Top 150+ Solved Cost and Works Accounting 1 MCQ Questions Answer
Q. Cost of production is also called ………………..if there is no selling and distribution expense
a. Cost of sales
b. Office cost
c. Factory cost
d. none
Q. Statement prepared to show the different elements of cost
a. Time sheet
b. Cost sheet
c. Work sheet
d. none
Q. Variable cost increases
a. As in the sales goes up
b. As the production goes up
c. As the fixed expenses goes up
d. none
Q. On the basis of ……………… cost can be classified into fixed and variable.
a. Behavior
b. Element
c. Function
d. none
Q. When material prices fluctuate widely the method of pricing that gives a best result in
a. Simple average
b. Weighted average
c. FIFO
d. none
Q. The term………..refers to all commodities that are consumed in the process of production,assembly and fabricated parts
a. Labour
b. Material
c. Expenses
d. none
Q. The term……………..is defined as a system that ensures the provision of the required quantityof material of the required quality at the required time with the minimum amount of capital.
a. Material Control
b. Labour Control
c. Marketing Control
d. none
Q. ………………..purchase procedure should be installed to ensure that the purchases are madeat favourable prices.
a. Marginal
b. Standard
c. Joint
d. none
Q. The term …………….may be defined as the systematic control over the procurement ofmaterials.
a. Material control
b. Purchase control
c. Sales control
d. none