Cost Accounting MCQs with answers Page - 5

You will find multiple-choice questions (MCQs) related to #Cost Accounting here. Go through these questions to prepare effectively for your upcoming exams and interviews.

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A

Admin • 802.91K Points
Coach

Q. Which of the following is a feature of job costing?

  • (A) Continuous production
  • (B) Standardized output
  • (C) Each job is different
  • (D) Mass production

A

Admin • 802.91K Points
Coach

Q. Cost of abnormal gain in process costing is transferred to:

  • (A) Costing Profit and Loss Account
  • (B) Finished Goods Account
  • (C) Process Account
  • (D) Work-in-progress Account

A

Admin • 802.91K Points
Coach

Q. Which of the following helps in cost control?

  • (A) Financial accounting
  • (B) Auditing
  • (C) Standard costing
  • (D) Journal entries

A

Admin • 802.91K Points
Coach

Q. EOQ stands for:

  • (A) Essential Order Quantity
  • (B) Economic Order Quantity
  • (C) Estimated Order Quantity
  • (D) Exact Order Quantity

A

Admin • 802.91K Points
Coach

Q. The cost of normal loss is borne by:

  • (A) The government
  • (B) Customers
  • (C) Good units produced
  • (D) Suppliers

A

Admin • 802.91K Points
Coach

Q. A cost which has already been incurred and cannot be recovered is called:

  • (A) Standard cost
  • (B) Marginal cost
  • (C) Sunk cost
  • (D) Opportunity cost

A

Admin • 802.91K Points
Coach

Q. Which of the following is not a function of cost accounting?

  • (A) Cost ascertainment
  • (B) Cost control
  • (C) Determination of selling price
  • (D) Auditing

A

Admin • 802.91K Points
Coach

Q. Which is not a component of total cost?

  • (A) Prime cost
  • (B) Factory cost
  • (C) Cost of goods sold
  • (D) Profit

A

Admin • 802.91K Points
Coach

Q. When actual cost is less than standard cost, the variance is:

  • (A) Adverse
  • (B) Favorable
  • (C) Fixed
  • (D) Marginal

A

Admin • 802.91K Points
Coach

Q. Re-order level is calculated as:

  • (A) Maximum usage × Maximum lead time
  • (B) Minimum usage × Minimum lead time
  • (C) Average usage × Average lead time
  • (D) Normal usage × Lead time

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