Costing MCQ Questions and Solutions with Explanations | Commerce

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61.
Match the group of List-I with those of List-II and choose the correct answer

List-I List-II

a. Direct wages 1. Factory expenditure

b. Packing 2. Prime cost

c. Depreciation 3. Sales cost

d. Legal expenses 4. Office expenses

A. a-1, b-2, c-3, d-4

B. a-2, b-3, c-1, d-4

C. a-4, b-3. c-2, d-1

D. a-2, b-3, c-4, d-1

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62.
In the context of standard costing; basic standard is established for

A. short period

B. current period

C. indefinite period

D. predefined period

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63.
Cost of production is equal to . . . . . . . .

A. works cost plus administration overheads

B. prime cost plus works cost

C. prime cost plus works overhead

D. works overhead plus administration overheads

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64.
When the actual loss is more than the estimated loss, the difference between the two is considered to be . . . . . . . .

A. abnormal loss

B. normal loss

C. loss

D. None of these

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65.
Total Labour cost variance =

A. Standard cost of labour - actual cost of labour

B. Standard rate (standard time for actual output - actual time worked)

C. Standard rate (standard time for actual output - actual time paid for)

D. Actual time taken (standard rate - actual rate)

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66.
FIFO and LIFO are valuation method of-

A. Fixed assets

B. Investments

C. Raw material to be issued

D. All of these

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67.
Primary packing is an item of . . . . . . . .

A. selling overheads

B. prime cost

C. distribution overheads

D. factory overheads

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68.
Kaizen costing is applied to a product that is

A. produced

B. under production

C. targeted to produce

D. sold to customer

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69.
An appropriate choice to invest in manpower or other resources is made through

A. Human resource accounting

B. Creative accounting

C. Financial accounting

D. Cost accounting

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70.
The control ratios used by the management to know whether the deviations of the actual performance from the budgeted performance are favourable or unfavourable are . . . . . . . .

A. Capacity ratio, activity ratio

B. Efficiency ratio, calendar ratio

C. Both A and B

D. None of the above

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. Direct wages	1. Factory expenditure
b. Packing	2. Prime cost
c. Depreciation	3. Sales cost
d. Legal expenses	4. Office expenses

Costing MCQ Questions and Solutions with Explanations | Commerce

61. Match the group of List-I with those of List-II and choose the correct answer List-I List-II a. Direct wages 1. Factory expenditure b. Packing 2. Prime cost c. Depreciation 3. Sales cost d. Legal expenses 4. Office expenses

Answer & Solution

62. In the context of standard costing; basic standard is established for

Answer & Solution

63. Cost of production is equal to . . . . . . . .

Answer & Solution

64. When the actual loss is more than the estimated loss, the difference between the two is considered to be . . . . . . . .

Answer & Solution

65. Total Labour cost variance =

Answer & Solution

66. FIFO and LIFO are valuation method of-

Answer & Solution

67. Primary packing is an item of . . . . . . . .

Answer & Solution

68. Kaizen costing is applied to a product that is

Answer & Solution

69. An appropriate choice to invest in manpower or other resources is made through

Answer & Solution

70. The control ratios used by the management to know whether the deviations of the actual performance from the budgeted performance are favourable or unfavourable are . . . . . . . .

Answer & Solution

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61.
Match the group of List-I with those of List-II and choose the correct answer

List-I List-II

a. Direct wages 1. Factory expenditure

b. Packing 2. Prime cost

c. Depreciation 3. Sales cost

d. Legal expenses 4. Office expenses

62.
In the context of standard costing; basic standard is established for

63.
Cost of production is equal to . . . . . . . .

64.
When the actual loss is more than the estimated loss, the difference between the two is considered to be . . . . . . . .

65.
Total Labour cost variance =

66.
FIFO and LIFO are valuation method of-

67.
Primary packing is an item of . . . . . . . .

68.
Kaizen costing is applied to a product that is

69.
An appropriate choice to invest in manpower or other resources is made through

70.
The control ratios used by the management to know whether the deviations of the actual performance from the budgeted performance are favourable or unfavourable are . . . . . . . .