Cost and Management Accounting exam quiz with answer

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Cost and Management Accounting

1 / 20

Q: An agenda, layout, blue print or a plan setting out the actions and resources needed to achieve a stated objective of the long-term plan.

1. Consideration

2. Strategy

3. Thinktank

4. Planning

2 / 20

Q: ...activity is performed each time a product is produced.

1. Marginal

2. Unit

3. Fixed

4. Variable

3 / 20

Q: In the month of January, 300 labour hours were worked for a total cost of Rs 4800. The variable overhead expenditure variance was Rs 600 (A). Overheads are assumed to be related to direct labour hours of active working. What was the standard cost per labour hour?

1. 14

2. 16

3. 18

4. 34

4 / 20

Q: Investment projects that are competing for scarce resources, where choosing one eliminates another.

1. Explicit

2. Mutually Inclusive

3. Mutually Exclusive

4. Implicit

5 / 20

Q: Combination of budgeted profit and loss account, cash flow statement and balance sheet, created from detailed budgets brought together within a finance plan is ... Budget.

1. Actual

2. Master

3. Real

4. Combined

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Q: Sales minus total cost is called ... .

1. Margin

2. Profit

3. Contribution

4. EBIT

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Q: ...method assumes that the goods received most recently in the stores or produced recently are the first ones to be delivered to the requisitioning department.

1) FIFO

2) Weighted average method

3) Most recent price method

4) LIFO

8 / 20

Q: Jan 1; finished goods inventory of Manuel Company was Rs.3, 00,000. During the year Manuel's cost of goods sold was Rs. 19, 00,000, sales were Rs. 2, 000,000 with a 20% gross profit. Calculate cost assigned to the December 31; finished goods inventory.

1) Rs. 4,00,000

2) Rs. 6,00,000

3) Rs. 16,00,000

4) None of the given options

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Q: A budget prepared for the entire firm/company is called...budget.

1. Functional

2. Master

3. Flexible

4. Fixed

5. None of the above

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Q: The technique which does not take into account the past trends in preparing the budgets is...

1. Incremental Budgeting

2. Performance Budgeting

3. Zero Based Budgeting

4. Target Budgeting

5. None of the above

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Q: Variance is comparison of...with standards.

1. Estimated

2. Calculated

3. Actual

4. Ideals

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Q: The profit in marginal costing differs from absorption costing method mainly because of:

1. Fixed Cost treatment

2. Variable cost treatment

3. Difference in stock valuation

4. Over or under absorption of overheads

5. Both (c) and (d)

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Q: ...are irrelevant costs for decision making.

1. Differential Costs

2. Incremental Fixed costs

3. Variable costs

4. Imputed costs

5. Sunk costs

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Q: ...is an example of variable cost.

1. Rent of factory building

2. Direct material

3. Telephone charges

4. Depreciation

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Q: The costs incurred up-to the point of separation is called...costs.

1. Common

2. Normal

3. Abnormal

4. Relevant

5. None of the above

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Q: ...is the most important point to be determined in industries where batch costing is employed.

1. Economic Order Quantity

2. Batch number

3. Economic Batch Quantity

4. Expiry date

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Q: Specific order costing includes.

1. Job

2. Contract

3. Batch

4. (a) and (b) of above

5. All of the above

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Q: Which of the following is not a technique of costing?

1. Marginal Costing

2. Standard Costing

3. Activity Based Costing

4. Incremental Costing

19 / 20

Q: Ordering cost and carrying cost are equal at...level.

1. Reorder

2. Average

3. EOQ

4. Danger

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Q: In automobile industry, cost unit is...

1. Quality

2. Number

3. Weight

4. (a) and (b)

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Cost and Management Accounting exam quiz with answer

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