Accounting MCQs with answers Page - 30

Here, you will find a collection of MCQ questions on Accounting. Go through these questions to enhance your preparation for upcoming examinations and interviews.

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A

Admin • 802.91K Points
Coach

Q. Which cost is also called unavoidable cost?

  • (A) Variable cost
  • (B) Fixed cost
  • (C) Controllable cost
  • (D) Semi-variable cost

A

Admin • 802.91K Points
Coach

Q. Cost accounting is mainly concerned with:

  • (A) Recording financial transactions
  • (B) Reporting to shareholders
  • (C) Determining cost of production
  • (D) Compliance with tax laws

A

Admin • 802.91K Points
Coach

Q. Normal loss in process costing is treated as:

  • (A) Abnormal cost
  • (B) Added to production cost
  • (C) Ignored
  • (D) Absorbed by good units

A

Admin • 802.91K Points
Coach

Q. Which of the following is an administrative overhead?

  • (A) Electricity bill for production unit
  • (B) Salary of factory supervisor
  • (C) Salary of office manager
  • (D) Packing expenses

A

Admin • 802.91K Points
Coach

Q. Which of the following is not included in factory overheads?

  • (A) Depreciation on machinery
  • (B) Factory supervisor's salary
  • (C) Direct materials
  • (D) Indirect wages

A

Admin • 802.91K Points
Coach

Q. The term 'cost centre' refers to:

  • (A) A unit where only revenue is earned
  • (B) An item of cost
  • (C) A location or person where costs are incurred
  • (D) An accounting head

A

Admin • 802.91K Points
Coach

Q. Under absorption costing, fixed overheads are:

  • (A) Charged to P&L directly
  • (B) Ignored
  • (C) Allocated to units of production
  • (D) Charged at year-end

A

Admin • 802.91K Points
Coach

Q. Semi-variable cost is also called:

  • (A) Mixed cost
  • (B) Fixed cost
  • (C) Step cost
  • (D) Sunk cost

A

Admin • 802.91K Points
Coach

Q. In cost accounting, 'shrinkage' refers to:

  • (A) Increase in raw materials
  • (B) Normal loss of stock
  • (C) Profit margin
  • (D) Increase in selling cost

A

Admin • 802.91K Points
Coach

Q. Break-even point is the level where:

  • (A) Total cost equals total revenue
  • (B) Only fixed cost is recovered
  • (C) Profit starts to fall
  • (D) Total variable cost equals total fixed cost

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