Cost Accounting Introduction Quiz

 

 

 

Cost Accounting Introduction Quiz

 

 

 

Cost Accounting Introduction

Cost Accounting Introduction Quiz

Cost Accounting is

Part of Management Accounting

Part of Financial Accounting

Part of Responsibility Accounting

None of these

 

The head office of the Institute of cost and work accountant of India situated

New Delhi

Mumbai

Kolkata

Dehradun

 

When was the cost and work Accountant act passed in India?

a)1947

b) 1951

c) 1959

d) 1969

 

4) Ascertainment of cost with the help of actual expense incurred is termed as

a) Historical Costing

b) Standard Costing

c) Marginal Costing

d) Absorption Costing

 

5) Which method of costing id used in the Oil industry?

a) Process Costing

b) Batch Costing

c) Unit Costing

d) Cost Plus costing

 

6) Cost accounts are maintained compulsorily for compliance with statutory obligation in

a) All Business concern

b) Manufacturing Concern

c) Certain specific manufacturing companies

d) All of the above

 

7) Cost accounting is based

a) On double entry system

b) On single entry system

c) On Indian bookkeeping system

d) On American Accounting System

 

8) Cost Accounting is

a) An art

b) A science

c) Art and science

d) None of these

 

9) Which method of costing is used in Motor Car Industry?

a) Operating cost

b) Process Costing

c) Multiple Costing

d) Job Costing

 

10) The main Purpose of Cost Accounting is

a) Maximize Profit

b) Help in Inventory Management

c) Provide information to management in decision making

d) Aid in the fixation of selling prices

 

11) Multiple costing Method is used in.

a) Oil refinery

b) Car Manufacturing Company

c) Sugar Mill

d) Multi-Product Company

 

12.) Electricity generating company should employ

a) Unit Costing

b) Process Costing

c) Operating Costing

D)Job Costing

 

13.Job costing is

a) Paper mill

b) Chemical Work

c) Printing press

d) Textile mill

 

14.Which method is used in Hospitals?

a) Job Costing

b) Unit Costing

c) Operating Costing

d) No method is used

 

15.Contract costing is used in :

a) Shipbuilding

b) Aeroplane industry

c) Automobile Vehicle industry

d) None of these

16 Fixed Cost per Unit increase when

a) Variable Cost per unit increase

b) Variable Cost per unit decrease

c) Production volume Increase

d) Production Volume decrease

17. An Example of Variable cost

a) Rent rates and taxes

b) Interest on Capital

c) Direct Material Cost

d) Depreciation on Machinery

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