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MCQs

Total Questions : 50 | Page 1 of 5 pages
Question 1. Budgeting and control are key features of this form of accounting
  1.    Financial Accounting
  2.    Management Accounting
 Discuss Question
Answer: Option B. -> Management Accounting
Question 2. -------- ------are sections of a business to which costs can be charged Therefore, a ---- ---- can be any function or section of the organisation
  1.    Cost centre
  2.    Profit Centre
  3.    investment Centre
  4.    None of these
 Discuss Question
Answer: Option A. -> Cost centre
Question 3. _______ time refers to the time for which wages are paid without any production
  1.    Over
  2.    Under
  3.    Excess
  4.    Idle
 Discuss Question
Answer: Option D. -> Idle
Question 4. Each contract is considered as a separate unit of cost
  1.    True
  2.    False
 Discuss Question
Answer: Option A. -> True
Question 5. Work–in–progress appears as _____ in balance sheet
  1.    current asset
  2.    non current asset
  3.    current liability
  4.    provision
 Discuss Question
Answer: Option A. -> current asset
Question 6. Work done yet to be certified is called _____
  1.    work certified
  2.    work uncertified
  3.    cash received
  4.    work in progress
 Discuss Question
Answer: Option B. -> work uncertified
Question 7. Work certified factilitates to monitor the _____
  1.    job
  2.    materials
  3.    plant
  4.    workers
 Discuss Question
Answer: Option A. -> job
Question 8. Contract work is carried out at _____ site
  1.    contractee's
  2.    contractor's
  3.    sub contractors site
  4.    factory
 Discuss Question
Answer: Option A. -> contractee's
Question 9. Contract A/c is debited by _____ of plant
  1.    hire charges
  2.    job charges
  3.    store value
  4.    residual value
 Discuss Question
Answer: Option A. -> hire charges
Question 10. Why adopt a standard cost system?
  1.    To improve performance measures
  2.    To give manager more information by decomposing total variances into price & usage variances
  3.    To use unit cost system that is readily available in pricing
  4.    All of above
 Discuss Question
Answer: Option D. -> All of above

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