Define the following with the example:
1-Sunk Cost
2-Implicit Cost
3-Explicit Cost
4-Opportunity Cost
5-Historical Cost
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this is cost accounting mcq's if u have solutions then reply with
solutions
Question # 1 of 15 ( Start time: 12:23:43 PM ) Total Marks: 1
A store ledger card is similar to the ________ .
Select correct option:
Stock ledger
Bin card
Material card
Purchase requisition card
Question # 2 of 15 ( Start time: 12:28:02 PM ) Total Marks: 1
Cost of goods sold Rs. 30,000, opening Inventory Rs. 9,000,Closing
inventory Rs. 7,800.What was the inventory turnover ratio?
Select correct option:
3.57 times
3.67 times
3.85 times
5.36 times
Inventory turnover ratio = Cost of goods sold / Average inventory
30,000/((9000+7000)/2) = 3.57
Question # 3 of 15 ( Start time: 12:29:34 PM ) Total Marks: 1
Opportunity cost is the best example of:
Select correct option:
Sunk Cost
Standard Cost
Relevant Cost
Irrelevant Cost
Relevant Cost
Relevant cost is which changes with a change in decision. These are
future costs that effect the
current management decision.
Examples Variable cost Fixed cost which changes with in an
alternatives Opportunity cost
Question # 4 of 15 ( Start time: 12:31:06 PM ) Total Marks: 1
Cost of Goods Manufactured can be calculated as follow
Select correct option:
Total factory Cost Add Opening Work in process inventory Less Closing
Work in process inventory
Total factory Cost Less Opening Work in process inventory Add Closing
Work in process inventory
Total factory Cost Less Opening Work in process inventory Less Closing
Work in process inventory
Total factory Cost Add Opening Work in process inventory Add Closing
Work in process inventory
Question # 5 of 15 ( Start time: 12:32:03 PM ) Total Marks: 1
A cost centre is
Select correct option:
A unit of product or service in relation to which costs are
ascertained
An amount of expenditure attributable to an activity
A production or service location, function, activity or item of
equipment for which costs are accumulated
A centre for which an individual budget is drawn up
Reference
Question # 6 of 15 ( Start time: 12:32:44 PM ) Total Marks: 1
__________ is the time worked over and above the employee's basic
working week.
Select correct option:
Flex time
Overtime
Shift allowance
Commission
Question # 7 of 15 ( Start time: 12:33:13 PM ) Total Marks: 1
Closing work in process Inventory of last year:
Select correct option:
Is treated as Opening inventory for current year
Is not carried forward to next year
Become expense in the next year
Charge to Profit & Loss account
Question # 8 of 15 ( Start time: 12:33:38 PM ) Total Marks: 1
In furniture manufacturing use of nail, pins, glue, and polish which
use to increase its esteem value that cost is treated as:
Select correct option:
Direct material cost
Indirect material cost
FOH cost
Prime cost
Question # 9 of 15 ( Start time: 12:34:51 PM ) Total Marks: 1
Increase in material Inventory means:
Select correct option:
The ending inventory is greater than opening inventory
The ending inventory is less than opening inventory
Both ending and opening inventories are equal
Can not be determined
Question # 10 of 15 ( Start time: 12:35:28 PM ) Total Marks: 1
Direct materials cost is Rs. 80,000. Direct labor cost is Rs. 60,000.
Factory overhead is Rs. 90,000. Beginning goods in process were Rs.
15,000. The cost of goods manufactured is Rs. 245,000. What is the
cost assigned to the ending goods in process?
Select correct option:
Rs. 45,000
Rs. 15,000
Rs. 30,000
None of above
(245,000,- 15000 – 90,000 – 60,000 – 80,000 = 0)
Question # 11 of 15 If labor is satisfied with high wages it may
ultimately lead to:
Select correct option:
Increased production and productivity
Increased efficiency
Reduced labor and overhead costs
All of the given options
Question # 12 of 15 Which of the following is a mechanical device to
record the exact time of the workers?
Select correct option:
Clock Card
Store Card
Token System
Attendance Register
Question # 13 of 15 According to IASB framework, Financial statements
exhibit to its users the:
Select correct option:
Financial position
Financial performance
Cash inflow and outflow analysis
All of the given options
Question # 14 of 15 where the applied FOH cost is less than the actual
FOH cost it is:
Select correct option:
Unfavorable variance
Favourable variance
Normal variance
Budgeted variance
Question # 15 of 15 ( Start time: 12:40:04 PM ) Total Marks: 1
If, COGS = Rs. 70,000 GP Margin = 30% of sales What will be the value
of Sales?
Select correct option:
Rs. 200,000
Rs. 66,667
Rs. 100,000
Rs. 62,500
(Suppose sales is =100% GD margin is =30% COGS is = 70%)
Which of the following is sales force payroll incentive?
Select correct option:
Commission
Shift allowance
Over time payment
Bonus
Quiz Start Time: 03:59 PM 57
sec(s)
Question # 3 of 15 ( Start time: 04:01:08 PM ) Total Marks: 1
Store incharge after receiving the material as per the goods received
note, places the material at its location and makes an entry
in_________ .
Select correct option:
Bin Card
Store Ledger Card
Stock Ledger
None of the given options
Quiz Start Time: 03:59 PM 59
sec(s)
Question # 4 of 15 ( Start time: 04:01:54 PM ) Total Marks: 1
A method by which the good used are priced out at average cost is
known as:
Select correct option:
BCVO
AVCO
c.FIFO
LIFO
Quiz Start Time: 03:59 PM 63
sec(s)
Question # 5 of 15 ( Start time: 04:03:05 PM ) Total Marks: 1
If, Sales = Rs. 800,000 appli Markup = 25% of cost What would be the
value of Gross profit?
Select correct option:
Rs. 200,000
Rs. 160,000
Rs. 480,000
Rs. 640,000
Quiz Start Time: 03:59 PM 76
sec(s)
Question # 6 of 15 ( Start time: 04:03:43 PM ) Total Marks: 1
Which of the following cost is used in the calculation of cost per
unit?
Select correct option:
Total production cost
Cost of goods available for sales
Cost of goods manufactured
Cost of goods Sold
Quiz Start Time: 03:59 PM 24
sec(s)
Question # 7 of 15 ( Start time: 04:04:30 PM ) Total Marks: 1
Overtime that is necessary in order to fulfill customer orders is
called:
Select correct option:
Avoidable overtime
Unavoidable overtime
Premium Overtime
Flex time
Quiz Start Time: 03:59 PM 74
sec(s)
Question # 8 of 15 ( Start time: 04:05:52 PM ) Total Marks: 1
Gross pay less deductions represents all except:
Select correct option:
Net pay
Take home pay
Total pay
Other income
1-Sunk Cost
2-Implicit Cost
3-Explicit Cost
4-Opportunity Cost
5-Historical Cost
- Hide quoted text -
this is cost accounting mcq's if u have solutions then reply with
solutions
Question # 1 of 15 ( Start time: 12:23:43 PM ) Total Marks: 1
A store ledger card is similar to the ________ .
Select correct option:
Stock ledger
Bin card
Material card
Purchase requisition card
Question # 2 of 15 ( Start time: 12:28:02 PM ) Total Marks: 1
Cost of goods sold Rs. 30,000, opening Inventory Rs. 9,000,Closing
inventory Rs. 7,800.What was the inventory turnover ratio?
Select correct option:
3.57 times
3.67 times
3.85 times
5.36 times
Inventory turnover ratio = Cost of goods sold / Average inventory
30,000/((9000+7000)/2) = 3.57
Question # 3 of 15 ( Start time: 12:29:34 PM ) Total Marks: 1
Opportunity cost is the best example of:
Select correct option:
Sunk Cost
Standard Cost
Relevant Cost
Irrelevant Cost
Relevant Cost
Relevant cost is which changes with a change in decision. These are
future costs that effect the
current management decision.
Examples Variable cost Fixed cost which changes with in an
alternatives Opportunity cost
Question # 4 of 15 ( Start time: 12:31:06 PM ) Total Marks: 1
Cost of Goods Manufactured can be calculated as follow
Select correct option:
Total factory Cost Add Opening Work in process inventory Less Closing
Work in process inventory
Total factory Cost Less Opening Work in process inventory Add Closing
Work in process inventory
Total factory Cost Less Opening Work in process inventory Less Closing
Work in process inventory
Total factory Cost Add Opening Work in process inventory Add Closing
Work in process inventory
Question # 5 of 15 ( Start time: 12:32:03 PM ) Total Marks: 1
A cost centre is
Select correct option:
A unit of product or service in relation to which costs are
ascertained
An amount of expenditure attributable to an activity
A production or service location, function, activity or item of
equipment for which costs are accumulated
A centre for which an individual budget is drawn up
Reference
Question # 6 of 15 ( Start time: 12:32:44 PM ) Total Marks: 1
__________ is the time worked over and above the employee's basic
working week.
Select correct option:
Flex time
Overtime
Shift allowance
Commission
Question # 7 of 15 ( Start time: 12:33:13 PM ) Total Marks: 1
Closing work in process Inventory of last year:
Select correct option:
Is treated as Opening inventory for current year
Is not carried forward to next year
Become expense in the next year
Charge to Profit & Loss account
Question # 8 of 15 ( Start time: 12:33:38 PM ) Total Marks: 1
In furniture manufacturing use of nail, pins, glue, and polish which
use to increase its esteem value that cost is treated as:
Select correct option:
Direct material cost
Indirect material cost
FOH cost
Prime cost
Question # 9 of 15 ( Start time: 12:34:51 PM ) Total Marks: 1
Increase in material Inventory means:
Select correct option:
The ending inventory is greater than opening inventory
The ending inventory is less than opening inventory
Both ending and opening inventories are equal
Can not be determined
Question # 10 of 15 ( Start time: 12:35:28 PM ) Total Marks: 1
Direct materials cost is Rs. 80,000. Direct labor cost is Rs. 60,000.
Factory overhead is Rs. 90,000. Beginning goods in process were Rs.
15,000. The cost of goods manufactured is Rs. 245,000. What is the
cost assigned to the ending goods in process?
Select correct option:
Rs. 45,000
Rs. 15,000
Rs. 30,000
None of above
(245,000,- 15000 – 90,000 – 60,000 – 80,000 = 0)
Question # 11 of 15 If labor is satisfied with high wages it may
ultimately lead to:
Select correct option:
Increased production and productivity
Increased efficiency
Reduced labor and overhead costs
All of the given options
Question # 12 of 15 Which of the following is a mechanical device to
record the exact time of the workers?
Select correct option:
Clock Card
Store Card
Token System
Attendance Register
Question # 13 of 15 According to IASB framework, Financial statements
exhibit to its users the:
Select correct option:
Financial position
Financial performance
Cash inflow and outflow analysis
All of the given options
Question # 14 of 15 where the applied FOH cost is less than the actual
FOH cost it is:
Select correct option:
Unfavorable variance
Favourable variance
Normal variance
Budgeted variance
Question # 15 of 15 ( Start time: 12:40:04 PM ) Total Marks: 1
If, COGS = Rs. 70,000 GP Margin = 30% of sales What will be the value
of Sales?
Select correct option:
Rs. 200,000
Rs. 66,667
Rs. 100,000
Rs. 62,500
(Suppose sales is =100% GD margin is =30% COGS is = 70%)
Which of the following is sales force payroll incentive?
Select correct option:
Commission
Shift allowance
Over time payment
Bonus
Quiz Start Time: 03:59 PM 57
sec(s)
Question # 3 of 15 ( Start time: 04:01:08 PM ) Total Marks: 1
Store incharge after receiving the material as per the goods received
note, places the material at its location and makes an entry
in_________ .
Select correct option:
Bin Card
Store Ledger Card
Stock Ledger
None of the given options
Quiz Start Time: 03:59 PM 59
sec(s)
Question # 4 of 15 ( Start time: 04:01:54 PM ) Total Marks: 1
A method by which the good used are priced out at average cost is
known as:
Select correct option:
BCVO
AVCO
c.FIFO
LIFO
Quiz Start Time: 03:59 PM 63
sec(s)
Question # 5 of 15 ( Start time: 04:03:05 PM ) Total Marks: 1
If, Sales = Rs. 800,000 appli Markup = 25% of cost What would be the
value of Gross profit?
Select correct option:
Rs. 200,000
Rs. 160,000
Rs. 480,000
Rs. 640,000
Quiz Start Time: 03:59 PM 76
sec(s)
Question # 6 of 15 ( Start time: 04:03:43 PM ) Total Marks: 1
Which of the following cost is used in the calculation of cost per
unit?
Select correct option:
Total production cost
Cost of goods available for sales
Cost of goods manufactured
Cost of goods Sold
Quiz Start Time: 03:59 PM 24
sec(s)
Question # 7 of 15 ( Start time: 04:04:30 PM ) Total Marks: 1
Overtime that is necessary in order to fulfill customer orders is
called:
Select correct option:
Avoidable overtime
Unavoidable overtime
Premium Overtime
Flex time
Quiz Start Time: 03:59 PM 74
sec(s)
Question # 8 of 15 ( Start time: 04:05:52 PM ) Total Marks: 1
Gross pay less deductions represents all except:
Select correct option:
Net pay
Take home pay
Total pay
Other income
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