…………………..does not deal with the accumulation, classification, analysis, allocation,
summarization, interpretation, reporting and control of current and perspective costs.
A.
Cost Accounting
B.
Financial Accounting
C.
Cost Accountancy
D.
Practice
Answer»
B. Financial Accounting
2.
The amount of expenditure incurred on, or attributable to, a specified thing or an activity or
cost unit is known as
A.
Product
B.
Cost
C.
Batch
D.
Financial Accounting
Answer»
B. Cost
3.
The aggregate amount of all the items of expenses paid or payable for the particular product
or service is called as
A.
Direct cost
B.
Committed cost
C.
Total Cost
D.
Marginal cost
Answer»
C. Total Cost
4.
…………..cost represents the increase or decrease in total cost which occurs with change in
output.
A.
Conversion cost
B.
Marginal cost
C.
Explicit cost
D.
Method
Answer»
B. Marginal cost
5.
The expenses which can be directly charged to jobs, products, processes, cost centers or cost
units is termed as
A.
Direct Cost
B.
Indirect Cost
C.
Committed Cost
D.
Reduction of cost
Answer»
A. Direct Cost
6.
The Technique and ………….of ascertaining the cost is known as Costing.
A.
Batch
B.
Method
C.
Process
D.
Batch costing
Answer»
C. Process
7.
………….is applied where production is carried out as per specific order and customer
specifications.
A.
Batch costing
B.
Job costing
C.
Contract costing
D.
Fixed expense
Answer»
B. Job costing
8.
Marginal costing is also known as ………………….. costing
A.
Variable
B.
Semi-variable
C.
Fixed
D.
Historical costing
Answer»
A. Variable
9.
…………..is the system of costing under which costs are determined after they
have been incurred.
A.
Uniform costing
B.
Historical costing
C.
Standard costing
D.
Cost Accounting
Answer»
B. Historical costing
10.
The branch of accounting dealing with the classification, recording, allocation,
summarization and reporting of current and prospective costs is known as
A.
Cost Accountancy
B.
Costing
C.
Cost Accounting
D.
Advantages
Answer»
C. Cost Accounting
11.
The term…………………. is comprehensively used to include various aspects such as
costing, cost accounting, cost control, cost audit and budgetary control.
A.
Cost Accountancy
B.
Costing
C.
Cost Accounting
D.
Inventory control
Answer»
A. Cost Accountancy
12.
……………….is concerned with ascertainment of cost.
A.
Cost Accountancy
B.
Costing
C.
Cost Accounting
D.
Management control
Answer»
B. Costing
13.
……………… is concerned with accounting and recording of costs.
A.
Cost Accountancy
B.
Costing
C.
Cost Accounting
D.
Ascertainment of cost
Answer»
C. Cost Accounting
14.
………………………..is concerned with formulation and / or application of principles, methods
and techniques of costing.
A.
Cost Accountancy
B.
Costing
C.
Cost Accounting
D.
Calculation of cost
Answer»
A. Cost Accountancy
15.
The evolution of cost accounting took place because of…………………….of financial
accounting.
A.
Advantages
B.
Limitations
C.
Merits
D.
Management control
Answer»
B. Limitations
16.
…………………helps the management to eliminate inefficiencies caused by material
wastage, use of obsolete machinery, improper planning etc.
A.
Financial Accounting
B.
Cost Accounting
C.
Environmental Accounting
D.
Management control
Answer»
B. Cost Accounting
17.
……………….covers accounts of whole business relating to all commercial transactions.
A.
Cost Accounting
B.
Financial Accounting
C.
Environmental Accounting
D.
Reduction of cost
Answer»
B. Financial Accounting
18.
A unit of quantity of product, service or time, in relation to which cost may be ascertained
or expressed is known as .
A.
Cost Centre
B.
Cost Sheet
C.
Cost Unit
D.
none
Answer»
C. Cost Unit
19.
A location, person or item of equipment for which costs may be ascertained and used for
the purposes of cost control is known as .
A.
Cost Centre
B.
Cost Sheet
C.
Cost Unit
D.
both (a) and (b)
Answer»
A. Cost Centre
20.
The cost unit for the Gas Industry is…………….
A.
Per gallon
B.
Per tonne
C.
Cubic Meter
D.
Calculation of cost
Answer»
C. Cubic Meter
21.
Costing is a technique of……….
A.
Inventory control
B.
Management control
C.
Ascertainment of cost
D.
Calculation of cost
Answer»
A. Inventory control
22.
Cost accounting has been developed because of………………financial accounting.
A.
Limitations
B.
Expenditure
C.
Statutory requirements
D.
both (a) and (b)
Answer»
B. Expenditure
23.
Cost accountancy is the science, art and of cost accountant.
A.
Profession
B.
Management
C.
Administration
D.
Practice
Answer»
D. Practice
24.
In automobile industry cost unit is…………
A.
Number
B.
Automobile quality
C.
Number of automobile industry
D.
Either (a) or (c)
Answer»
B. Automobile quality
25.
Cost unit in a college may be…………
A.
teacher
B.
Non teacher staff
C.
Student
D.
Number of departments
Answer»
C. Student
26.
costing is suitable for mines, quarries, cement works etc.
A.
Process
B.
Contract
C.
Batch
D.
Operation
Answer»
D. Operation
27.
…………is an extension of job costing.
A.
Process costing
B.
Batch costing
C.
Contract costing
D.
Operation costing
Answer»
B. Batch costing
28.
When job is very big and spread over long periods of time the method of costing adopted
is……
A.
Process
B.
Job
C.
Contract
D.
Operation
Answer»
C. Contract
29.
Continuous costing is also called
A.
Operation costing
B.
Process costing
C.
Batch costing
D.
Contract costing
Answer»
B. Process costing
30.
The methods of job evaluation include:
A.
Grading
B.
Ranking
C.
Points value
D.
All of the above
Answer»
D. All of the above
31.
Cost accounting is based on……………..figures.
A.
Approximated
B.
Estimated
C.
Historical
D.
Either (a) or (c)
Answer»
B. Estimated
32.
costing is used in transport undertaking.
A.
Operating
B.
Standard
C.
Marginal
D.
Service
Answer»
D. Service
33.
In………………costing the cost of a group of products is ascertained.
A.
Process
B.
Job
C.
Batch
D.
Service
Answer»
C. Batch
34.
The total of all direct expenses is known as ………
A.
Total cost
B.
Overhead
C.
Prime cost
D.
Work cost
Answer»
C. Prime cost
35.
An opportunity cost is a………..
A.
Direct expense
B.
Indirect expense
C.
Variable expense
D.
Fixed expense
Answer»
A. Direct expense
36.
The term………… is the one which is identifiable as belonging exclusively to a particular
process, product, and unit.
A.
Direct Cost
B.
Indirect Cost
C.
Standard Cost
D.
none
Answer»
A. Direct Cost
37.
Every……………of cost is divided into direct cost and indirect cost.
A.
Factor
B.
Element
C.
Part
D.
none
Answer»
B. Element
38.
Direct …………….are those which can be identified in the product and can be measured.
A.
Expenses
B.
Labour
C.
Material
D.
none
Answer»
C. Material
39.
The cost of direct material is termed as…………..
A.
Direct labour cost
B.
Direct material cost
C.
Overheads
D.
none
Answer»
B. Direct material cost
40.
All workers who are directly engaged in manufacturing activity are known as
……………labour.
A.
Direct
B.
Indirect
C.
Contract
D.
none
Answer»
A. Direct
41.
Wages paid to direct workers are known as ………….
A.
Direct labour cost
B.
Indirect labour cost
C.
Direct material cost
D.
none
Answer»
A. Direct labour cost
42.
Wages paid to direct labour are also known as………………wages.
A.
Productive
B.
Compensative
C.
Indirect
D.
none
Answer»
A. Productive
43.
Wages paid to carpenter is the example of direct…………...
A.
Material
B.
Overheads
C.
Labour
D.
none
Answer»
C. Labour
44.
Cost of leather used in shoe making is the example of direct………….
A.
Overheads
B.
Labour
C.
Material
D.
none
Answer»
C. Material
45.
The ………………include all types of expenses other than direct materials and direct labour
which are incurred for a particular product or job.
A.
Direct labour
B.
Direct expenses
C.
Direct material
D.
none
Answer»
B. Direct expenses
46.
Direct expenses are also known as ……………..expenses.
A.
Indirect
B.
Productive
C.
Chargeable
D.
none
Answer»
C. Chargeable
47.
The expenses which can be identified with and allocated to cost centers and cost units are
termed as……………..
A.
Direct material
B.
Direct labour
C.
Direct expenses
D.
none
Answer»
C. Direct expenses
48.
Fees paid to Architect is the example of…………...
A.
Direct labour
B.
Direct expenses
C.
Direct material
D.
none
Answer»
B. Direct expenses
49.
The total of direct material, direct labour and direct expenses is known as………..
A.
Works Cost
B.
Prime Cost
C.
Cost of Production
D.
none
Answer»
B. Prime Cost
50.
Direct…………..enter the product and form a part of finished product.
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Basics of Cost Accounting,
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