Cost and Management Accounting 17

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Objective Questions and Answers of MBA: Cost and Management Accounting 17

Subject: Objective Questions and Answers of MBA: Cost and Management Accounting 17

Part 17: Objective questions and answers of Cost and Management Accounting

 

Q1. Abnormal cost is ______________

a) Uncontrollable

b) Controllable

c) Fixed

d) None of these

 

Q2. ______________ is the smallest segment of activity or area or responsibility for which costs are accumulated.

a) Cost object

b) Cost centre

c) Cost driver

d) None of the above

 

Q3. Added value is the change in ______________

a) Market value

b) Cost

c) Income

d) None of the above.

 

Q4. Bin card is maintained by the ______________

a) Cost accountant

b) Clerk

c) Storekeeper

d) Branch accountant

 

Q5. ______________ is used primarily for control of spare parts.

a) Abc analysis

b) Jit inventory system

c) Ved analysis

d) Perpetual inventory system

 

Q6. ______________ is maintained to know how the worker's time shown by the time card is spent on various jobs.

a) Daily time sheets

b) Weekly time sheets

c) Job cards

d) None of the above

 

Q7. When ______________ is used on the basis of budgeted overheads and the rate is applied to the actual base, the actual overhead expenses may be different from the charged overheads.

a) A predetermined rate

b) Actual rate method of absorption

c) Both a & b

d) None of these

 

Q8. When factory overhead control account has an ending debit balance, factory overhead was ______________

a) Over applied

b) Under applied

c) Both a & b

d) None of these

 

Q9. The loss incurred on an incomplete contract is transferred to ______________ account.

a) Costing profit and loss account

b) Profit and loss account

c) Trading account

d) Deferred to next year.

 

Q10. In electricity Supply Company uses ______________ as cost unit.

a) Kilo watt hour

b) Per household

c) Voltage

d) None of these

 

Q11. Equivalent units represent the production of a process in terms of ______________ units.

a) Completed

b) Total production

c) Semi-finished

d) Both a& c

 

Q12. ______________ Budget is the most important budget and it forms the basis on which all the other budgets are built up.

a) Production

b) Material

c) Cash budget

d) Sales

 

Q13. ______________ determines the priorities of functional budget.

a) Principal budget factor

b) Limiting factor

c) Both a & b

d) None of the above.

 

Q14. The limitations of ______________ have led to the development of standard costing system.

a) Historical costing system

b) Cost accounting

c) Management accounting

d) None of these

 

Q15. Material usage variance = standard price( ______________ )

a) Standard usage-actual usage

b) Standard unit price-actual unit price

c) Standard quantity

d) Actual quantity

 

Q16. ______________ is the oldest branch of accounting.

a) Financial accounting

b) Cost accounting

c) Management accounting

d) None of these

 

Q17. The method of costing used in a refinery is ______________ costing.

a) Process

b) Batch

c) Multiple

d) Job

 

Q18. ______________ cost is irrecoverable cost.

a) Marginal

b) Out of pocket

c) Sunk

d) None of these

 

Q19. An opportunity cost does not involve ______________

a) Cash outlays

b) Direct cost

c) Indirect cost

d) None of the above

 

Q20. Last in first out method is suitable in times of ______________

a) Rising prices

b) Falling prices

c) Fluctuating prices

d) None of these

 

Part 17: Objective questions and answers of Cost and Management Accounting

 

Q1. Answer a

 

Q2. Answer b

 

Q3. Answer a

 

Q4. Answer c

 

Q5. Answer c

 

Q6. Answer c

 

Q7. Answer a

 

Q8. Answer b

 

Q9. Answer b

 

Q10. Answer a

 

Q11. Answer a

 

Q12. Answer d

 

Q13. Answer c

 

Q14. Answer a

 

Q15. Answer a

 

Q16. Answer a

 

Q17. Answer a

 

Q18. Answer c

 

Q19. Answer a

 

Q20. Answer a

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