Costing MCQs and Notes

M

Mr. Dubey • 52.30K Points
Coach

Q 11. Halsey premium plan is ____________

(A) individual incentive scheme

(B) group incentive scheme

(C) differential piece wage system

(D) time and piece wage system

M

Mr. Dubey • 52.30K Points
Coach

Q 12. Material requisition is meant for _____________

(A) purchase of material

(B) sales of material

(C) storage of material

(D) supply of materials from stores

M

Mr. Dubey • 52.30K Points
Coach

Q 13. The three major elements of product costs are all except____________

(A) factory overhead

(B) indirect labour

(C) direct material

(D) direct labour

M

Mr. Dubey • 52.30K Points
Coach

Q 14. The basic rule of preparing the reconciliation statement is _______________

(A) do as all has done

(B) do as i have done

(C) do as the other has done

(D) do as you had done

M

Mr. Dubey • 52.30K Points
Coach

Q 15. The variables production overheads shall be absorbed in production cost based on ______________ capacity

(A) normal

(B) current

(C) super normal

(D) actual

M

Mr. Dubey • 52.30K Points
Coach

Q 16. If an item of overhead expenditure is charges specifically to a single department this would be an example of ____________

(A) absorption

(B) apportionment

(C) reapportionment

(D) allocation

M

Mr. Dubey • 52.30K Points
Coach

Q 17. An employee is eligible for getting overtime wage if he/ she works for more than ____________

(A) 6 hours a day

(B) 12 hours a day

(C) 9 hours a day

(D) 8 hours a day

M

Mr. Dubey • 52.30K Points
Coach

Q 18. Material controls involves control over _____________

(A) issue of material

(B) consumption of material

(C) purchase, storage and issue of materials

(D) purchase of material

M

Mr. Dubey • 52.30K Points
Coach

Q 19. A cost unit is _____________

(A) a major of work output in a standard hour

(B) the cost per unit of electricity consumed

(C) a unit of product or service in relation to which costs are ascertained

(D) the costs per hour of operating a machine

M

Mr. Dubey • 52.30K Points
Coach

Q 20. Notional interest charged to owner for drawings income credited only in _____________

(A) debtors accounts

(B) cost accounts

(C) final accounts

(D) profit and loss accounts