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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-6 section-10

Each section contains 100 MCQs on Costing .
51
Given below are two statement. one labelled as Assertion (A) and other as Reason (R):
Assertion (A): Cost accounting is complementary to financial accounting.
Reason (R): The result of cost accounting are not trustworthy.
Choose the correct answer
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
52
Product A requires 10 kg of material at the rate of Rs. 5 per kg. The actual consumption of material for the manufacturing of product A comes to 12 kg of material at the rate of Rs. 6 per kg. Direct material cost variance is
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
53
Cash budget is based on
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
54
In an activity based costing implementation, product's diverse demand is based on
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Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
55
Which of the following statements is correct in regards to Kaijen costing?
1. It is a system of cost reduction.
2. It is a system of continuous improvement without negative effects on the quality, staff and security.
Select the correct answer:
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
56
Match the following.
List-I List-II
a. Variable costing 1. Absorption costing
b. Valuation of stock is higher 2. Fixed cost is excluded from inventory valuation
c. Marginal and differential costs are same 3. Marginal costing
d. Marginal costing 4. No change in fixed cost
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
57
Standard costs is . . . . . . . .
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
58
Marginal cost is a:
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Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
59
The cost of . . . . . . . . process loss is absorbed in the cost of production of good units.
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
60
Match the following.
List-I List-II
a. Earning ability of firm 1. Basis of accounting
b. Conservatism 2. P/V ratio
c. Cash profit 3. Cash flow statement
d. Cash and accrual 4. Prudence
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board