Top 150+ Solved Cost and Works Accounting 1 MCQ Questions Answer
Q. …………………is the total of prime cost and factory overheads.
a. Cost of production
b. Works cost
c. Cost of material consumed
d. Selling and Distributional Expenses
Q. Consumables are treated as……………overheads in cost sheet.
a. Factory
b. Office
c. Selling and Distribution
d. Cost of production
Q. If the total cost of a product is Rs.25, 000/- and the sales figure is 47,000/-, then the productis in…………by Rs.22, 000/-.
a. Loss
b. Profit
c. Neither profit nor loss
d. Commission
Q. In cost sheet the expenses on discount allowed are considered under………………overheads.
a. Factory
b. Office
c. Selling and Distribution
d. none
Q. ………………cost is predetermined cost for each element of cost.
a. Marginal
b. Historical
c. Standard
d. none
Q. Which of the following is not used as a base for apportionment of administrationoverheads?
a. Direct wages
b. Works cost
c. Conversion cost
d. Sales value
Q. In account ting for labour cost:
a. Direct labour cost and indirect labour cost are charged to prime cost
b. Direct labour cost and indirect labour cost are charged to overheads
c. Direct labour cost is charged to prime cost and indirect labour cost is charged to overheads
d. All of the above
Q. ………………….. Cost per unit does not change with change in activity level
a. Overhead
b. Variable
c. Fixed
d. none
Q. Cost accounting is the art, science and …………… cost of accountant
a. Profession
b. Management
c. Administration
d. none
Q. ………………. May be a location, a person, or an item of equipment or group of there
a. Cost centre
b. Cost unit
c. Profit center
d. none
Q. …………………. Is defined on the guidance and regulation by executive action of cost operatingand under taking
a. Cost reduction
b. Cost control
c. Cost estimation
d. none
Q. ………. is the cost incurred in the part has no effect on future decision making
a. Sunk cost
b. Historical cost
c. Imputed cost
d. none