Cost and Management Accounting 19

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Objective Questions and Answers of MBA: Cost and Management Accounting 19

Subject: Objective Questions and Answers of MBA: Cost and Management Accounting 19

Part 19: Objective questions and answers of Cost and Management Accounting

 

Q1. Qualities demanded from the job holder is technically known as ______________

a) Job description

b) Job specifications

c) Job evaluation

d) Both a & b

 

Q2. Under step method of re-apportionment of costs of service departments, the cost of last service department is apportioned only to the ______________

a) Production departments

b) Service departments

c) Both a & b

d) None of these

 

Q3. Primary packing is an item of ______________

a) Selling overheads

b) Prime cost

c) Distribution overheads

d) Factory overheads

 

Q4. Service costing is called as ______________

a) Operation costing

b) Operating costing

c) Multiple costing

d) None of these

 

Q5. In inter process profits; the output of one process is transferred from one process to another not at ______________ but at ______________

a) Market price, actual cost

b) Actual cost, market price

c) Both a& b

d) None of these

 

Q6. Capacity ratio=

a) Number of actual working days in a period x 100 number of working days in the budget period

b) Actual hours worked x 100 budgeted hours

c) Standard hours for actual production x 100 actual hours worked

d) Standard hours for actual production x 100 budgeted standard hours

 

Q7. Management by exception is exercising control over ______________

a) Costs

b) Favourable items

c) Unfavourable items

d) All of these

 

Q8. Volume variance =

a) Standard rate (actual output-budgeted output)

b) Actual output x standard rate-budgeted fixed overheads

c) Standard rate per hour(standard hours produced-actual hours)

d) All of the above

 

Q9. In automobile, ______________ costing is used

a) Process

b) Batch

c) Multiple

d) Job

 

Q10. Material should be issued by the store keeper against ______________

a) Material requisition

b) Bill of materials

c) Both a & b

d) None of these

 

Q11. Credit and collection cost is an item of

a) Selling overhead

b) Office overhead

c) Prime cost

d) Administrative overhead

 

Q12. ______________ Budget is the preparation of budget starting from a clean state.

a) Performance

b) Zero base

c) Cash

d) None of these

 

Q13. Costing is a technique of

a) Inventory control

b) Management control

c) Ascertainment of cost

d) Calculation of cost

e) Reduction of cost

 

Q14. ______________ costing is used in transport undertaking.

a) Operating

b) Standard

c) Marginal

d) Absorption

e) Service

 

Q15. Opportunity cost does not involve

a) Cash inflow

b) Cash outflow

c) Cash outlay

d) Either (a) or (b)

e) None of these

 

Q16. The two levels of material controls are quantity control and

a) Financial control

b) Value control

c) Quality control

d) Both (b) and (c)

e) All of these

 

Q17. Break-even analysis assumes that over the relevant range:

a) Total costs are unchanged

b) Unit variable costs are unchanged

c) Variable costs are non-linear

d) Unit fixed costs are unchanged

 

Q18. Which of the following factors are not qualitative factors in a make or buy decision?

a) Doubt as to the ability of the subcontractor to meet delivery dates

b) Doubt as to ability of the subcontractor to maintain quality

c) The case with which improvements can be made to the product

d) The effect of redundancy on labour relations

 

Q19. The standard time required per unit of a product is 20 minutes. In a day of 8 working hours a worker had given an output of 30 units. If he gets a time rate of 20/hr., his total earnings under halsey bonus scheme was:

a) 200

b) 192

c) 180

d) 16

 

Q20. Under marginal costing:

a) All costs are classified into two groups – variable and fixed

b) Variable costs form part of the product cost and inventory valuation

c) Fixed costs are treated as period costs

d) All of the above

 

Part 19: Objective questions and answers of Cost and Management Accounting

 

Q1. Answer b

 

Q2. Answer a

 

Q3. Answer b

 

Q4. Answer b

 

Q5. Answer b

 

Q6. Answer b

 

Q7. Answer c

 

Q8. Answer d

 

Q9. Answer c

 

Q10. Answer c

 

Q11. Answer a

 

Q12. Answer b

 

Q13. Answer c

 

Q14. Answer e

 

Q15. Answer c

 

Q16. Answer a

 

Q17. Answer b

 

Q18. Answer d

 

Q19. Answer c

 

Q20. Answer d

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