Cost Sheet and Cost Accounting Quiz

Material, Labour and Expenses are the three important…………. of cost.

A. Methods
B. Elements
C. Techniques
D. Process

The Correct Answer for the given question is Option B. Elements

Explanation:

. ……………..cost is the cost of commodities supplied to an undertaking.

A. Material
B. Labour
C. Expenses
D. Cost

The Correct Answer for the given question is Option B. Labour

Explanation:

Direct Labour Cost is also known as…………

A. Indirect Labour
B. Indirect Wages
C. Direct Wages
D. Debtors

The Correct Answer for the given question is Option C. Direct Wages

Explanation:

The expenses which cannot be directly identified with a particular unit or cost centre is known as ……………………

A. Indirect Labour
B. Indirect material
C. Indirect expenses
D. Direct expenses

The Correct Answer for the given question is Option C. Indirect expenses

Explanation:

 ……………………..expenses are also called as chargeable expenses.

A. Partly direct and partly indirect
B. Indirect
C. Direct
D. None of the above

The Correct Answer for the given question is Option C. Direct

Explanation:

The aggregate of indirect material, indirect labour and indirect expenses in termed as…………….

A. Material Cost
B. Overheads
C. Labour Cost
D. Closing Stock

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The Correct Answer for the given question is Option B. Overheads

Explanation:

The overhead cost incurred from the stage of procurement of raw material till the stage ofproduction of finished goods is known as…… .

A. Office overheads
B. Factory overheads
C. Selling overheads
D. PRIME COST

The Correct Answer for the given question is Option B. Factory overheads

Explanation:

Office overheads are also known as …………….overheads.

A. Factory
B. Selling
C. Administrative
D. Work Cost

The Correct Answer for the given question is Option C. Administrative

Explanation:

The cost of activities relating to create and stimulate demand for company’s products and tosecure orders is known as……….overheads.

A. Administrative
B. Factory
C. Selling and Distribution
D. Office

The Correct Answer for the given question is Option C. Selling and Distribution

Explanation:

Non-cost items are those which are …………….. from the cost.

A. Excluded
B. Included
C. Partly included
D. none of the above

The Correct Answer for the given question is Option A. Excluded

Explanation:

Classification of cost into factory cost, administrative cost, selling & distribution cost andresearch and development cost is done on the basis of……………

A. Elements
B. Functions
C. Time
D. Strategy

The Correct Answer for the given question is Option B. Functions

Explanation:

The cost that remains unchanged in spite of change in volume of production is known as………….

A. Fixed cost
B. Variable cost
C. Semi-variable cost
D. Direct Cost

The Correct Answer for the given question is Option A. Fixed cost

Explanation:

. ……………….cost is partly variable and partly fixed.

A. Fixed cost
B. Semi-variable cost
C. Variable cost
D. Semi Fixed Cost

The Correct Answer for the given question is Option B. Semi-variable cost

Explanation:

………………is a statement showing cost of production of a particular product.

A. Tender
B. Quotation
C. Cost sheet
D. Statements

The Correct Answer for the given question is Option C. Cost sheet

Explanation:

The total of works cost and administrative overheads is known as …

A. Prime cost
B. Cost of Production
C. Works cost
D. Direct Cost

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The Correct Answer for the given question is Option B. Cost of Production

Explanation:

. …………………is the total of prime cost and factory overheads.

A. Cost of production
B. Works cost
C. Cost of material consumed
D. Selling and Distributional Expenses

The Correct Answer for the given question is Option B. Works cost

Explanation:

Consumables are treated as……………overheads in cost sheet.

A. Factory
B. Office
C. Selling and Distribution
D. Cost of production

The Correct Answer for the given question is Option A. Factory

Explanation:

If the total cost of a product is Rs.25, 000/- and the sales figure is 47,000/-, then the productis in…………by Rs.22, 000/-.

A. Loss
B. Profit
C. Neither profit nor loss
D. Commission

The Correct Answer for the given question is Option B. Profit

Explanation:

In cost sheet the expenses on discount allowed are considered under………………overheads.

A. Factory
B. Office
C. Selling and Distribution
D. none

The Correct Answer for the given question is Option C. Selling and Distribution

Explanation:

. ………………cost is predetermined cost for each element of cost.

A. Marginal
B. Historical
C. Standard
D. none

The Correct Answer for the given question is Option C. Standard

Explanation:

Which of the following is not used as a base for apportionment of administration overheads?

 

A. Direct wages
B. Works cost
C. Conversion cost
D. Sales value

The Correct Answer for the given question is Option A. Direct wages

Explanation:

In accounting for labour cost:

A. Direct labour cost and indirect labour cost are charged to prime cost
B. Direct labour cost and indirect labour cost are charged to overheads
C. Direct labour cost is charged to prime cost and indirect labour cost is charged to overheads
D. All of the above

The Correct Answer for the given question is Option C. Direct labour cost is charged to prime cost and indirect labour cost is charged to overheads

Explanation:

Depreciation is a ………….. Expense.

A. Fixed
B. Variable
C. Semi – variable
D. none

The Correct Answer for the given question is Option A. Fixed

Explanation:

. ………………….. Cost per unit does not change with change in activity level.

A. Overhead
B. Variable
C. Fixed
D. none

The Correct Answer for the given question is Option B. Variable

Explanation:

Telephone expense is a …………………. Expense.

A. Fixed
B. Variable
C. Semi – variable
D. none

The Correct Answer for the given question is Option C. Semi – variable

Explanation:

Cost accounting is the art, science and …………… cost of accountant.

A. Profession
B. Management
C. Administration
D. none

The Correct Answer for the given question is Option A. Profession

Explanation:

. ………………. May be a location, a person, or an item of equipment or group of there.

A. Cost centre
B. Cost unit
C. Profit center
D. none

The Correct Answer for the given question is Option B. Cost unit

Explanation:

. …………………. is defined on the guidance and regulation by executive action of cost operating and under taking.

A. Cost reduction
B. Cost control
C. Cost estimation
D. none

 

The Correct Answer for the given question is Option A. Cost reduction

Explanation:

. ………. is the cost incurred in the part has no effect on future decision making.

A. Sunk cost
B. Historical cost
C. Imputed cost
D. none

 

The Correct Answer for the given question is Option A. Sunk cost

Explanation:

Machine hour rate in the cost of running a machine.

A. Per hour
B. Per day
C. Per work
D. none

The Correct Answer for the given question is Option B. Per day

Explanation:

Direct expense are also called ……………………. Expenses.

A. Variable
B. Chargeable
C. Fixed
D. none

The Correct Answer for the given question is Option B. Chargeable

Explanation:

Cost of production is also called ………………..if there is no selling and distribution expense.

A. Cost of sales
B. Office cost
C. Factory cost
D. none

The Correct Answer for the given question is Option B. Office cost

Explanation:

If cost of sales exceeds sales it will be

A. Profit
B. Loss
C. Gain
D. none

The Correct Answer for the given question is Option B. Loss

Explanation:

Statement prepared to show the different elements of cost

A. Time sheet
B. Cost sheet
C. Work sheet
D. none

The Correct Answer for the given question is Option B. Cost sheet

Explanation:

Variable cost increases

A. As in the sales goes up
B. As the production goes up
C. As the fixed expenses goes up
D. none

The Correct Answer for the given question is Option B. As the production goes up

Explanation:

On the basis of ……………… cost can be classified into fixed and variable.

 

A. Behavior
B. Element
C. Function
D. none

The Correct Answer for the given question is Option A. Behavior

Explanation:

Direct expense are also called ……………… expenses.

A. Semi-variable
B. Chargeable
C. Fixed
D. none

The Correct Answer for the given question is Option B. Chargeable

Explanation:

Operating costing is applicable to

A. Transport
B. Hospitals
C. Electricity
D. none

The Correct Answer for the given question is Option A. Transport

Explanation:

Rent on own building is a ………………..

A. Sunk cost
B. Imputed cost
C. Opportunity cost
D. none

The Correct Answer for the given question is Option B. Imputed cost

Explanation:

When material prices fluctuate widely the method of pricing that gives a best result in

A. Simple average
B. Weighted average
C. FIFO
D. none

The Correct Answer for the given question is Option B. Weighted average

Explanation:

. ……….. is the first and most important element of cost.

A. Expenses
B. Labour
C. Material
D. none

The Correct Answer for the given question is Option C. Material

Explanation:

The term………..refers to all commodities that are consumed in the process of production,assembly and fabricated parts.

A. Labour
B. Material
C. Expenses
D. none

The Correct Answer for the given question is Option B. Material

Explanation:

The term……………..is defined as a system that ensures the provision of the required quantity of material of the required quality at the required time with the minimum amount of capital.

A. Material Control
B. Labour Control
C. Marketing Control
D. none

The Correct Answer for the given question is Option A. Material Control

Explanation:

………………..purchase procedure should be installed to ensure that the purchases are madeat favourable prices.

A. Marginal
B. Standard
C. Joint
D. none

The Correct Answer for the given question is Option B. Standard

Explanation:

The term …………….may be defined as the systematic control over the procurement of materials.

A. Material control
B. Purchase control
C. Sales control
D. none

The Correct Answer for the given question is Option B. Purchase control

Explanation:

The organisation of the purchase department depends on the…………..of the organisation and its likely quantum of purchase.

A. Size
B. Number of managers
C. Number of workers
D. none

The Correct Answer for the given question is Option A. Size

Explanation:

. ……………………is the head of the purchase department.

A. Sales Manager
B. Purchase Manager
C. Marketing Manager
D. none

The Correct Answer for the given question is Option B. Purchase Manager

Explanation:

Purchase…………..is to be prepared to know what to buy, what should be the quantity,quality and price.

A. requisition
B. order
C. budget
D. none

The Correct Answer for the given question is Option C. budget

Explanation:

One of the objective of …………….is to avoid under and overstocking of material.

A. Scientific Purchasing
B. Purchasing
C. Sales control
D. none

The Correct Answer for the given question is Option A. Scientific Purchasing

Explanation:

The…………….must maintain a proper classified record of all purchases, uses and stock of materials.

A. Costing officer
B. Purchase manager
C. stores clerk
D. none

The Correct Answer for the given question is Option B. Purchase manager

Explanation:

Objectives of Accounting – What are the Objectives of Accounting | Management Notes