Cost and Management Accounting 13

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Objective Questions and Answers of MBA: Cost and Management Accounting 13

Subject: Objective Questions and Answers of MBA: Cost and Management Accounting 13

Part 13: Objective questions and Answers of Cost and Management Accounting

 

Q1. Re-ordering level = ______________ x maximum re-order period

a) Average re-order period

b) Maximum usage

c) Maximum consumption

d) Normal usage

 

Q2. In time wage system, wages are paid according to the ______________

a) Production

b) Time

c) Both a & b

d) None of these

 

Q3. Basis of apportionment of crèche expenses is ______________

a) Number of employees

b) Number of female employees

c) Number of male employees

d) Both b & c

 

Q4. Unsuccessful research expenditure should be ______________ cost accounts.

a) Excluded from

b) Included in

c) Apportioned in

d) None of these

 

Q5. The ______________ costing is applied when a quantity of similar and identical products are manufactured together as one job.

a) Job

b) Batch

c) Operation

d) Output

 

Q6. In ______________ costing where standardized goods or services result from a sequence of repetitive and more or less continuous operations to which costs are collected and averaged over the units produced during the year:

a) Multiple

b) Process

c) Operation

d) Single.

 

Q7. ______________ Process loss should be transferred to costing profit & loss account.

a) Abnormal

b) Normal

c) Both a& b

d) None of these

 

Q8. ______________ is a budget which is updated continuously by adding a further period (a month/quarter) and deducting a corresponding earlier period.

a) Rolling budget

b) Continuous budget

c) Annual budget

d) Both a & b

 

Q9. Three types of standards are ______________

a) Current standard, basic standard and normal standard

b) Currency standard, basel standard and actual standard

c) Actual standard, estimated standard and expected standard

d) Expected standard, ideal standard and current standard

 

Q10. Material mix variance = standard cost of standard mix – ______________

a) Actual cost of actual mix

b) Actual cost of standard mix

c) Standard cost of actual mix

d) Standard cost of budgeted mix

 

Q11. Cost accounting disclose ______________

a) The financial position

b) Profit/loss of a product, job or service

c) Effect and impact of cost on business

d) None of these

 

Q12. The ordinary trading account is a locked storehouse of most valuable information to which cost system is the ______________

a) Key

b) Lock

c) House

d) None of these

 

Q13. Variable cost increases with ______________ in output.

a) Increase

b) Decrease

c) Increase or decrease

d) None of these.

 

Q14. The total of all direct expenses is known as ______________ cost.

a) Prime

b) Works

c) Production

d) Both a & b

 

Q15. Bin card is a record of ______________ only.

a) Cost

b) Value

c) Quantity

d) Expense

 

Q16. ______________ represents that quantity of material which is normally ordered when a particular material reaches reordering level.

a) Maximum level

b) Re-order level

c) Minimum level

d) Re-order quantity

 

Q17. ______________ does not form part of production.

a) Abnormal waste

b) Normal waste

c) Both a & b

d) None of these

 

Q18. ______________. Is most suitable when quality of work is of prime importance.

a) Piece rate system

b) Time wage system

c) Both a & b

d) None of these

 

Q19. ______________ is the excess of overheads absorbed over the actual amount of overheads incurred.

a) Over absorption of overheads

b) Under absorption of overheads

c) Overheads absorption

d) None of these.

 

Q20. Under applied or over applied factory overhead should be

a) Carried forward to next year

b) Shown as an extraordinary item

c) Apportioned among cost of goods sold and applicable to inventory

d) Written off

 

Part 13: Objective questions and Answers of Cost and Management Accounting

 

Q1. Answer c

 

Q2 Answer b

 

Q3. Answer b

 

Q4. Answer a

 

Q5. Answer b

 

Q6. Answer c

 

Q7. Answer a

 

Q8. Answer d

 

Q9. Answer a

 

Q10. Answer c

 

Q11. Answer b

 

Q12. Answer a

 

Q13. Answer a

 

Q14. Answer a

 

Q15. Answer c

 

Q16. Answer d

 

Q17. Answer a

 

Q18. Answer b

 

Q19. Answer a

 

Q20. Answer c

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