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Cost Accounting MCQS Past Papers Questions Answers

Cost Accounting MCQS Past Papers Questions Answers for B.Com Part-2 in pdf

1.Opening Material: Rs. 15,000, Materials used: Rs.2,00,000, Ending material: Rs.25,000, Material
Purchased.
A. Rs. 2,40,000
B. Rs. 1,90,000
C. Rs. 2,10,000
D. Rs. 40,000
ANSWER: C

2.Factory Overheads can also be expressed as.
A. Overheads
B. Manufacturing Overheads
C. Manufacturing Expenses
D. All of the above
ANSWER: D

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3.Direct Materials used: Rs.20,000, FOH: Rs.40,000, Total Factory Cost: Rs.77,000. What would be the
amount of Direct Labor.
A. Rs.17,000
B. Rs.57,000
C. Rs. 137,000
D. Rs.37,000
ANSWER: A

4.Direct materials used: Rs.10,000, FOH: Rs.20,000, Direct Labor: Rs. 9,000. What would be Total
Manufacturing Cost.
A. Rs.19,000
B. Rs.29,000
C. Rs.39,000
D. Rs.30,000
ANSWER: C

5.Opening Materials: Rs.25,000, Material Purchased: Rs. 45,000, Ending Material: Rs.18,000. What is
the cost of material used.
A. Rs.38,000
B. Rs.88,000
C. Rs. 2,000
D. Rs.52,000
ANSWER: D

6.The cost of material that is not completely processed, would be found in which of the following
inventory account on the Balance Sheet.
A. Direct material inventory
B. Supplies inventory
C. Finished Goods inventory
D. Work in process inventory
ANSWER: D

7.The cost of goods that is completely processed, would be found in which of the following inventory
account on the Balance Sheet.
A. Direct material inventory
B. Supplies inventory
C. Finished Goods inventory
D. Work in process inventory
ANSWER: C

8.At the end of the period, the cost of material that is not used, would be found in which of the
following inventory account on the Balance Sheet.
A. Direct Material inventory
B. Supplies inventory
C. Finished Goods inventory
D. Work-in-process inventory
ANSWER: A

9.While preparing CGS statement, Decrease in WIP inventory will be.
A. Subtracted from Total Factory Cost
B. Added in Total Factory Cost
C. Subtracted from Total Factory Cost
D. Added in Prime Cost
ANSWER: B

10.While preparing CGS statement, Increase in WIP inventory will be.
A. Subtracted from Prime Cost
B. Added in Total Factory Cost
C. Added in Prime Cost
D. Subtracted from Total Factory Cost
ANSWER: D

11.The predetermined overhead rate is Rs.6.10 per direct labor hour. Job required 210 Direct Labor
hours of which 150 hours were incurred during the period. How much overhead should be applied to
Job during the period.
A. Rs. 915
B. Rs. 366
C. Rs.31,500
D. Rs.1,281
ANSWER: A

12.The companies that produce many different products or services usually use.
A. Process Costing
B. Project Costing
C. Both of the above
D. Job Order Costing
ANSWER: D

13.Which of the following costs is recorded on the job cost sheet.
A. Direct Material Cost
B. Direct Labour Cost
C. Manufacturing Overhead cost
D. All of the above
ANSWER: D

14.The wages paid to maintenance department workers who do repair work principally for production
departments but also on the vehicles in the distribution department should be charged as.
A. Production costs
B. Distribution costs
C. Service Cost
D. General Cost
ANSWER: C

15.Which of the following is a valid classification of the salary paid to the in-charge of the packing
department.
A. Indirect Departmental cost
B. Direct Product cost
C. Service Department cost.
D. Direct Departmental cost
ANSWER: D

16.Cost Accounting deals with.
A. Manufacturing
B. Internal Operations
C. Marketing
D. Both A & B
ANSWER: D

17.Cost Accounting is responsible for.
A. Costs of Products
B. Manufacturing Processes
C. Internal Planning
D. All of above
ANSWER: D

18.Cost Accounting includes.
A. Collection and Analysis of expenses
B. Measurement of Productions at different stages
C. None of Above
D. Both A & B
ANSWER: D

19.Cost Accounting provides information to.
A. Management of a firm
B. Shareholders
C. General Public
D. Both B & C
ANSWER: A

20.Cost Accounting is a part of______________________________ to disclose profit or loss.
A. Financial Accounting
B. Financial Management
C. Operations Management
D. Both B & C
ANSWER: A

21.Under-applied Manufacturing overhead are found when.
A. Actual overhead exceeds applied overhead
B. Applied overhead exceeds actual overhead
C. Applied overhead are equal to actual overhead
D. Both B & C
ANSWER: A

22.Over-applied Manufacturing overhead are found when.
A. Applied overhead exceeds fixed overhead
B. Applied overhead exceeds actual overhead
C. Applied overhead are equal to actual overhead
D. Both B & C
ANSWER: B

23.Total Manufacturing Cost includes.
A. Prime Cost + FOH
B. Direct material + Direct labor + Conversion cost
C. Direct material + Direct Labor + Variable FOH
D. Both B & C
ANSWER: A

24.Prime Cost includes.
A. Total Factory Cost + FOH Applied
B. Direct material + Direct labor + Conversion cost
C. Direct material + Direct Labor + FOH Applied
D. Total Factory Cost – FOH Applied
ANSWER: D

25.Conversion Cost consists of.
A. Total Factory Cost + FOH Applied
B. Direct material + Direct labor + FOH
C. Direct Labor + FOH
D. Total Factory Cost – FOH Applied
ANSWER: C

26.While preparing CGS statement, Increase in Finished Goods inventory will be.
A. Subtracted from Cost of Goods Sold
B. Added in Cost of Goods Sold
C. Subtracted from Cost of Goods Manufactured
D. Added in Total Manufacturing Cost
ANSWER: C

27.While preparing CGS statement, Decrease in Finished Goods inventory will be.
A. Added in Cost of Goods Manufactured
B. Added in Cost of Goods Sold
C. Subtracted from Cost of Goods Sold
D. Subtracted from Cost of Goods Manufactured
ANSWER: A

28.Opening Balance of Fuel: Rs. 2,000, Fuel Purchased: Rs. 5,200, Ending Balance of Fuel: Rs. 3,400; Cost of Fuel consumed is.
A. Rs. 6,600
B. Rs. 200
C. Rs. 3,800
D. Rs. 10,600
ANSWER: C

29.Following expense(s) is/are not a part of FOH.
A. Indirect Labour
B. Office Building Repair charges
C. Indirect Material
D. Plant & Machinery Depreciation
ANSWER: B

30.Per unit cost of goods manufactured is calculated as.
A. Total Manufacturing Cost divided by No. of units manufactured
B. Cost of Goods Manufactured divided by Total Factory Cost
C. Cost of Goods Sold divided by No. of units manufactured
D. Cost of Goods Manufactured divided by No. of units manufactured
ANSWER: D

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