Costing MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10 Section 11 Section 12 Section 13 Section 14

41.
The type of loss that should not affect cost of inventories is ________.

A. normal loss

B. abnormal loss

C. seasonal loss

D. standard loss

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42.
The expenses relating to a particular process is ________.

A. debited to that process a/c

B. credited to that process a/c

C. debited to costing profit and loss a/c

D. debited to profit and loss a/c

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43.
Normal loss in the manufacturing process leads to _______.

A. reduction in unit price of other good units

B. increase in unit price of other good units

C. reduction in costing profit

D. increase in costing profit

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44.
Abnormal loss and its value are _______.

A. debited to process a/c

B. credited to process a/c

C. debited to costing profit and loss a/c

D. debited to profit and loss a/c

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45.
Actual loss is more than the predetermined normal loss, it is ________.

A. normal loss

B. abnormal loss

C. seasonal loss

D. standard loss

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46.
Classification and accumulation of costs by fixed and variable costs is of special importance in ________.

A. process costing

B. unit costing

C. operation costing

D. operating costing

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47.
Process cost is ascertained and recorded in ________.

A. balance sheet

B. profit and loss a/c

C. separate statement

D. separate ledger a/c

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48.
Batch costing is useful to determine ________.

A. maximum quantity of output

B. minimum quantity of output

C. economic batch quantity

D. profit of batches

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49.
The basis for the payment of cash by contractee under contract is ________.

A. work certified

B. work uncertified

C. contract cost

D. value of plant used in the contract

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50.
Contract a/c is _______.

A. a nominal a/c

B. a real a/c

C. a personal a/c

D. either nominal or real a/c

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Costing MCQ Questions and Solutions with Explanations | Commerce

41. The type of loss that should not affect cost of inventories is ________.

Answer & Solution

42. The expenses relating to a particular process is ________.

Answer & Solution

43. Normal loss in the manufacturing process leads to _______.

Answer & Solution

44. Abnormal loss and its value are _______.

Answer & Solution

45. Actual loss is more than the predetermined normal loss, it is ________.

Answer & Solution

46. Classification and accumulation of costs by fixed and variable costs is of special importance in ________.

Answer & Solution

47. Process cost is ascertained and recorded in ________.

Answer & Solution

48. Batch costing is useful to determine ________.

Answer & Solution

49. The basis for the payment of cash by contractee under contract is ________.

Answer & Solution

50. Contract a/c is _______.

Answer & Solution

Read More Section(Costing)

41.
The type of loss that should not affect cost of inventories is ________.

42.
The expenses relating to a particular process is ________.

43.
Normal loss in the manufacturing process leads to _______.

44.
Abnormal loss and its value are _______.

45.
Actual loss is more than the predetermined normal loss, it is ________.

46.
Classification and accumulation of costs by fixed and variable costs is of special importance in ________.

47.
Process cost is ascertained and recorded in ________.

48.
Batch costing is useful to determine ________.

49.
The basis for the payment of cash by contractee under contract is ________.

50.
Contract a/c is _______.