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Quiz 15
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Q.1
Halsey premium plan is ________.
individual incentive scheme
group incentive scheme
time and piece wage system
differential piece wage system
Q.2
Comparing Rowan plan and Halsey plan, it is seen that when the time saved is less than 50% of the standard time ________._
Rowan plan allows more wages to a worker than Halsey plan
Rowan plan allows less wages to a worker than Halsey plan
Rowan and Halsey plan allow equal wages to a worker
Rowan plan and Halsey plan are equal to ordinary time wage
Q.3
The ascertainment of costs after they have been incurred is known as _________.
marginal costing
historical costing
sunk cost
notional cost
Q.4
Under which plan efficiency is shared by employee and employer equally?
Time rate
Gantts task and bonus plan
Halsey plan
Rowan plan
Q.5
Which of the following method of wage payment is most suitable where the speed of production is beyond the control of worker?
Time rate system
Piece rate system
Halsey premium system
Rowan premium plan
Q.6
Under which method of wage payment, wages are influenced by idle time?
Straight piece rate
Differential piece rate
Premium and bonus plan
Time wage rate
Q.7
This is a level at which normal issue of material are stopped, but issued under special condition It is ________.
maximum stock level
minimum stock level
danger level
average stock level
Q.8
Annual usage is 6000 units @ Rs 20 per unit Cost of placing an order is Rs 60 and annual carrying cost of one unit is 10% of inventory value EOQ = __________.
600 units
750 units
1200 units
1250 units
Q.9
Overhead can be classified according to function-wise as ________.
fixed o/h, variable o/h and semi-variable o/h
controllable o/h and uncontrollable o/h
manufacturing o/h, administration o/h and selling & distribution o/h
past cost and future cost
Q.10
Allotment of overhead incurred for a particular cost centre to that specific cost centre is ________.
allocation
allotment
primary distribution
secondary distribution
Q.11
Labour cost is the second element of ________.
cost
profit
sales
task
Q.12
Idle time is ________.
time spent by workers in factory
time spent by workers in office
time spent by workers off their work
time spent by workers on their job
Q.13
Number of methods available for calculation of Labour turnover is ________.
two
three
four
five
Q.14
Normal idle time __________.
can be avoided
can be minimized
cannot be avoided
can be controlled
Q.15
Difference between attendance time and job time is _______.
job time
over time
actual time
idle time
Q.16
GRN number refers to________.
goods received note number
goods returned note number
goods shortage note number
goods requisition note number
Q.17
Bin card is maintained by ________.
costing department
stores department
finance department
accounting department
Q.18
LIFO method of pricing of materials is more suitable when _________.
material prices are rising
material prices are falling
material prices are constant
material prices are fluctuating
Q.19
Average method of pricing the material issues is useful when ___________.
material prices are rising
material prices are falling
material prices are constant
material prices are fluctuating
Q.20
Material requisition is meant for ________.
purchase of material
supply of material from stores
sale of material
storage of material
Q.21
ABC analysis is ________.
At best Control
Always better Control
Average better Control
All best control
Q.22
Cost of idle time arising due to non availability of raw material is _______.
charged to costing profit and loss account
charged to financial profit and loss account
charged to factory overhead
recovered by inflating the wage rate
Q.23
Wage sheet is prepared by ________.
time keeping department
personnel department
payroll department
cost accounting department
Q.24
Factory overhead can be charged on the basis of _______.
material cost
labour cost
prime cost
direct expenses
Q.25
Piece workers are paid on the basis of ________.
output sold
output produced
output in stock
input received
Q.26
Time wages are paid on the basis of ________.
actual time
standard time
time saved
overtime
Q.27
Labour turnover is ______.
productivity of labour
efficiency of the labour
change in labour force
total cost of the labour
Q.28
In__________ the workers are paid on the basis of hourly daily,weekly rate
time rate system
piece rate system
premium bonus system
emerson efficiency plan
Q.29
Scrap is ________.
residue of material
wastage of material
surplus material
abnormal loss of material
Q.30
Material is issued by store keeper against ________.
material requisition
material order
goods received note
purchase requisition
Q.31
___________ is the value of economic resources used as a result of producing or doing the thing costed.
Cost
Inventory
Labour
overhead
Q.32
Perpetual inventory system involves __________
bincard and stores ledger
bill of material and material requisition
purchase requisition and purchase order
inward and outward invoices
Q.33
Time and motion study is conducted by ________.
time keeping department
personnel department
payroll department
engineering department
Q.34
Office and administrative expenses can be charged on the basis of _______.
material cost
labour cost
prime cost
factory cost
Q.35
Differential piece wages means _______.
different wages for different level of performance
different wages for different time consumed
different wages for different level of output
different wages for different types of industries
Q.36
The most important element of cost in manufacturing industries is _________.
material
labour
direct costs
indirect costs
Q.37
EOQ stands for ________.
Economic Order Quantity
Essential Order Quantity
Economic Output Quantity
Essential Output Quantity
Q.38
FIFO is ________.
Fast Investment in Future Order
First In First Out
Fast In Fast Out
Fast Issue Of Fast Order
Q.39
Under Gantts task and bonus plan no bonus is payable to a worker if his efficiency is less than ________.
50%
60%
835%
100%
Q.40
Job costing used in ________.
paper mills
chemical works
printing works
textile mill
Q.41
A document which provides for the detailed cost centre and cost unit is _______.
tender
cost sheet
invoice
profit statement
Q.42
Direct material is a _______.
fixed cost
variable cost
semi variable cost
semi fixed cost
Q.43
Those cost which is incurred to prevent the labour turnover __________.
management cost
replacement cost
preventive cost
compensation cost
Q.44
According to which method of pricing issues is close to current economic values?
Last In First Out
First In First Out
Highest In First Out
weighted average price
Q.45
Continuous stock taking is a part of ________.
annual stock taking
perpetual inventory
ABC analysis
VED analysis
Q.46
Which of the following methods of stock control aims at concentrating efforts on selected items of material?
Perpetual inventory system
Material turnover ratio
Level setting
ABC analysis
Q.47
Material control involves ________.
consumption of material
issue of material
purchase of material
purchase, storage and issue of material
Q.48
The main function of cost accounting is _______ reporting
Internal
External
Q.49
What will the factor be to convert recipe from 6 yield to 14?
2
0.66
0.42
0.58
Q.50
If margin of safety -20%, profit volume ratio -60%, Fixed cost = Rs.75,Find Actual sales.
Rs.1,25,000
Rs. 1,58,000
Rs. 1,50,250
Rs. 1,56,250
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