T.Y.B.
Com
Cost
Accounting
1. According to ICMA London, _______costing is
“that form of specific order costing, which applies where work is undertaken to
customers’ special requirements.”
a. Job
b. Batch
c. Process
d. Standard
ANS: A
2. A method of costing applied where costs are
collected and accumulated for each work order
a. Process costing
b. Contract costing
c. Operating costing
d. Job costing
ANS: D
3. Which of the following statements is not
true about job costing?
a. Production always against customers’ orders
b. Cost of each job ascertained separately
c. Job is of equal or longer duration compared to contracts
d. Job work is labour intensive
ANS: C
4. Which is a method of specific order costing?
a. Job costing
b. Process costing
c. Output costing
d. Service costing
ANS: A
5. The process of ascertaining cost after
incurring expenses is called
a. Marginal costing
b. Historical costing
c. Absorption costing
d. Standard costing
ANS: B
6. Which technique of costing uses analysis of
variances is a popular method for cost control?
a. Absorption costing
b. Marginal costing
c. Uniform costing
d. Standard costing
ANS: D
7. _____ is the practice of charging all direct
costs to operations, processes or products and writing off all indirect costs
to Profit and Loss account.
a. Direct costing
b. Absorption costing
c. Marginal costing
d. Historical costing
ANS: A
8. The processes of charging both fixed and
variable to operations, processes or products is called _____
a. Marginal costing
b. Historical costing
c. Absorption costing
d. Standard costing
ANS: C
9. Which technique of costing differentiates
between fixed and variable cost to analyse effect of changes in volume or type
of output on profit?
a. Marginal costing
b. Historical costing
c. Absorption costing
d. Standard costing
ANS: A
10. For recording the cost of each job, a job
_____ is prepared.
a. Profit & loss a/c
b. Cost sheet
c. Reconciliation statement
d. None of the above
ANS: B
11. What should be the price chargeable to a
job if total cost incurred is Rs. 4830 and profit is 25% on sales?
a. 1610
b. 1208
c. 1200
d. 1630
ANS: A
12. A factory uses job costing. Given details
obtained from its books: Direct materials Rs.90000, Direct wages – Rs.75000,
Selling OH – Rs.52500, Administration OH – Rs.42000, Factory OH – Rs.45000
& Profit – Rs. 60900. Calculate cost of production.
a. Rs. 2,17,500
b. Rs. 2,07,000
c. Rs. 2,52,000
d. Rs. 2,10,000
ANS: C
13. The method of costing applied in special
ship building is
a. Batch costing
b. Job costing
c. Process costing
d. None of the above
ANS: B
14. Job costing is
a. Method of costing
b. Technique of costing
c. Cost control technique
d. Cost estimation
ANS: A
15. Which of the following considers an
‘economic quantity’ for the purpose of cost reduction?
a. Job costing
b. Process costing
c. Batch costing
d. Contract costing
ANS: C
16. The method of costing applied in cycle part
manufacturing is
a. Batch costing
b. Job costing
c. Process costing
d. None of the above
ANS: A
17. The method of costing applied in a lathe is
a. Batch costing
b. Job costing
c. Process costing
d. None of the above
ANS: B
18. Production order with respect to a job is
issued by _______ department.
a. Production
b. Production Planning
c. Purchase
d. Sales
ANS: B
19. 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
ANS: A
20. Economic batch quantity is used in batch
costing to
a. Meet specific customer requirements
b. Produce at the least possible cost
c. In order to ensure stock in anticipation of demand
d. None of these
ANS: B
21. For identification, each job or work order
received from a customer is allotted a
a. Production order
b. Batch number
c. Job number
d. Code number
ANS: C
22. The method of costing used to ascertain the
cost of customer specific jobs is
a. Job costing
b. Batch costing
c. Contract costing
d. Process costing
ANS: A
23. On completion of a job, a job completion report
is sent to
a. Cost accounting department
b. Storekeeper
c. Customer
d. Production department
ANS: A
24. ______ is the authorization to start work
on a job.
a. Production order
b. Requisition sheet
c. Invoice
d. Job cost sheet
ANS: A
25. In job costing, the basic document to
accumulate and ascertain the cost of each order is
a. Purchase order
b. Requisition sheet
c. Invoice
d. Job cost sheet
ANS: D
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