortage of stock, surplus
c. excess, loss
d. none of these
Q. Bin card is maintained by the…………….
a. cost accountant
b. clerk
c. storekeeper
d. branch accountant
Q. Material abstract is also known as ………………
a. material issue analysis sheet
b. bill of materials
c. stores ledger
d. none of the above
Q. Material should be issued by the store keeper against……………….
a. material requisition
b. bill of materials
c. both a & b
d. none of these
Q. First in first out method of valuing material issues is suitable in timesof…………
a. rising prices
b. falling prices
c. fluctuating prices
d. none of these
Q. Last in first out method is suitable in times of………………
a. rising prices
b. falling prices
c. fluctuating prices
d. none of these
Q. Average cost method of valuing material issues is suitablewhen………….
a. prices rise
b. prices fall
c. prices fluctuate considerably
d. none of these
Q. Inflated price method of valuing material issues is suitablewhen…………
a. materials are subject to natural wastage
b. prices rise
c. prices fall
d. none of these
Q. Specific price method of valuing material issue is used when………….
a. materials are purchased for specific job or work order
b. materials are subject to natural wastage
c. prices fluctuate
d. none of these
Q. Market price method is considered to be the best methodwhen…………..
a. quotations have to be sent
b. prices fluctuate
c. materials are subject to natural wastage
d. none of these