Question Answer1 Answer2 Answer3 Answer4 Ans

______are the actual cost pre-determined

of acquiring assets. Historical cost cost Standard cost Estimated cost Answer1
Variable cost means the
way in which cost are
affected by changes in the
_____ volume of input volume of output product quantity Answer2
Manufacturing wages is Direct Material Direct Labour Direct
also called ___________ cost cost Expenses cost avoidable cost Answer2
_____ are expenses
incurred for general
management in an Administration
organization. cost Selling cost Prime cost Production Cost Answer1
Every number used in the
code should be _____ unique same equal uncertain Answer1
Cost accounting = costing Answer3
+ cost reporting +
__________ Cost Recording Cost Influence Cost Control Cost Changes

The maintanance of the

coding should be ______
controlled centrally individualy independently groupwise Answer1
The basic principle of
variable cost behaviour is
that, as the level of activity
increases , cost will_____ increase decline remain constant zero Answer1

Loss due to
_________ is considered negligent Loss due to
to be the avoidable loss of Loss due to Loss due to handling of normal
materials natural humidity flood materials evaporation Answer3
Value wise
Quantitative as Quantitative records of
well as value wise record of material
records of material material received,
Bin Card is a received, issued received, issued issued and a record of labour
__________________ and balance and balance balance attendance Answer2
 Maximum Stock Maximum Stock Minimum Stock Minimum Stock
Average stock level can Level +1/2 of Level +1/3 of Level +1/3 Level +1/2 of
calculated as __________ Reorder Level Re-order Level Re-order Level Reorder Level Answer4
Ram runs a business for
equipment . Annual
demand for the equipment
is 1600. The annual
holding cost per unit is
Rs.2.50 and the cost to
place an order is Rs. 500 .
EOQ is _______ 800 units 80 units 1600 units 160 units Answer1

Continuous stock taking is Annual stock Perpeutual

part of _______ taking inventory ABC analysis FIFO Answer2
Basic Custom duty paid
on import of goods is
_____________ to the
purchase cost demand added deducted maintain Answer2

The __________ prepares

indents for the purchase of
materials and sends it to stores production finance
the purchase department. sales department department department department Answer2
Under ABC Analysis ‘___’
items consist of the
materials which constitute
the least percentage of
items in stock but
contribute to a large
percentage of value A B C D Answer1

________ is that point of

level of stock of a material
where the storekeeper
starts the process of
initiating purchase
requisition for fresh
supplies of that materials. maximum level minimum level reorder level danger level Answer3
On 1st March 2020 there
were 1000 kg of raw
material @ Rs 20 per kg Value of
and on 2nd March 2020 Value of Closing Value of Closing Closing stock of Value of Closing
200 kg of raw material stock of raw stock of raw raw materials stock of raw
were purchased @ Rs 25 materials on 2nd materials on 2nd on 2nd March materials on 2nd
per kg, then under FIFO March 2020 is Rs March 2020 is 2020 is Rs March 2020 is Rs
method _____ 25000 Rs 1200 5000 800 Answer1
In stores ledger, excess of
materials found during
physical verification are
treated as _______ issues receipts loss expense Answer2
Time and motion study is time-keeping Personnel Payroll Engineering Answer4
conducted by the department department department department
________
Under the high wage plan, at a time rate according to his Normal wages at a double rate Answer1
a worker is paid ______ higher than the efficiency plus bonus for overtime
rate paid by the
industry
Labour Turnover is Productivity of Efficiency of the Change in Total cost of the Answer3
_________ labour labour labour force labour
__________ has Gantt task & Emerson's Hayne's system Halsey Weir Answer1
combination of time and Bonus system efficiency system
piece work system system
Payroll department Attendance Calculation of Performance Efficiency Answer2
collects & records each salary
worker's time of arrivals
and depature for the
purpose of ______
Salary of works manager Office Factory Answer4
is a ______ Selling overhead Overheads Prime cost Overheads
Standard Hours = 24 hrs,
Actual Hours = 18 hrs,
Rate per hour = Rs 20.
Calculate earnings as per
Rowan plan. Rs 450 Rs 90 Rs 420 RS 150 Answer1
mechanical manual mechanical
Attendance Register is a manual methods methods of methods of time methods of time
________ of timekeeping timekeeping booking booking Answer1
 mechanical manual mechanical
Biometric Attendance manual methods methods of methods of time methods of time
System is a ________ of timekeeping timekeeping booking booking Answer2
If basic wages is Rs 100
and Providend Fund (PF)
Contribution by employer PF to be PF to be PF to be
and employee is 8% on PF to be deposited by deposited by deposited by
basic wages each, then deposited by employer is Rs employer is Rs employer is Rs
_____ employer is Rs 8 16 100 80 Answer2
administrative
factory overheads +
Cost of production is equal cost+administrativ factory cost+ selling prime cost +
to ________ e overheads prime cost overheads selling overheads Answer1
Heating and lighting is number of light
apportioned on the basis time devoted by number of points or floor
of ________ supervisior machines machine hours area occupied Answer4
Assigning code numbers
to group of overheads is
called as ___ classification codification allocation verification Answer2

_____ are those which

vary in direct proportion to semi fixed semi variable variable
the volume of output fixed overheads overheads overheads overheads Answer4
Number of workers
employed is used as basis
for the apportionment of canteen
_____ rent expenses PF contribution rate and tax Answer2
Overhead is also known chargeable
as ____ on cost basic cost extra cost expenses Answer1
Factory overheads is also
called as _____ sundry overhead extra overhead works overhead total overhead Answer3
The process of charging
the traceable overheads to
cost centres is called as overheads overheads overheads overheads
_______ allocation charging allotment recovery Answer1
Ligting Expenses = Rs
30,000, Light Points -
C:D:E = 40 : 80 : 120.
Apportion the rent
expenses among the 3 4000 : 6000 : 5000 : 10000 : 10000 : 8000 : 4500 : 11500:
departments. 20000 15000 12000 14000 Answer2
If for producing one unit of
finished goods, power
consumption is 20 kw per
hour @ Rs 20 per every
100 kw, then cost towards Rs 2 per unit of Rs 3 per unit of Rs 4 per unit of Rs 5 per unit of
power is ______ finished goods finished goods finished goods finished goods Answer3
decreases the
Over valuation of Closing value of closing
Stock in Cost Accounts increases costing decreases does not affect stock in cost
__________. profit costing profit costing profit accounts Answer1
Notional Rent is taken
in______. Cost A/c Financial A/c Balance Sheet Cash Flow Answer1
deducted from
Sale of scrap shall be added to cost of factory added to direct
________. added to sales production overheads labour Answer3
Office & Selling &
Store Keeper's Salaries is Factory Administration Distribution
included in_________. Overheads Overheads Overheads Direct Expenses Answer1
Allowances &
Bonus to
Direct Wages does not Wages paid to Wages paid to Productive Supervisor's
include_____________. skilled labour unskilled labour Workers Salary Answer4
The Profit as per Cost
accounts shows Rs. 20
Lakhs which excludes
dividend income of Rs. 6
Lakhs recorded in
financial books. Financial
Accounts will be showing Profit of Rs. 14 Profit of Rs. 26 Profit of Rs. 20 Loss of Rs. 14
___ Lakhs Lakhs Lakhs Lakhs Answer2
Travelling Expense= Rs.
8,000, Office Rent= Rs.
50,000, Sales
commission= Rs. 7,000
Total Selling and
Distribution overheads is
Rs. __________ 65,000 58,000 15,000 57,000 Answer3
Direct Material= Rs.
2,00,000, Labour= Rs.
3,00,000, Calculate the
amount of Factory Rs. 80,000 Rs. 2,00,000 Rs. 1,20,000 Rs. 1,00,000 Answer2
overheads at 40% of
prime cost
Value of Opening Work in
Progress is added to
________ to get factory Cost of Cost of finished
cost Prime Cost production goods sold Cost of sales Answer1
Costs incurred to discover
new ideas, processes, Research &
products by experiment Manufacturing Development
are called as_____. Fixed Costs Variable Costs Cost Cost Answer4
a statement that
shows various
a set of journal part of financial componets of
Cost sheet is _______ entries a ledger accounting total cost Answer4