_____ costs are non-inventorable costs, as they are not included in the value of finishedstock.a) Semi fixed costs c) Shut down costsb) Variable costs d) Period costs. - Accountancy class 0

Question- _____ costs are non-inventorable costs, as they are not included in the value of finishedstock.a) Semi fixed costs c) Shut down costsb) Variable costs d) Period costs. - Accountancy class 0 class 0 with solution questions answer. All ncert questions Answers for class 0 subject Accountancy chapter and topic Basics Of Cost And Cost Accounting MCQ

_____ costs are non-inventorable costs, as they are not included in the value of finishedstock.a) Semi fixed costs c) Shut down costsb) Variable costs d) Period costs.

Question 1. Asked on :10 August 2021:12:38:34 PM

_____ costs are non-inventorable costs, as they are not included in the value of finished
stock.
a) Semi fixed costs c) Shut down costs
b) Variable costs d) Period costs.

Accountancy » » Basics Of Cost And Cost Accounting MCQ -Added by Master Purushottam

Answer by: Manisha Kumari

Answer

(d) period cost

-Answered by Manisha Kumari On 20 May 2022:05:03:13 PM (22356 Average Rating Based on rating)

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Class 0 ≫ Accountancy ≫ Basics Of Cost And Cost Accounting MCQ

Question-1. Which of the following is method of costing:a) Job Costingb) Terminal Costingc) Operation Costingd) All of these

Question-2. Which of the following is not method of costing?a) Operating costingb) Unit Costingc) Composite Costingd) Marginal Costing

Question-3. Which of the following is technique of costinga) Standard Costingb) Uniform Costingc) Absorption Costingd) Process Costing

Question-4. ___________ is technique of ascertaining costa) Costingb) Cost Accountingc) Financial Accountingd) None

Question-5. ________is specialized branch of accounting which involves classification, Accumulation assignment & Control of Costa) Costingb) Cost Accountingc) Management Accountingd) Financial Accounting

Question-6. Which of the following are objectives of cost Accountinga) Classification of expenses to all productb) To indicate inefficiency of managementc) To provide data for decision makingd) All of these

Question-7. Statement I:- Costing is aid to managementStatement II:- Cost Accounting helps in Price fixation, in periods of depression & trade competitiona) Both statement are true & statement I is explanation of IIb) Both statement are True & statement II is explanation for Ic) Only statement I is trued) Only statement II is true

Question-8. Which of the following cost are pre-determined cost:a) Standard costb) Estimated costc) Historical costd) a & b

Question-9. Which of the following is not correct cause for treatment of selling & Distribution Cost as Period Cost:a) They are fixed in natureb) It is difficult to apportion them equallyc) Benefits received from these cost can not be established easily.d) None

Question-10. Which of the following are cost as per activitya) Material, Labour, expenseb) Fined, Variable & Semi-variablec) Production cost, Office costd) All of these.

Question-11. Where _________ product/s is/are produced, ascertaining the cost/unit becomes complicated.a) Single b) Multiplec) Both (a) and (b) d) None of these

Question-12. _______ is specialized branch of accounting which involves classification, accumulation, assignment & control of costs :a) Financial accounting b) Cost accountingc) Costing d) Cost accountancy

Question-13. Costing acts as an aid to:a) Creditors b) Employees c) National economyd) All of the above.

Question-14. Expenditure can be classified as capital or revenue in relation to its :a) Function b) Changes in activity c) Accounting periodd) Both b) & c)

Question-15. Direct material include all of the following except :a) Primary packing, b) Secondary packingc) Royalty d) Cost of layout

Question-16. ___________ costs result from special policy decision, new research & are not related to operations.a) Discretionary cost b) Step cost c) Committed costd) Sunk cost

Question-17. ________ costs are constant at a given level of output & then increase by a fixed amount at higher level of production.a) Discretionary cost b) Step costc) Committed cost d) Sunk Cost

Question-18. Costs which can be influenced by its budget holder are known as :a) Fixed costs b) Step costs c) Uncontrollable costsd) Controllable costs

Question-19. __________ cost is the one that has already been incurred & cannot be avoided by decisions taken in future. It has no economic relevance to the present decision making process. :a) Differential cost b) Sunk cost c) Opportunity costd) Joint cost.

Question-20. Differential cost is the increase or decrease in total cost resulting out of :a) Selection of additional sales channelb) Change in method of productionc) Addition or deletion of territory.d) All of the above.

Question-21. Differential cost denotes both increase or decrease, but ______ cost applies only to increase in production & is restricted to cost only.a) Decremental cost b) Step cost c) Sunk costd) Incremental cost

Question-22. __________ costs are the costs incurred upto the point of separation.a) Joint costs b) Shut down costs c) Decremental costsd) Disjoint costs.

Question-23. A cost which does not involve any cash flow is known as :a) Notional cost b) Imputed cost c) Implicit costd) All of the above.

Question-24. Which of the following is not an example of shut down cost ?a) Factory rent b) Insurance c) Direct materiald) Property tax.

Question-25. Abnormal costs are ultimately charged to __________a) P & L A/c b) Costing P & L c) Note recorded at alld) Suspense A/c.

Question-26. Haulage is an item of _____ overheads.a) Research & Developmentb) Selling & distributionc) Worksd) Office.

Question-27. _____ costs are non-inventorable costs, as they are not included in the value of finished stock.a) Semi fixed costs b) Variable costs c) Shut down costsd) Period costs.

Question-28. Per unit ______ costs remains same.a) Fixed b) Variable c) Both (a) and (b)d) None of these.

Question-29. All costs are _______ in long run.a) Variable b) Controllable c) Fixedd) Both (a) & (b)

Question-30. Management accounting is an extension of :a) Financial accountingb) Responsibility accounting,c) Cost accountingd) All of the above.

Question-31. In ______ stock is valued only at cost.a) Financial accountingb) Cost accountingc) Human resource accountingd) None of these

Question-32. Fixed cost per unit increases when –a) Production volume increasesb) Production volume decreasesc) Variable cost / unit decreasesd) Variable cost / unit increases.

Question-33. In element wise classification of overheads, which of the following is not included-a) Factory overheads b) Indirect labour c) Materiald) Indirect expenditure.

Question-34. The costing method in which fixed expenses are charged to product along with variable expenses is known as –a) Direct costing b) Marginal costing c) Absorption costingd) ABC.

Question-35. Advertising expenses, commission to salesman, depreciation on delivery van are examples of :a) Selling overheadsb) Distribution overheadsc) Both of the above.d) None of the above.

Question-36. Secondary packing expenses is an example of :a) Selling overheads b) Distribution overheads c) Both of the aboved) None of the above.

Question-37. Inspection charges which cannot be identified with a particular product should be treated asa) Research and development overheadsb) Selling overheadsc) Office and administrative overheadsd) Factory overheads.

Question-38. Primary packing necessary to protect a product should form part ofa) Selling overheadsb) Distribution overheadsc) Prime costd) None of the above.

Question-39. Cost of fancy packing necessary to attract customers would form part of :a) Selling overheadsb) Distribution overheadsc) Development overheadsd) Both a) and b)

Question-40. Per unit _______ overheads remain fixed.a) Fixed b) Factory c) Sellingd) Variable.

Question-41. Total fixed overheads would ________ as the production increases.a) Decrease b) Increase c) Remain fixedd) None of the above.

Question-42. Per unit fixed overheads would ______ as the productiona) Increase, increases b) Increase, Decreases c) Decrease, remains constantd) Decrease, decreases.

Question-43. Research and Development overheads is an example of classification based on:a) Function b) Element c) Behaviourd) Control

Question-44. Factory overheads are also known as : a) Works overheads b) Manufacturing overheadsc) Production overheadsd) All of the above.

Question-45. Warehouse expenses is an example of:a) Selling overheadsb) Admin overheadsc) Distribution overheadsd) Selling and distribution overheads

Question-46. Describe the cost unit applicable to the Bicycle industry _______.a) Per part of bicycle b) Per bicycle c) Per toned) Per day.

Question-47. Indirect costs are also known as _________.a) Common Costs b) Traceable Costs c) Implicit Costsd) Sunk Costs.

Question-48. Which of the following is method of costing

Question-49. Which of the following is not method of costing? a) Operating costing b) Unit Costing c) Composite Costing d) Marginal Costing

Question-50. Which of the following is technique of costing a) Standard Costing b) Uniform Costing c) Absorption Costing d) Process Costing

Question-51. . ___________ is technique of ascertaining cost a) Costing b) Cost Accounting c) Financial Accounting d) None

Question-52. ________is specialized branch of accounting which involves classification, Accumulationassignment & Control of Costa) Costingb) Cost Accountingc) Management Accountingd) Financial Accounting

Question-53. Which of the following are objectives of cost Accountinga) Classification of expenses to all productb) To indicate inefficiency of managementc) To provide data for decision makingd) All of these

Question-54. Statement I:- Costing is aid to managementStatement II:- Cost Accounting helps in Price fixation, in periods of depression & tradecompetitiona) Both statement are true & statement I is explanation of IIb) Both statement are True & statement II is explanation for Ic) Only statement I is trued) Only statement II is true

Question-55. Which of the following cost are pre-determined costa) Standard costb) Estimated costc) Historical costd) a & b

Question-56. Match the pairsa) Direct Material (p) Salary of Supervisorb) Indirect Material (q) Material passing from one process to otherc) Direct Labour (r) wages to workerd) Indirect expense (s) Grease

Question-57. 10. Which of the following is not correct cause for treatment of selling & Distribution Cost asPeriod Costa) They are fixed in natureb) It is difficult to apportion them equallyc) Benefits received from these cost can not be established easily.d) None

Question-58. Which of the following are cost as per activitya) Material, Labour, expenseb) Fined, Variable & Semi-variablec) Production cost, Office costd) All of these.

Question-59. 11. Which of the following are cost as per activitya) Material, Labour, expenseb) Fined, Variable & Semi-variablec) Production cost, Office costd) All of these.

Question-60. _______ is specialized branch of accounting which involves classification, accumulation,assignment & control of costs :a) Financial accounting c) Costingb) Cost accounting d) Cost accountancy.

Question-61. 14. Cost accounting does not help in making estimates :a) True b) False.

Question-62. Costing acts as an aid toa) Creditors c) National economyb) Employees d) All of the above.

Question-63. Expenditure can be classified as capital or revenue in relation to its :a) Function c) Accounting periodb) Changes in activity d) Both b) & c)

Question-64. Match the pairs : AB1. Degree of traceability to product (a) Material Labour, overheads2. Time(b) Admin, selling & distribution3. Functions(c) Direct, Indirect4. Elements (d) Historical, Pre-determined.

Question-65. Match the pairs :1. Degree of traceability to product a) Material Labour, overheads2. Time b) Admin, selling & distribution3. Functions c) Direct, Indirect4. Elements d) Historical, Pre-determinted. a) (1-a) (2-b) (3-c) (4-d)b) (1-c) (2-d), 3-a) (4-b)c) (1-b) (2-a) (3-d) (4-c)d) (1-c) (2-d) (3-b) (4-a)

Question-66. Direct material include all of the following except :a) Primary packing, c) Royaltyb) Secondary packing d) Cost of layout.

Question-67. ___________ costs result from special policy decision, new research & are not related tooperations.a) Discretionary cost c) Committed costb) Step cost d) Sunk cost.

Question-68. ________ costs are constant at a given level of output & then increase by a fixed amountat higher level of production.a) Discretionary cost c) Committed costb) Step cost d) Sunk Cost

Question-69. Costs which can be influenced by its budget holder are known as :a) Fixed costs c) Uncontrollable costsb) Step costs d) Controllable costs

Question-70. All indirect costs are controllable but, direct costs are not controllable.a) True b) False

Question-71. __________ cot is the one that has already been incurred & cannot be avoided bydecisions taken in future. It has no economic relevance to the present decision makingprocess. :a) Differential cost c) Opportunity costb) Sunk cost d) Joint cost.

Question-72. __________ cot is the one that has already been incurred & cannot be avoided bydecisions taken in future. It has no economic relevance to the present decision makingprocess. :a) Differential cost c) Opportunity costb) Sunk cost d) Joint cost.

Question-73. Differential cost is the increase or decrease in total cost resulting out of :a) Selection of additional sales channelb) Change in method of productionc) Addition or deletion of territory.d) All of the above.

Question-74. Differential cost denotes both increase or decrease, but ______ cost applies only toincrease in production & is restricted to cost only.a) Decremental cost c) Sunk costb) Step cost d) Incremental cost

Question-75. __________ costs are the costs incurred upto the point of separation.a) Joint costs c) Decremental costsb) Shut down costs d) Disjoint costs.

Question-76. A cost which does not involve any cash flow is known as :a) Notional cost c) Implicit costb) Imputed cost d) All of the above.

Question-77. 28. Which of the following is not an example of shut down cost ?a) Factory rent c) Direct materialb) Insurance d) Property tax.

Question-78. Abnormal costs are ultimately charged to __________a) P & L A/c c) Note recorded at allb) Costing P & L d) Suspense A/c.

Question-79. Match the pairs :1. Productive cost center a. Library2. Unproductive cost center b. Repairs & Maintenance3. Personal cost center c. Welding shop4. Impersonal cost center d. Accountanta) (1-b) (2-a) (3-d) (4-c)b) (1-a) (2-c) (3-d) (4-b)c) (1-c) (2-b) (3-d) (4-a)d) (1-a) (2-b) (3-c) (4-d)

Question-80. Match the pairs.1. Fabrication a) Batch costing2. Dams b) Job costing3. Medicines c) Contract costing4. Chemicals d) Process costing.a) (1-b)(2-c)(3-a)(4-d)b) (1-a)(2-b)(3-c)(4-d)c) (1-c)(2-a)(3-d)(4-b)d) (1-d)(2-c)(3-a)(4-b)

Question-81. Haulage is an item of _____ overheads.a) Research & Developmentb) Selling & distributionc) Worksd) Office.

Question-82. _____ costs are non-inventorable costs, as they are not included in the value of finishedstock.a) Semi fixed costs c) Shut down costsb) Variable costs d) Period costs.

Question-83. Out of pocket costs have no relevance in decision making :a) True b) False.

Question-84. Per unit ______ costs remains same.a) Fixed c) Both a) and b)b) Variable d) None of these.

Question-85. All costs are _______ in long run,a) Variable c) Fixedb) Controllable d) Both a) & b)

Question-86. Management accounting is an extension of :a) Financial accountingb) Responsibility accounting,c) Cost accountingd) All of the above.

Question-87. A responsibility center in which a manager is accountable for costs only is called___________.a) Profit center c) Cost center

Question-88. In ______ stock is valued only at cost :a) Financial accountingb) Cost accountingc) Human resource accountingd) None of these.b) Loss Centre d) Both a) & c)

Question-89. Fixed cost per unit increases when –a) Production volume increasesb) Production volume decreasesc) Variable cost / unit decreasesd) Variable cost / unit increases.

Question-90. In element wise classification of overheads, which of the following is not included-a) Factory overheads c) Materialb) Indirect labour d) Indirect expenditure.

Question-91. The costing method in which fixed expenses are charged to product along with variableexpenses is known as –a) Direct costing, c) Absorption costingb) Marginal costing d) ABC.

Question-92. Advertising expenses, commission to salesman, depreciation on delivery van areexamples of :a) Selling overheadsb) Distribution overheadsc) Both of the above.d) None of the above.

Question-93. Secondary packing expenses is an example of :a) Selling overheads c) Both of the aboveb) Distribution overheads d) None of the above.

Question-94. Secondary packing expenses is an example of :a) Selling overheads c) Both of the aboveb) Distribution overheads d) None of the above.

Question-95. Inspection charges which cannot be identified with a particular product should betreated asa) Research and development overheadsb) Selling overheads

Question-96. Primary packing necessary to protect a product should form part ofa) Selling overheadsb) Distribution overheadsc) Prime costd) None of the above.

Question-97. Cost of fancy packing necessary to attract customers would form part of :a) Selling overheadsb) Distribution overheadsc) Development overheadsd) Both a) and b)

Question-98. Per unit _______ overheads remain fixed.a) Fixed c) Sellingb) Factory d) Variable.

Question-99. Total fixed overheads would ________ as the production increases.a) Decrease c) Remain fixedb) Increase d) None of the above.

Question-100. Per unit fixed overheads would ______ as the productiona) Increase, increases c) Decrease, remains constantb) Increase, Decreases d) Decrease, decreases.

_____ costs are non-inventorable costs, as they are not included in the value of finishedstock.a) Semi fixed costs c) Shut down costsb) Variable costs d) Period costs. - Accountancy class 0

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_____ costs are non-inventorable costs, as they are not included in the value of finishedstock.a) Semi fixed costs c) Shut down costsb) Variable costs d) Period costs. - Accountancy class 0

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