Following are some of the multiple choice questions on the Costing with answers that will help the students in developing their knowledge.
1. In cost accounting, stock is valued at
2. How much is a pint of milk?
3. In producing product ZZ, 14,800 direct labor hours were used at a rate of $8.20 per hour. The standard was 15,000 hours at $8.00 per hour. Based on these data, the direct labor:
4. You buy 1 lb of bakers chocolate for 3.98, how much is it for 3lbs of bakers chocolate?
5. You buy 5 lbs for flour 3.99, the recipe calls for 3 pounds of flour. What is the recipe cost for 3 pounds of flour?
6. You purchase 1 pound of butter for $2.99, what is the recipe cost for 4 lbs of butter?
7. You purchase a dozen eggs for $3.89, what is the recipe cost for 28 eggs?
8. You purchase 20 lbs of sugar for $50.00, how much is it for 8 lbs of sugar?
9. You purchase 16 oz of vanilla for $3.46 per oz, how much is it for 2 oz of vanilla?
10. You purchase a can of tomato paste for $.98. This can has 5 servings of 2 Tbsp or a total of 10 Tbsp. How much is it for 1 Tbsp?
11. You purchase a gallon of milk for $5.98, how is it for 4 cups of milk?
12. You purchase 32 oz of almonds for $13.48. What is you recipe cost for 8 oz of almonds?
13. You purchase 18 oz of cinnamon for $8.06. What is your ingredient cost for 2 Tbsp of cinnamon?
14. The total variable cost change _________________________with change in output
15. Fixed cost + profit =
16. An increase in variable costs results in
17. When fixed cost is Rs.20,000 and P/V Ratio is 40%, the breakeven point will be
18. Marginal cost is also known as
19. Margin of Safety is the difference between the
20. Contribution margin is also known as
21. _________________________________ is the excess of sales over the break even sales.
22. Fixed cost is also known as______________________________
23. If the total cost of 100 units is Rs. 5,000 and those of 101 units is Rs. 5,040 then increase of Rs. 40 in total cost is
24. Contribution is calculated by the formula
25. P/V Ratio is an indicator of
26. Break Even Point refers to the point in which
27. A high margin of safety indicates that
28. Marginal costing technique classifies cost into
29. Marginal costing helps the management to
30. Which is not included in primecost?
31. Prime cost + all variable cost =
32. If PVR=40%, MOS=50%, Sales=Rs.6,00,000. Find Net profit.
33. If margin of safety -20%, profit volume ratio -60%, Fixed cost = Rs.75,000. Find Actual sales.
34. How much is the average weekly rent in Basingstoke for a single room in a shared house? (food not included)
35. How much is a colour TV Licence?
36. How much is an adult cinema ticket (evening/weekends) without discount?
37. Each contract is considered as a separate unit of cost.
38. On _____ of the contract entire profit is transferred to P & L A/c.
39. Work certified is valued in term of ________ .
40. _____ money is paid a certain period after completion of the contract.
41. __________ is debited to the contract A/c.
42. Most of the costs in a contract are direct cost.
43. Work certified is recorded in the contract Account at cost.
44. Profit on each contract is computed every year on incomplete portion of the contract.
45. A contract usually takes more than one year to complete.
46. Cost incurred by undertakings which do not manufacture any product but services is
47. Extra payment reuired to be paid for overtime work is called as overtime
48. _______ time refers to the time for which wages are paid without any production
49. ________ labour cost is the remuneration paid to the employees who are directly engaged in the manufacturing operations
50. The main function of cost accounting is _______ reporting
Enjoyed the Quiz. Share this with friends