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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-9 section-6

Each section contains 100 MCQs on Costing .
81
Planning of financial aid to coordinate; what is to be done for implementation of plan is classified as
Discuss
Answer & Solution
Answer: Option A
Solution:
Planning of financial aid to coordinate; what is to be done for implementation of plan is classified as budget.
82
In Kaizen budgeting, costs are based on all improvements which is
Discuss
Answer & Solution
Answer: Option A
Solution:
In Kaizen budgeting, costs are based on all improvements which is to be implemented. Kaizen budgeting takes the concept of continual improvement and applies it to budgets and budget forecasting.
83
Mathematical relationships exist between operating and financing activities that affect master budget are called
Discuss
Answer & Solution
Answer: Option B
Solution:
Mathematical relationships exist between operating and financing activities that affect master budget are called financial planning models. A financial planning model uses certain elements to create a future financial plan for a company.
84
Degree of influence that a manager would have on revenues, cost, profit and investment is known as
Discuss
Answer & Solution
Answer: Option A
Solution:
Degree of influence that a manager would have on revenues, cost, profit and investment is known as controllability. Controllability is an important property of a control system, and the controllability property plays a crucial role in many control problems, such as stabilization of unstable systems by feedback, or optimal control.
85
Compelling strategic plan, promoting coordination and providing framework of performance are
Discuss
Answer & Solution
Answer: Option A
Solution:
Compelling strategic plan, promoting coordination and providing framework of performance are advantages of budget.
86
Type of accounting, which focuses on whom should be asked for information and whom not will be categorized as
Discuss
Answer & Solution
Answer: Option B
Solution:
Type of accounting, which focuses on whom should be asked for information and whom not will be categorized as responsibility accounting. Responsibility Accounting is a system of control where responsibility is assigned for the control of costs. The persons are made responsible for the control of costs.
87
Cash receipts is added in to beginning cash balance to calculate
Discuss
Answer & Solution
Answer: Option B
Solution:
Cash receipts is added in to beginning cash balance to calculate total cash available. A cash receipt is a printed statement of the amount of cash received in a cash sale transaction.
88
If budget sales units are 2000, an ending inventory is 3000 units and beginning inventory is 1000, then budget production would be
Discuss
Answer & Solution
Answer: Option B
Solution:
Budget production = Budget sales + Ending inventory - Beginning inventory
= 2000 + 3000 - 1000 = 4000 units.
89
Direct labour and salary outlays direct material purchases, which are classified as
Discuss
Answer & Solution
Answer: Option B
Solution:
Direct labour and salary outlays direct material purchases, which are classified as cash disbursements. Cash disbursements, also called cash payments, in accounting refer to payments made by a company during a specified period, such as quarter or year.
90
Master budget includes all projections of company's budget and focuses on
Discuss
Answer & Solution
Answer: Option D
Solution:
Master budget includes all projections of company's budget and focuses on marketing plan and financial plan.