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Introduction To Cost Accounting Quiz 3 (25 MCQs)

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1. In job costing, the basic document to accumulate and ascertain the cost of each order is
2. Which of the following costs is not a product cost?
3. Last in first out method is suitable in times of _____
4. Variable cost _____
5. Earning per share = Profits available for equity share holders / _____
6. Statement 1:The traditional role of cost accounting is to record full product cost data for external reporting.Statement 2:Direct materials plus factory overhead equals total manufacturing costs
7. Which of the following is NOT possess the characteristics of the good information?
8. It is expired costs with producing any revenue benefit.
9. The production of repetitive nature can be measured in terms of units and quantity of output is suitable in _____ system
10. Indirect expenses are also called _____
11. As current technology changes manufacturing processes, it is likely that direct _____
12. The following are incorrect statements about cost objects _____
13. Calculate EOQ (approx.) from the following details:Annual Consumption:24000 units Ordering cost:Rs. 10 per order Purchase price:Rs. 100 per unitCarrying cost:5%
14. What is the Break Even Percentage if the Margin of Safety is 60%
15. The main object of Cost Accounting is _____
16. Economic order quantity is that quantity at which cost of holding and carrying inventory is:
17. Material control does not cover the following stage.
18. The following are the inventories of a manufacturing company, except _____
19. Work in progress in contract means
20. In ABC analysis"C' class items require
21. Calculate re-order level from the following:Safety stock:1000 units Consumption per week:500 units It takes 12 weeks to reach material from the date of ordering
22. Cost accounting is different from Financial Accounting. Which of the following are the BASIS of their difference? i. Unit measurement.ii. Report frequency.iii. Accounting principle.iv. Taxation principle.
23. Fixed cost and variable cost are which classification of cost?
24. Calculate total cost per unit for 3FSB.
25. What is the total profit for Job 123?
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