Cost and Management Accounting 16

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Objective Questions and Answers of MBA: Cost and Management Accounting 16

Subject: Objective Questions and Answers of MBA: Cost and Management Accounting 16

Part 16: Objective questions and answers of Cost and Management Accounting

 

Q1. Variable cost per unit ______________

a) Remains constant

b) Varies

c) Decreases

d) Increases

 

Q2. Period costs charged to ______________

a) Cost of production

b) Products

c) Period

d) None of these

 

Q3. ______________ Costs are partly fixed and partly variable in relation to output.

a) Variable

b) Fixed

c) Semi-variable

d) Both a & b

 

Q4. A bill of material serves the purpose of ______________

a) Material requisition

b) Stores ledger

c) Material issue analysis sheet

d) None of these

 

Q5. Defectives are that portion of production which can be ______________ at some extra cost of re-operation.

a) Sold

b) Rectified

c) Purchased

d) None of these

 

Q6. Under piece rate system of wage payment, payment is made according to the ________

a) Quantity of work done

b) Time

c) Both a & b

d) None of these

 

Q7. In ______________, two piece rates are set for each job.

a) Merrick's multiple piece rate system

b) Rowan's premium plan

c) Taylor's differential piece rate system

d) None of these

 

Q8. ______________ Expenses are partly fixed and partly variable.

a) All expenses

b) Variable

c) Fixed

d) Semi-variable

 

Q9. Each job has a ______________ prepared for it that bears the job number and which is used to collect all cost data relating to job.

a) Job time sheet

b) Job cost card

c) Job ticket

d) Job account

 

Q10. ______________ is the most suitable method in a transport industry.

a) Operation costing

b) Service costing

c) Process costing

d) Job costing

 

Q11. When actual loss is less than the estimated loss, the difference between the two is considered to be ______________

a) Abnormal gain

b) Abnormal loss

c) Normal loss

d) Income

 

Q12. The process costing is not used in one of the following.

a) Chemical

b) Textiles

c) Cement

d) Oil refining

 

Q13. ______________ Budget gives different budgeted costs for different levels of activity.

a) Master

b) Fixed

c) Flexible

d) All of these

 

Q14. In case of materials the key factor may be.

a) Insufficient advertising

b) Restrictions imposed by quota

c) Low market demand

d) Shortage of power

 

Q15. Standards set provide yardsticks against which ______________ are compared.

a) Budgeted costs

b) Estimated costs

c) Actual costs

d) None of these

 

Q16. The type of standard best suitable for cost control purpose is

a) Basic standard

b) Ideal standard

c) Normal standard

d) Expected standard

 

Q17. ______________ costing is a type or technique of costing.

a) Absorption

b) Batch

c) Multiple

d) Job

 

Q18. Fixed cost ______________ in the same proportion in which output changes.

a) Does not change

b) Changes

c) Increases

d) None of these.

 

Q19. Material control does not cover the following stage.

a) Purchase of materials

b) Storing of materials

c) Issue of materials

d) Production

 

Q20. Re-ordering level = maximum consumption x ______________

a) Average re-order period

b) Maximum usage

c) Maximum re-order period

d) Normal usage

 

Part 16: Objective questions and answers of Cost and Management Accounting

 

Q1. Answer a

 

Q2. Answer c

 

Q3. Answer c

 

Q4. Answer a

 

Q5. Answer b

 

Q6. Answer a

 

Q7. Answer c

 

Q8. Answer d

 

Q9. Answer b

 

Q10. Answer b

 

Q11. Answer a

 

Q12. Answer c

 

Q13. Answer c

 

Q14. Answer b

 

Q15. Answer c

 

Q16. Answer d

 

Q17. Answer a

 

Q18. Answer a

 

Q19. Answer d

 

Q20. Answer c

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