cost accounting

cost accounting

University

13 Qs

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cost accounting

cost accounting

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Renu Bishnoi

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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements are correct.


a. Prime cost is the total of direct wages and variable overheads.

b. Abnormal cost is uncontrollable.

c. Contract costing method is used in ship building.

d. Cost accounting is a techinique of managerial control.

All statements are correct

Statements A , C & D are correct

Except statement 'C' is correct

Only statements 'C' & 'D' are correct

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which method is used in hospitals for determining cost?

Job costing

Unit costing

Operating costing

Process costing

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following is not a limitation of cost accounting?


a. Cost of installation of costing system is very high.

b. Difficult to be implemented by small business concerns.

c. Involves an element of judgement or estimation.

d. Cost accounting is not a pure science but is an art.

Statements A & C

Statement D only

Statements B & D

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Prime cost =

Indirect materials + Indirect labour + Indirect expenses

Total material + Total labour + Other expenses

Total cost + selling costs + distribution costs

Direct material + Direct labour + Direct expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following is not treated as a method of costing?

Job costing & Operating costing

Batch costing & Contract costing

Marginal costing & Absorption costing

Process costing & Unit costing

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Media Image

Cost unit is calculated as

Total Expense/Quantity
Quantity/Total Cost
Total Cost/Quantity
Quantity/Total Expense

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Media Image

Cost is classified into:

Cost and expense
Expense and revenue
Indirect expense and Overheads
Direct cost and Indirect cost

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