Top 50+ Solved Elements of Cost and Cost Sheet MCQ Questions Answer
Q. Non-cost items are those which are …………….. from the cost.
a. Excluded
b. Included
c. Partly included
d. none of the above
Q. Classification of cost into factory cost, administrative cost, selling & distribution cost andresearch and development cost is done on the basis of…………...
a. Elements
b. Functions
c. Time
d. Strategy
Q. The cost that remains unchanged in spite of change in volume of production is knownas………….
a. Fixed cost
b. Variable cost
c. Semi-variable cost
d. Direct Cost
Q. ……………….cost is partly variable and partly fixed.
a. Fixed cost
b. Semi-variable cost
c. Variable cost
d. Semi Fixed Cost
Q. ………………is a statement showing cost of production of a particular product.
a. Tender
b. Quotation
c. Cost sheet
d. Statements
Q. The total of works cost and administrative overheads is known as …
a. Prime cost
b. Cost of Production
c. Works cost
d. Direct Cost
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