Management Financial And Cost Accounting MCQs With Answers

12 Questions | By Themes | Updated: Mar 22, 2022 | Attempts: 609

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Play this knowledgeable 'Management Financial And Cost Accounting MCQs With Answers' quiz and check how good are you in the cost accounting management system. This test covers many subtopics like costing, budgeting, related numerical, and standing charges used in many businesses systems. So, if you think you can easily pass the quiz below and secure good marks, then try it out and see for yourself. Should we proceed now? All the best, buddy!

Questions and Answers

1.

Estimate the Materials to be debited to Contract A/c. Materials direct to site Rs.4,40,000; Materials returned to store Rs.20,000 and Materials received from Store Rs.81,200.
- A.
  
  Rs.500,000
- B.
  
  Rs.500,200
- C.
  
  Rs.510,200
- D.
  
  Rs.501,200
2.

------------------ costing is used in transport undertaking
- A.
  
  Service
- B.
  
  Fixed
- C.
  
  Standing
- D.
  
  Product
3.

It is the difference between the value of work-in-progress certified and the cost of such work-in-progress certified.
- A.
  
  Gross profit
- B.
  
  Notional profit
- C.
  
  Net profit
- D.
  
  Total profit
4.

If notional profit is Rs.30,000, 2/3 of contract is complete and 75% of work certified is received in cash. Estimate the profit to be taken to P&L account.
- A.
  
  10,000
- B.
  
  20,000
- C.
  
  25,000
- D.
  
  30,000
5.

Depreciation of plant can be apportioned on the basis of
- A.
  
  Plant size
- B.
  
  Working days
- C.
  
  Output produced
- D.
  
  Plant value
6.

An example of fixed cost
- A.
  
  Property tax.
- B.
  
  Direct material cost
- C.
  
  Direct wages
- D.
  
  Rent for building
7.

Number of worker employed is used as basis for the apportionment of
- A.
  
  Taxes
- B.
  
  Canteen Expenses
- C.
  
  Revenues
- D.
  
  All of the above
8.

Bin card is maintained by
- A.
  
  Costing department
- B.
  
  Sales department
- C.
  
  Purchase department
- D.
  
  Stores department
9.

Material requisition is meant for
- A.
  
  Purchase of material.
- B.
  
  Sale of material
- C.
  
  Storage of material.
- D.
  
  Supply of material from stores.
10.

EOQ stands for
- A.
  
  Economic Order Quantity
- B.
  
  Economic Order Quality
- C.
  
  Estimated Order Quality
- D.
  
  Estimated Order Quantity
11.

If prime cost is Rs.30,000 and factory cost is Rs.45,000 (no opening & closing stock and no WIP), estimate factory overheads
- A.
  
  Rs.30,000
- B.
  
  Rs.75,000
- C.
  
  Rs.50,000
- D.
  
  Rs.65,000
12.

The cost that helps to calculate per unit and total cost of farming activities are called _______ costing.
- A.
  
  Garden Costing
- B.
  
  Agricultural Costing
- C.
  
  Specific Order Costing
- D.
  
  Farm Costing