Costing MCQ Questions and Solutions with Explanations

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Each section contains 100 MCQs on Costing .

Basis of apportionment of welfare department expenses is . . . . . . . .

A) wages of each department B) number of employees C) materials consumed D) number of machineries

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

. . . . . . . . is maintained to know how the worker's time shown by the time card is spent on various jobs.

A) Daily time sheets B) Weekly time sheets C) Job cards D) None of the above

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Cost accounting is

A) Part of managerial accounting B) Part of financial accounting C) Part of liability accounting D) None of these

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Which of the following accounts is similar to the inventory account of a merchandising company?

A) Raw materials inventory B) Work-in-process inventory C) Finished goods inventory D) Manufacturing inventory

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

. . . . . . . . does not form part of production.

A) Abnormal waste B) Normal waste C) Both A and B D) None of these

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

An examination of the sources and uses of funds is a part of

A) ratio analysis B) fund flow analysis C) forecasting technique D) calculation for preparing the balance sheet

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

. . . . . . . . arises where the actual process loss is less than the normal predetermined process loss.

A) Normal loss B) Abnormal loss C) Abnormal gain D) None of these

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Which of the following affects the flow of funds?

A) A transaction affecting both current account B) A transaction affecting both non-current account C) A transaction affecting current and non-current account D) None of the above

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Cost accounting is based on-

A) Single accounting system B) Indian book-keeping system C) Double accounting system D) None of the above

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

100

Which of the following statement is true?
Statement 1: Financial statements are prepared on the basis of accounting principles.
Statement 2: Any changes in accounting principles or method will affect the utility of the financial statements.

A) 1 is true, but 2 is false B) 2 is true, but 1 is false C) Both 1 and 2 are true D) Both 1 and 2 are false

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

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Costing MCQ Questions and Solutions with Explanations | Commerce