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.
181. In a mill number of employees at the beginning and end of periods were 2,486 and 2,334 respectively. During the period,320 workers left the mill while 168 persons joined the service .labor turn overate per flux method will be
a) 8.22%
b) 9.46%
c) 10.12%
Answer:- c
182. Period cost are _____________
a) Variable
b) Fixed
c) Prime cost
Answer:- b
183. A responsibility center which is held by management both for cost are revenue and thus for profit is termed as___________
a) Investment
b) Profit center
c) Cost center
Answer:- b
184. The need of reconciliation arises in ___________________accounting system
a) Integral system
b) Non integral system
c) Identical system
Answer:- b
185. Notional charges are _______________ back to costing profit to reconcile it with profit as per financial books
a) Added
b) Deducted
c) Multiplied
Answer:- a
186. Capital losses in financial accounts are ______________while reconciling costing profit with financial profits
a) Added
b) Deducted
c) Multiplied
Answer:- b
187. ______________charge of depreciation in cost account is deducted from costing profit while reconciling with financial profits
a) Under
b) Over
c) Fixed
Answer:- a
188. ________________reward not only the direct workers, but also the indirect workers who assist the direct workers
a) Halsey scheme
b) Rowan scheme
c) Group bonus scheme
Answer:- c
189. Group bonus is divided among the workers of the group in proportion to the __________by them
a) Hours worked
b) Rate per hour
c) Basic wage earned
Answer:- c
190. _____________scheme creates team spirit which in turn leads to high output
a) Time rate
b) Piece rate
c) Group bonus
Answer:- c
