Cost Accounting BASIC ACCOUNTING CONCEPTS MCQs Total Questions : 79 Page 1 of 8 pages Question 1. An arrangement of line of authority within the company is classified as company structure organization structure line of authority line of responsibility See Solution Discuss Question Answer is Option B. -> organization structureAnswer: (b).organization structure Question 2. The variance used by managers to check whether the company has performed well and properly implemented the strategies is considered as strategic implementation proper implementation performance evaluation well evaluated See Solution Discuss Question Answer is Option C. -> performance evaluationAnswer: (c).performance evaluation Question 3. The system which measures the budget, action and plan of each responsibility center is known as budgeted accounting action accounting planned accounting responsibility accounting See Solution Discuss Question Answer is Option D. -> responsibility accountingAnswer: (d).responsibility accounting Question 4. The significant feature of Kaizen Budgeting is employee suggestion customer suggestion cost suggestion price suggestion See Solution Discuss Question Answer is Option A. -> employee suggestionAnswer: (a).employee suggestion Question 5. The manager who is responsible only for the revenues of the company can be categorized under the profit center investment center cost center revenue center See Solution Discuss Question Answer is Option D. -> revenue centerAnswer: (d).revenue center Question 6. The costs which are considered as expenses in the accounting period are also known as inventory costs period costs timed costs labor overheads See Solution Discuss Question Answer is Option B. -> period costsAnswer: (b).period costs Question 7. The direct manufacturing labor costs is $40000 and manufacturing overhead cost is $7000, then conversion cost would be $47,000 $33,000 $57,000 $18,000 See Solution Discuss Question Answer is Option A. -> $47,000Answer: (a).$47,000 Question 8. If the direct material cost is $5500 and the prime cost is $25000, then the direct manufacturing labor would be $19,500 $30,500 $45,500 $22,500 See Solution Discuss Question Answer is Option A. -> $19,500Answer: (a).$19,500 Question 9. The health care premium for workers and the pension costs are included in payroll fringe costs health costs premium costs workers costs See Solution Discuss Question Answer is Option A. -> payroll fringe costsAnswer: (a).payroll fringe costs Question 10. All the costs, which are assigned to manufactured products for specific calculations are classified as contracting costs product cost government costs marketing costs See Solution Discuss Question Answer is Option B. -> product costAnswer: (b).product cost 12345678Next → Share on Facebook! Share on Pinterest!