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.
81. The quality of material to be ordered at one time
a) EOQ
b) EBQ
c) BOQ
Answer:- a
82. Bin card used is used for verifying ………………
a) Quantity
b) Value
c) Quantity and value
Answer:- a
83. The unavoidable loss of material is known as
a) Normal loss
b) Abnormal loss
c) Waste
Answer:- a
84. Loss due to fire , theft , are …………………….
a) Normal loss
b) Abnormal loss
c) Scrap
Answer:- b
85. The cost of …………… is not included in the cost of production
a) Normal loss
b) Abnormal loss
c) Scrap
Answer:- b
86. Direct cost clearly be ……………… with a product
a) Identified
b) Apportioned
c) Allocated
Answer:- a
87. Prime cost can be also called …………………………….
a) Indirect cost
b) Direct cost
c) Fixed
Answer:- b
88. Element of cost refers to …………………..
a) Component cost
b) Components of cost
c) Prime cost
Answer:- b
89. Cost of material that can be identified is called ……………. Cost
a) Direct
b) In direct
c) Variable
Answer:- a
90. ……………in the aggregate of indirect material , indirect labour and indirect expense
a) Prime cost
b) factory cost
c) Over head
Answer:- c
