This quiz works best with JavaScript enabled. Home > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. From among the following select an example of cost object with regard to a department. A) Book. B) Finance & Accounts. C) Building Construction. D) Sugar manufacturing. Show Answer Correct Answer: B) Finance & Accounts. 2. Stores Ledger is maintained in the ..... A) Store. B) Finance department. C) Cost accounting department. D) Both a & b. Show Answer Correct Answer: C) Cost accounting department. 3. Which among the following is an example of behavior wise classification of cost. A) Controllable cost. B) Normal cost. C) Indirect labour. D) Semi variable cost. Show Answer Correct Answer: D) Semi variable cost. 4. The cost of production of 200 units is rs. 5600. The normal wastage is 10 percent and is sold as scrap @ rs. 10 per unit. Find out the cost per unit of remaining units. A) 28. B) 30. C) 56. D) None of the above. Show Answer Correct Answer: B) 30. 5. Compensation of all manufacturing labor that can be traced to the cost object. A) Direct Materials. B) Indirect Labor. C) Salary Expense. D) Direct Labor. Show Answer Correct Answer: D) Direct Labor. 6. ..... refers to the process of recording actual time taken by a worker on various jobs or work orders. A) Time keeping. B) Time booking. C) Time allotting. D) Time taking. Show Answer Correct Answer: B) Time booking. 7. Scope of specific order costing is very wide and includes A) Job, Batch and contract costing. B) Process, Contract and unit costing. C) Batch, Job and process costing. D) Unit, service and transport costing. Show Answer Correct Answer: A) Job, Batch and contract costing. 8. Budgeting is used to help companies: A) Plan to better satisfy customers. B) Anticipate potential problems. C) Focus on opportunities. D) All of these answers are correct. Show Answer Correct Answer: D) All of these answers are correct. 9. Statement 1:Process costing is applicable to same or similar goodsStatement 2:Process costing is used by companies that make large number of similar products A) True; True. B) True; False. C) False; True. D) False; False. Show Answer Correct Answer: A) True; True. 10. Overhead costs have been increasing due to all of the following EXCEPT: A) Increased automation. B) More complexity in distribution processes. C) Tracing more costs as direct costs with the help of technology. D) Product proliferation. Show Answer Correct Answer: C) Tracing more costs as direct costs with the help of technology. 11. The following are the inventories in Manufacturing, except A) Cost of Good Sold. B) Raw Materials. C) Finished Goods. D) Work in Process. Show Answer Correct Answer: A) Cost of Good Sold. 12. Ben's Barbershop balance sheet contains no inventory account. How would this company be classified? A) Construction business. B) Manufacturing business. C) Merchandising business. D) Service business. Show Answer Correct Answer: D) Service business. 13. Cost of idle time due to non-availability of raw material is A) Charged to overhead cost. B) Charged to respective jobs. C) Charged to costing profit & loss account. D) None of the above. Show Answer Correct Answer: B) Charged to respective jobs. 14. Ascertainment of cost with the help of actual expenses incurred in the past termed as.. A) Historical Costing. B) Standard Costing. C) Marginal Costing. D) Operating costing. Show Answer Correct Answer: A) Historical Costing. 15. Primary users are internal managers A) Financial Accounting. B) Management Accounting. C) Responsibility Accounting. D) Cost Accounting. Show Answer Correct Answer: B) Management Accounting. 16. Which of the following is not taken into account while calculating quick ratio A) Cash Balance. B) Bank Balance. C) Creditors. D) Stock. Show Answer Correct Answer: D) Stock. 17. Pareto's Law is concerned with A) VED Analysis. B) ABC Analysis. C) JIT. D) None of these. Show Answer Correct Answer: B) ABC Analysis. 18. Imputed cost is a A) Notional cost. B) Real cost. C) Abnormal cost. D) Variable cost. Show Answer Correct Answer: A) Notional cost. 19. Which of the following is / are time based incentive wage plan? A) Halsey Premium Plan. B) Halsey Weir premium plan. C) Rowan Premium plan. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. The Bead Boutique offers hand crafted jewelry for sale. The owner counts inventory only once per year. What type of inventory control system does the Bead Boutique use? A) Perpetual Inventory. B) Profitable Inventory. C) Product Inventory. D) Periodic Inventory. Show Answer Correct Answer: D) Periodic Inventory. ← PreviousNext →Related QuizzesIntroduction QuizzesIntroduction To Cost Accounting Quiz 1Introduction To Cost Accounting Quiz 2Introduction To Cost Accounting Quiz 3Introduction To Cost Accounting Quiz 4Introduction To Cost Accounting Quiz 5Introduction To Cost Accounting Quiz 6Introduction To Cost Accounting Quiz 7Introduction To Cost Accounting Quiz 8Introduction To Cost Accounting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books