McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Management Studies (BMS) , Bachelor of Accounting and Finance (BAF) , Bachelor of Commerce (B Com) .
| 451. |
In this type of costing works are carried out at factory premises: |
| A. | Job |
| B. | Contract |
| C. | Batch |
| D. | Process |
| Answer» A. Job | |
| 452. |
Under this method, homogeneous products are taken as cost unit |
| A. | Job |
| B. | Contract |
| C. | Batch |
| D. | Process |
| Answer» C. Batch | |
| 453. |
The costing method which can be used in industry where the product passes through different processes is known as |
| A. | Job costing |
| B. | Operating costing |
| C. | Batch costing |
| D. | Process costing |
| Answer» D. Process costing | |
| 454. |
Under which method costs are collected & accumulated for each job: - |
| A. | Job Costing |
| B. | Contract Costing |
| C. | Batch Costing |
| D. | None of these |
| Answer» A. Job Costing | |
| 455. |
The basis of collection of costs are:- |
| A. | Materials |
| B. | Wages |
| C. | Overheads |
| D. | All of these |
| Answer» D. All of these | |
| 456. |
Which method is adopted to calculate the cost of each batch? |
| A. | Contract Costing |
| B. | Job Costing |
| C. | Batch Costing |
| D. | Job sheet |
| Answer» C. Batch Costing | |
| 457. |
In what basis of work, the contractor is made payment? |
| A. | Certified Work |
| B. | Uncertified Work |
| C. | National Profit |
| D. | None of these |
| Answer» A. Certified Work | |
| 458. |
Ascertainment of cost of the product at each process is called: - |
| A. | Job Costing |
| B. | Contract Costing |
| C. | Process Costing |
| D. | Batch Costing |
| Answer» C. Process Costing | |
| 459. |
A contract account is a _______ account in nature. |
| A. | Real a/c |
| B. | Personal a/c |
| C. | Nominal a/c |
| D. | All of these |
| Answer» C. Nominal a/c | |
| 460. |
Identify the types of specific order costing. |
| A. | Job Costing |
| B. | Batch Costing |
| C. | Both (a) & (b) |
| D. | Process Costing |
| Answer» C. Both (a) & (b) | |
| 461. |
Which of the following is known as Terminal Costing? |
| A. | Job Costing |
| B. | Batch Costing |
| C. | Process Costing |
| D. | Contract Costing |
| Answer» D. Contract Costing | |
| 462. |
The costing method which can be used in industry where the product pass through different processes is known as______. |
| A. | job costing |
| B. | operating costing |
| C. | batch costing |
| D. | process costing |
| Answer» D. process costing | |
| 463. |
Process Account is _____. |
| A. | Nominal A/c |
| B. | Real A/c |
| C. | Personal A/c |
| D. | either Nominal or Real A/c |
| Answer» A. Nominal A/c | |
| 464. |
Profit to be transferred to P& L A/c , if the contract is complete to the extent of only 20% is _____. |
| A. | nil |
| B. | 20% |
| C. | 25% |
| D. | 75% |
| Answer» A. nil | |
| 465. |
If the actual loss is more than the estimated normal loss, then it is |
| A. | abnormal loss |
| B. | normal loss |
| C. | seasonal loss |
| D. | abnormal gain |
| Answer» A. abnormal loss | |
| 466. |
The sum of value of work certified and uncertified appearing in the Contract Account is called |
| A. | Work in Progress |
| B. | Work in Process |
| C. | Work completed |
| D. | Work done |
| Answer» A. Work in Progress | |
| 467. |
Contract costing is specialized system of job costing applies to _____ contracts. |
| A. | Short-term |
| B. | Medium-term |
| C. | Long-term |
| D. | Continuous process |
| Answer» C. Long-term | |
| 468. |
Each job has a ______ prepare for it that bears the job number and which is used to collect all cost data relating to job. |
| A. | Job time sheet |
| B. | Job Cost Card |
| C. | Job ticket |
| D. | Job Account |
| Answer» B. Job Cost Card | |
| 469. |
The first step in a job order cost procedure is |
| A. | Receiving of order |
| B. | Estimation of the price of the job |
| C. | Production order |
| D. | Receiving an enquiry |
| Answer» D. Receiving an enquiry | |
| 470. |
Job Costing is suitable for |
| A. | Ship-builders |
| B. | Furniture makers |
| C. | Printing presses |
| D. | All of the above |
| Answer» D. All of the above | |
| 471. |
Batch costing is a form of specific order/job costing where the cost per unit is ascertained by _________ the total cost of a batch by the number of items produced in that batch. |
| A. | dividing |
| B. | multiplying |
| C. | subtracting |
| D. | adding |
| Answer» D. adding | |
| 472. |
The determination of EBQ is influenced by the following factors: |
| A. | Rate of consumption |
| B. | Manufacturing cost |
| C. | Storage cost |
| D. | All of the above |
| Answer» D. All of the above | |
| 473. |
Work which has been done but not certified is called |
| A. | Work uncertified |
| B. | Work certified |
| C. | Extra work |
| D. | None of the above |
| Answer» A. Work uncertified | |
| 474. |
The sum of value of work certified and uncertified appearing in the contract account is called |
| A. | Work in process |
| B. | Work completed |
| C. | Work in progress |
| D. | None of the above |
| Answer» A. Work in process | |
| 475. |
Loss which unavoidable on account of inherent nature of production processes is |
| A. | Abnormal loss |
| B. | Normal loss |
| C. | Process loss |
| D. | None of the above |
| Answer» B. Normal loss | |
| 476. |
In process costing when the actual loss is less than the normal loss then it is |
| A. | Abnormal gain |
| B. | Abnormal loss |
| C. | Process gain |
| D. | None of the above |
| Answer» A. Abnormal gain | |
| 477. |
What we prepare for each job that bears the job number and which is used to collect all cost data relating to job is: |
| A. | Job time sheet |
| B. | Job cost card |
| C. | Job ticket |
| D. | Job account |
| Answer» B. Job cost card | |
| 478. |
An automobile service unit uses: |
| A. | Batch costing |
| B. | Contract costing |
| C. | Job |
| D. | Specific order |
| Answer» B. Contract costing | |
| 479. |
Where the work is undertaken to customer’s special requirements and each order is of comparatively short duration, then it is called: |
| A. | Job costing |
| B. | Batch costing |
| C. | Operation costing |
| D. | Output costing |
| Answer» A. Job costing | |
| 480. |
Printing industry uses: |
| A. | Job costing |
| B. | Batch costing |
| C. | Operation costing |
| D. | Output costing |
| Answer» B. Batch costing | |
| 481. |
Batch costing is a form of: |
| A. | Process costing |
| B. | Continuous process costing |
| C. | Specific order costing |
| D. | Operation costing |
| Answer» C. Specific order costing | |
| 482. |
Batch costing is applied in: |
| A. | Pharmaceutical industries |
| B. | Computer industries |
| C. | Toy making |
| D. | All of the above |
| Answer» D. All of the above | |
| 483. |
Batch costing is used for which type of product? |
| A. | Heterogeneous product |
| B. | By-product |
| C. | Homogeneous product |
| D. | All of the above |
| Answer» C. Homogeneous product | |
| 484. |
Contract costing is a specialized system of Job costing applies to: |
| A. | Short term contracts |
| B. | Medium term contracts |
| C. | Long term contracts |
| D. | Continuous process |
| Answer» C. Long term contracts | |
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