Cost Accounting MCQ
What Is Cost Accounting?
Cost accounting is a method of managerial accounting which aims to capture the total production cost of a business by measuring the variable costs of each production phase as well as fixed costs, such as a lease expense.
Examples include rent, depreciation, interest on loans and lease expenses. Direct, indirect, fixed, and variable are the 4 main kinds of cost. In addition to this, you might also want to look into operating costs, opportunity costs, sunk costs, and controllable costs.
121. Recording of time spent by a worker on a different job is called
a) Time keeping
b) Time booking
c) Job card keeping
Answer:- c
122. Which of the following is not a fringe benefit
a) Subsidized food
b) Recreational facilities
c) Overtime wages
Answer:- c
123. In …… bonus is that proportion of time taken which the time overhead to the standard time
a) Halsey plan
b) Rowan plan
c) Taylor plan
Answer:- b
124. Work of forman, store keeper, inspector, and production control staff come under
a) Direct labour
b) Indirect labour
c) Factory labour
Answer:- c
125. In ………….. System two piece rates are set for each job
a) Taylors differential piece rate system
b) Merrick plan
c) Rowan
Answer:- a
126. Under Merrick’s plan,no bonus, is payable to a worker if his efficiency is less than
a) 83%
b) Above 83%
c) Above 70%
Answer:- a
127. Idle time arises only when workers are paid on ……….. Basis
a) Time rate
b) Piece rate
c) Premium plan
Answer:- a
128. Overtime due to abnormal causes may be transferred to
a) The job
b) Costing p & l a/c
c) Overhead account
Answer:- b
129. Cost of the normal idle time is charged to production at the ……………. Rate
a) Market
b) Inflated
c) Deflated
Answer:- b
130. Loss of time due to avoidable reason is known as
a) Normal idle time
b) Abnormal idle time
c) Overtime
Answer:- a
