Costing MCQs

Question 1

Classification and accumulation of costs by fixed and variable costs is of special importance in ________.

Accepted Answer

operating costing

Answer

process costing

Answer

unit costing

Answer

operation costing

Question 2

Process cost is ascertained and recorded in ________.

Accepted Answer

separate ledger a/c

Answer

balance sheet

Answer

profit and loss a/c

Answer

separate statement

Question 3

Batch costing is useful to determine ________.

Accepted Answer

economic batch quantity

Answer

maximum quantity of output

Answer

minimum quantity of output

Answer

profit of batches

Question 4

The basis for the payment of cash by contractee under contract is ________.

Accepted Answer

work certified

Answer

work uncertified

Answer

contract cost

Answer

value of plant used in the contract

Question 5

Contract a/c is _______.

Accepted Answer

a nominal a/c

Answer

a real a/c

Answer

a personal a/c

Answer

either nominal or real a/c

Question 6

operating costing is a ________.

Accepted Answer

method of costing

Answer

technique of costing

Answer

norm of costing

Answer

procedure of costing

Question 7

In goods transport service the cost unit is ________.

Accepted Answer

cost per ton kilo meters

Answer

cost per ton

Answer

cost per hour

Answer

cost per vehicle

Question 8

Difference between job time and attendance time is

Accepted Answer

idle time

Answer

job time

Answer

actual time

Answer

over time

Question 9

Overhead cost is the total of ________.

Accepted Answer

all indirect costs

Answer

all direct costs

Answer

indirect and direct costs

Answer

all specific costs