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Q.1
Cost which is changed in proportion to level total volume is
fixed cost
variable cost
total cost
infeasible cost
Q.2
Costs are classified as fixed or variable on basis of
specific activity
given time period
common activity
both a and b
Q.3
In accounting, cost which is predicted to be incurred or future cost is known as
past cost
incurred cost
actual cost
budgeted cost
Q.4
Relationship between change in activity and change in total costs is considered as
fixed relationship
cause and effect relationship
ineffective relationship
variable relationship
Q.5
Required rate of return, is multiplied per unit cost of purchased units to calculate
irrelevant inventory carrying costs
relevant opportunity cost of capital
relevant purchase order costs
relevant inventory carrying costs
Q.6
Health care premium for workers and pension costs are included in
payroll fringe costs
health costs
premium costs
workers costs
Q.7
All costs, which are assigned to manufactured products for specific calculations are classified as
contracting costs
product cost
government costs
marketing costs
Q.8
If direct material cost is $5500 and prime cost is $25000, then direct manufacturing labour would be
$19,500
$30,500
$45,500
$22,500
Q.9
Process of tracing direct costs and allocation of indirect costs is known as
cost assignment
direct assignment
indirect assignment
economic assignment
Q.10
Cost which remains unchanged, in proportion to level total volume of production is classified as
total cost
infeasible cost
fixed cost
variable cost
Q.11
Cost which is related to specific cost object and cannot be economically traceable is classified as
line cost
staff cost
direct cost
indirect cost
Q.12
Process of assigning indirect costs to any specific cost object is known as
economic cost
cost tracing
cost allocation
non-economic costs
Q.13
In accounting, resources sacrifice for achieving or fulfil specific objective is known as
source cost
sacrifice cost
treated cost
cost
Q.14
In production, variables such as level of activity or volume of company activity are known as
cost drivers
timed drivers
variable drivers
fixed drivers
Q.15
Direct cost assignment for specific cost object is classified as
cost object line cost
cost tracing
cost object indirect cost
cost object staff cost
Q.16
Direct manufacturing labour costs is $40000 and manufacturing overhead cost is $7000, then conversion cost would be
$47,000
$33,000
$57,000
$18,000
Q.17
If direct material cost is $85000 and direct manufacturing labour is $25000, then prime cost would be
$13,500
$55,600
$60,000
$110,000
Q.18
Wages and other benefits, provided to assembly line workers and operators of machine are classified under
work in process costs
finished costs
direct manufacturing labour costs
indirect manufacturing labour costs
Q.19
Conversion cost is subtracted from manufacturing overhead cost is to calculate the
manufacturing labour costs
direct labour costs
direct manufacturing labour costs
indirect manufacturing labour costs
Q.20
Labour which works as forklift truck, plant guards and rework labour is classified as
prime overhead
conversion overhead
factory overhead
manufacturing overhead
Q.21
In costing of project, wages paid to workers for unproductive work at time of material shortage is termed as
indirect wages
health wages
idle time wages
shortage time wages
Q.22
Conversion cost is subtracted from direct manufacturing labour cost is to calculate the
direct overheads
overhead costs
factory overhead
manufacturing overhead cost
Q.23
For companies in service sector, cost which is not considerable is
Inventoriable costs
finished costs
factory overhead costs
manufacturing overhead costs
Q.24
An overtime is considered in cost accounting as
indirect costs
overhead costs
premium costs
both a and b
Q.25
In accounting, cost incurred in past or in historical financial statements is classified as
actual cost
budgeted cost
past cost
incurred cost
Q.26
Collection of cost data, according to accounting system in an organized way is classified as
system accumulation
accumulated data
cost accumulation
organized accumulation
Q.27
Which of following is an example of purchasing costs?
incoming freight
storage costs
insurance
spoilage
Q.28
Direct material costs are added into direct manufacturing costs to calculate
discuss costs
prime costs
resale cost
merchandise costs
Q.29
An inventory, which consists of partially worked goods or work in progress is called
direct materials inventory
work in process inventory
finished goods inventory
indirect material inventory
Q.30
Balance sheet, in which all costs of product that must be considered as its assets, is said to be
factory overhead costs
manufacturing overhead costs
Inventoriable costs
finished costs
Q.31
Terms used in manufacturing cost systems are
manufacturing costs
prime costs
conversion costs
both B and C
Q.32
Direct service labour is $5000, idle time wages are $1000 and overtime premium is $450, then total figure would be
$4,450
$6,450
$21,500
$14,300
Q.33
In an income statement, when costs become cost of sold goods and manufactured products are sold, such costs are
inventoriable costs
finished costs
factory overhead costs
manufacturing overhead costs
Q.34
Inventory of final goods that are not yet sold is called
finished goods inventory
indirect material inventory
direct materials inventory
work in process inventory
Q.35
Costs which are considered as expenses in accounting period are also known as
inventory costs
period costs
timed costs
labour overheads
Q.36
An inward delivery charges and custom duties are classified as
direct labour costs
indirect labour costs
direct material costs
indirect material costs
Q.37
Supplies, plant maintenance, plant rent, plant insurance and cleaning labour comes under which type of costs?
labour costs
factory overhead costs
finished costs
manufacturing costs
Q.38
If conversion cost is $25000 and direct manufacturing labour cost is $17000, then manufacturing overhead cost would be
$14,700
$68,000
$8,000
$42,000
Q.39
In income statement of merchandising costs, period cost includes all costs which are not related to
cost of resale goods
cost of manufacturing goods
timed resale of goods
cost of purchased goods
Q.40
Wages paid to workers of factory are termed as
workers premium
overtime premium
factory premium
wage premium
Q.41
Cost, which is related to specific cost object and economically traceable, will be classified as
direct cost
indirect cost
line cost
staff cost
Q.42
Direct manufacturing labour costs is added into manufacturing overhead cost to calculate
transaction costs
conversion costs
resale costs
merchandise costs
Q.43
In cost terms, direct manufacturing labour cost is included in
manufacturing costs
prime costs
conversion costs
both B and C
Q.44
Conversion cost is $20000 and manufacturing overhead cost is $7000, then direct manufacturing labour cost will be
$27,000
$13,000
$130,000
$29,500
Q.45
If direct service labour is $7000, idle time wages are $2000 and overtime premium is $950, then total figure would be
$5,850
$5,950
$9,950
$10,050
Q.46
Direct material cost is $75000 and direct manufacturing labour is $20000, then prime cost would be
$55,000
$37,500
$95,000
$26,000
Q.47
Period cost, which consists income statement of manufacturing companies belongs to
inventory costs
product costs
non-manufacturing costs
manufacturing costs
Q.48
Calculation of product cost, gathering information for planning and analyzing information for decisions making are features of
information accounting
cost accounting
analyzing accounts
marketing costs
Q.49
Prime cost is $50000 and direct manufacturing labour is $10000, then direct material cost will be
$40,000
$60,000
$52,000
$20,000
Q.50
Fifth step in quantitative analysis of estimating cost function is to
estimate cost function
estimate price function
estimate supply function
estimate demand function
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