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WorksheetsCOST ACCOUNTING
Total questions: 28
Worksheet time: 21mins
Name
Class
Date
1.
Costing is a technique of
a)
Inventory control
b)
Management control
c)
Ascertainment of cost
d)
Calculation of cost
e)
Reduction of cost
2.
In automobile industry cost unit is
a)
Number
b)
Automobile Quality
c)
Number of Auutomobile indusrty
d)
Either A or C
e)
None of these
3.
Cost accountancy is the science, art and……. of cost accountant.
a)
profession
b)
management
c)
administration
d)
practice
e)
All of these
4.
Cost accounting has been developed because of……...of financial accounting.
a)
limitations
b)
expenditure
c)
statutory requirements
d)
both (a) and (b)
e)
None of these
5.
Cost unit in a college may be
a)
teacher
b)
non teacher staff
c)
student
d)
number of departments
e)
None of these
6.
Costing is suitable for mines, quarries, cement works etc.
a)
job
b)
process
c)
contract
d)
batch
e)
operation
7.
……….is an extension of job costing
a)
process costing
b)
batch costing
c)
contract costing
d)
operation costing
e)
None of these
8.
When job is very big and spread over long periods of time the method of costing adopted is
a)
process
b)
job
c)
contract
d)
operation
e)
batch
9.
Continuous costing is also called
a)
operation costing
b)
process costing
c)
batch costing
d)
contract costing
e)
None of these
10.
The main types of costing for ascertaining costs do not include
a)
uniform costing
b)
standard costing
c)
marginal costing
d)
historical costing
e)
All of these
11.
Cost accounting is based on………figures.
a)
approximated
b)
estimated
c)
historical
d)
either (a) or (c)
e)
None of these
12.
Costing is used in transport undertaking
a)
operating
b)
standard
c)
marginal
d)
absorption
e)
service
13.
In…...costing the cost of a group of products is ascertained.
a)
process
b)
job
c)
batch
d)
service
e)
marginal
14.
The total of all direct expenses is known as
a)
total cost
b)
overhead
c)
prime cost
d)
work cost
e)
None of these
15.
An opportunity cost is a
a)
direct expense
b)
indirect expense
c)
variable expense
d)
fixed expense
e)
semi-variable expense
16.
Work cost is the total of
a)
direct cost
b)
indirect cost
c)
variable cost
d)
controllable cost
e)
uncontrollable cost
17.
Opportunity cost does not involve
a)
Cash inflow
b)
cash outlay
c)
cash outflow
d)
either (a) or (b)
e)
None of these
18.
Depreciation is………...expenditure
a)
variable
b)
fixed
c)
direct
d)
indirect
e)
semi-variable
19.
Out of pocket payment involves payment to
a)
managers
b)
promoters
c)
directors
d)
shareholders
e)
outsiders
20.
Value added is the change in
a)
face value
b)
market value
c)
book value
d)
realizable value
e)
None of these
21.
Cost Accounting records
a)
monetary transactions
b)
non-monetary transactions
c)
both (a) & (b)
d)
All of the above
e)
None of these
22.
In Financial Accounting, stocks are valued at
a)
lower cost
b)
cost or market value whichever is lower
c)
Neither cost nor market value
d)
Higher market value
e)
All of these
23.
In Cost Accounting, stocks are valued at
a)
cost only
b)
cost or market value whichever is lower
c)
Neither cost nor market value
d)
Higher market value
e)
None of these
24.
Which of these is not an objective of Cost Accounting
a)
ascertainment of cost
b)
determination of selling price
c)
cost control and cost reduction
d)
assisting shareholders in decision making
e)
both (a) and (b)
25.
Cost accounting concepts include all of the following except
a)
Planning
b)
Controlling
c)
Sharing
d)
Costing
e)
All of these
26.
Cost reports are prepared
a)
in the beginning of year
b)
at the end of the year
c)
when required
d)
none of these
e)
either (a) or (b)
27.
Basic objective of cost accounting is ________
a)
tax compliance
b)
cost ascertainment
c)
financial audit
d)
profit analysis
e)
All of these
28.
Costing refers to the techniques and processes of __________
a)
all of the below
b)
ascertainment of costs
c)
allocation of costs
d)
apportion of costs
e)
distribution of costs
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