Cost and Management Accounting 10

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Objective Questions and Answers of MBA: Cost and Management Accounting 10

Subject: Objective Questions and Answers of MBA: Cost and Management Accounting 10

Part 10: Objective questions and answers of Cost and Management Accounting

 

Q1. ______________ aids in price fixation.

a) Financial accounting

b) Cost accounting

c) Management accounting

d) None of these

 

Q2. Cost accounts deal partly with facts and figures and partly with ______________

a) Estimates

b) Costs

c) Income

d) Revenue

 

Q3. Administration expenses are mostly ______________

a) Semi-variable

b) Variable

c) Fixed

d) None of these.

 

Q4. ______________ is the value of a benefit where no actual cost is incurred.

a) Imputed

b) Sunk

c) Out of pocket

d) None of these

 

Q5. ______________ Accounting is not only a positive science but also a normative science because it includes techniques of budgetary control and standard costing.

a) Financial

b) Cost

c) Both a & b

d) None of these

 

Q6. Average cost method of valuing material issues is suitable when ______________

a) Prices rise

b) Prices fall

c) Prices fluctuate considerably

d) None of these

 

Q7. Inventory turnover ratio = cost of ______________ during the period ÷ cost of average inventory held during the period.

a) Inventory consumed

b) Minimum inventory

c) Maximum inventory

d) None of these

 

Q8. ______________ is concerned with discovery of facts concerning a job and __________ is concerned with ascertaining the money value of a job.

a) Job description, job evaluation

b) Job specifications, job evaluation

c) Job analysis, job evaluation

d) None of these

 

Q9. ______________ is the amount by which the absorbed overheads fall short of the actual amount of overheads incurred.

a) Over absorption of overheads

b) Under absorption of overheads

c) Overheads absorption

d) None of these.

 

Q10. Process costing is also known as ______________ costing.

a) Continuous

b) Batch

c) Multiple

d) Job

 

Q11. ______________ costing is used in transport undertakings.

a) Process

b) Service

c) Multiple

d) Job

 

Q12. ______________ Accounting provides information for cost control.

a) Financial

b) Cost

c) Human resource

d) None of these.

 

Q13. Works cost is a total of ______________

a) Indirect material, indirect labour

b) Direct material, direct labour, direct or chargeable expenses and works expenses

c) Direct material, direct labour

d) Indirect material, indirect labour, indirect expenses

 

Q14. Stock adjustment account is debited with ______________ and credited with _________

a) Surplus, shortage of stock

b) Shortage of stock, surplus

c) Excess, loss

d) None of these

 

Q15. Stock verification sheets are maintained to record the results of ______________

a) Physical verification

b) Financial control

c) Financial verification

d) Quality verification

 

Q16. Material losses due to abnormal reasons should be transferred to ______________

a) Profit and loss account

b) Costing profit and loss account

c) Trading account

d) None of these

 

Q17. Under merrick's multiple piece rate system, ordinary piece rate is given to workers whose level of performance is between ______________ of the standard output.

a) 0% and 100%

b) 0% and 120%

c) 0% and 83%

d) None of these

 

Q18. Such expenses which are included (even though they are not incurred) for taking managerial decisions are called ______________

a) Notional expenses

b) Actual expenses

c) Imputed

d) None of these

 

Q19. The quantity of material to be ordered at one time is known as ______________

a) Ordering quantity

b) Commercial order quantity

c) Economic order quantity

d) None of these

 

Q20. ABC Ltd. has sales of 2,200, total fixed cost of 570, variable cost of 1,540, raw material consumed of 1,100, number of units sold 22,000. What shall be the BEP 9in units) if raw material price is reduced by 2%?

a) 18,387

b) 18,560

c) 18,750

d) 19,000

 

Part 10: Objective questions and answers of Cost and Management Accounting

 

Q1. Answer b

 

Q2. Answer a

 

Q3. Answer c

 

Q4. Answer a

 

Q5. Answer b

 

Q6. Answer c

 

Q7. Answer a

 

Q8. Answer c

 

Q9. Answer b

 

Q10. Answer a

 

Q11. Answer b

 

Q12. Answer b

 

Q13. Answer b

 

Q14. Answer b

 

Q15. Answer a

 

Q16. Answer b

 

Q17. Answer c

 

Q18. Answer a

 

Q19. Answer a

 

Q20. Answer a

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