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Q.1.Cost which is related for desicion making
is
A) Relevant cost
B) Past cost
C) Opportunity cost
D)Imputed cost
ANS: A
Q.2 Variable cost per unit
A) constant
B) flexible
C) a and b
D)relevant cost
ANS: B
Q.3 Prime cost is _____
A) All costs incurred in manufacturing a product
B) Total of direct costs
C) Material cost of a product
D) Cost of operating a department
ANS: B
Q.4 Warehouse expenses is an example of ___
A) Production overheads
B) Selling overhead
C) Distribution overhead
D) Profit
ANS: C
Q.5 The aggregate of all direct costs is termed
as ___ cost.
A) Works
B) Prime
C) Total
D) Production
ANS: B
Q.6 Order shoiuld be placed with the supplier
when the inventory touches ____
A) Maximum level
B) Re-order level
C) Minimum level
D) Danger level
ANS: A
Q.7 _____ is not excluded while preparing a
cost sheet.
A) Goodwill written off
B) Provision for taxation
C) interest on capital
D) Property tax on office building
ANS: C
Q.8 Cost Accounting is directed towards the
need of ____
A) Government
B) External users
C) Internal users
D) Shareholders
ANS: B
Q.9 Tenders and quotation are usually based on
___
A) Cost statements alone
B) Profit alone
C) Future estimates
D) Previous period's cost adjusted for future forecasts
ANS: D
Q.10 Appropriate basis of aaportionment of
material handling charges is material in ____
A) consumed
B) opening stock
C) WIP
D) Closing
ANS: A
Q.11 Stores department issues material to the
production department based on ___
A) Purchase order
B) Goods received note
C) Material transfer note
D) Material requisition note
ANS: D
Q.12 The purpose of inventory control is ____
A) To control flow of raw material
B) To control invention
C) To maintain optimum level of inventory
D) Under absorption
ANS: C
Q.13 Variable costs change ___
A) With change in fixed cost
B) With change in selling price
C) Proportionately with the change of output
D) Future cost
ANS: C
Q.14 Payment to other parties is called as
______
A) Out of pocket cost
B) Book cost
C) Future cost
D) Postponable cost
ANS: B
Q.15 Factory overheads are recorded as ____
A) % of direct wages
B) % of cost of production
C) %of sales
D) % of cost
ANS: B
Q.16 Interest on investment increases ___
A) Costing profit
B) Financial profit
C) Financial loss
D) Assets
ANS: D
Q.17 Total of indirect materials,indirect
labour and indirect expenses is called as ____
A) Prime cost
B) Overhead cost
C) Work cost
D) Chargeable cost
ANS: B
Q.18 When overhead recovered in costing are
more than actual overheads incurred it is called as ____ of overheads
A) Under absorption
B) Over aborption
C) Proper absorption
D) Profit
ANS: B
Q.19 Warehouse expenses is an example of __
A) Selling overhead
B) Distribution Overhead
C) Production Overhead
D) over aborption
ANS: B
Q.20 Stores department issues material to the
production department based on ____
A) Purchase order
B) Goods received note
C) material transfer note
D) material requisition note
ANS: D
Q.21 Prime cost + Factory Overhead =___
A) Fixed cost
B) Works cost
C) cost ofproduction
D) cost of goods sold
ANS: C
Q.22 Which of the following items is not
included in preparation of a cost sheet ?
A) Carriage inward
B) Purchase returns
C) sales commission
D) Interest paid
ANS: C
Q.23 When amount of overhead absorbed is less
than the amount of overhead incurred it is called __
A) Under absorption of overhead
B) Over absorption of overhead
C) proper absorption of overhead
D) no absorption of overheads
ANS: B
Q.24 FIFO is_____
A) Fast Investmnet in Future Order
B) First In First Out
C) Fast In Fast Out
D) Fast Issue of Fast Order
ANS: B
Q.25 EOQ stands for ____
A) Economic Order Quantity
B) Material Requisition
C) Bill of material
D) Bin card
ANS: A
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