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Costing MCQ Questions and Solutions with Explanations | Commerce

Costing MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Costing MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-10 section-1

Each section contains 100 MCQs on Costing .
91
GRN number refers to________.
Discuss
Answer & Solution
Answer: Option A
Solution:
A goods receipt note (GRN) is created to record the delivery of items from your suppliers. A GRN is created against an issued purchase order. When a GRN is created for an item, any pending item quantity for an approved indent request will be automatically issued.
92
Bin card is maintained by ________.
Discuss
Answer & Solution
Answer: Option B
Solution:
Bin card is maintained by stores department. Store ledger is prepared by cost accounting department. Bin card is a record of quantity only. Store ledger is a record of quantities and values.
93
Labour turnover is ______.
Discuss
Answer & Solution
Answer: Option C
Solution:
Labour turnover is change in labour force. Labour turnover may be defined as the number of workers replaced during a given period relative to the average labour force during the period. It is the number of workers who left the job during a period relative to the average labour force during the period.
94
Idle time is ________.
Discuss
Answer & Solution
Answer: Option C
Solution:
Idle time is time spent by workers off their work. Idle time is unproductive time on the part of employees or machines caused by management or as a result of factors beyond their control. Idle time is the time associated with waiting, or when a piece of machinery is not being used but could be.
95
In__________ the workers are paid on the basis of hourly daily,weekly rate
Discuss
Answer & Solution
Answer: Option A
Solution:
In time rate system the workers are paid on the basis of hourly daily, weekly rate. Under this method of wage payment, the workers are paid the wages on the basis of time. In this system of wage payment, the workers are paid the wages on the basis of time as, per hour, per day, per week, per fortnight or per month etc.
96
Difference between attendance time and job time is _______.
Discuss
Answer & Solution
Answer: Option D
Solution:
Difference between attendance time and job time is idle time. Idle time is unproductive time on the part of employees or machines caused by management or as a result of factors beyond their control. Idle time is the time associated with waiting, or when a piece of machinery is not being used but could be.
97
Piece workers are paid on the basis of ________.
Discuss
Answer & Solution
Answer: Option B
Solution:
Piece workers are paid on the basis of output produced. Piece rate system is the method of remunerating the workers according to the number of unit produced or job completed. It is also known as payment by result or output.
98
Time wages are paid on the basis of ________.
Discuss
Answer & Solution
Answer: Option A
Solution:
Time wages are paid on the basis of actual time. In this system of wage payment, the workers are paid the wages on the basis of time as, per hour, per day, per week, per fortnight or per month etc. This system does not consider the production of the employees during this time.
99
Differential piece wages means _______.
Discuss
Answer & Solution
Answer: Option A
Solution:
Differential piece wages means different wages for different level of performance. A differential piece-rate system is a method of wage payment in which after tests have set a standard time for any task assigned the worker gets a high piece rate for completing the job within the allotted time and lower piece rate for completing the job beyond the allotted time.
100
Those cost which is incurred to prevent the labour turnover __________.
Discuss
Answer & Solution
Answer: Option C
Solution:
Those cost which is incurred to prevent the labour turnover is known as preventive cost. These are costs which are incurred to prevent excessive labour turnover. The aim of these costs is to keep the workers satisfied so that they may not leave the factory.