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MCQs

Total Questions : 50 | Page 3 of 5 pages
Question 21. __________ is debited to the contract A/c
  1.    Work Certified
  2.    Work Uncertified
  3.    Cash Received
  4.    Sub Contract Cost
 Discuss Question
Answer: Option D. -> Sub Contract Cost
Question 22. Profit on each contract is computed every year on incomplete portion of the contract
  1.    True
  2.    False
 Discuss Question
Answer: Option B. -> False
Question 23. A contract usually takes more than one year to complete
  1.    True
  2.    False
 Discuss Question
Answer: Option A. -> True
Question 24. Cost incurred by undertakings which do not manufacture any product but services is
  1.    Operation Costing
  2.    Operating Costing
  3.    Sunk Costing
  4.    Joint Costing
 Discuss Question
Answer: Option B. -> Operating Costing
Question 25. ________ labour cost is the remuneration paid to the employees who are directly engaged in the manufacturing operations
  1.    Direct
  2.    Indirect
  3.    Normal
  4.    Abnormal
 Discuss Question
Answer: Option A. -> Direct
Question 26. Most of the costs in a contract are direct cost
  1.    True
  2.    False
 Discuss Question
Answer: Option A. -> True
Question 27. Extra payment reuired to be paid for overtime work is called as overtime
  1.    Premium
  2.    Payment
  3.    Salary
  4.    Wages
 Discuss Question
Answer: Option A. -> Premium
Question 28. If PVR=40%, MOS=50%, Sales=Rs
  1.    Rs 1,50,000
  2.    Rs 1,00,000
  3.    Rs.1,20,000
  4.    Rs.1,60,000
 Discuss Question
Answer: Option C. -> Rs.1,20,000
Question 29. A high margin of safety indicates that
  1.    over production
  2.    business is dull
  3.    over capitalisation
  4.    business is going on well
 Discuss Question
Answer: Option D. -> business is going on well
Question 30. Break Even Point refers to the point in which
  1.    total cost is equal to fixed cost
  2.    total cost is equal to total revenue
  3.    total cost is equal to contribution
  4.    total cost is equal to variable cost
 Discuss Question
Answer: Option B. -> total cost is equal to total revenue

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