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BABBA-411 Cost Accounting Process Costing is suitable University of Karachi

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University of Karachi

BABBA-411 Cost Accounting Process Costing is suitable University of Karachi

Cost and Management Accounting-615A
Multiple Choice Questions.
1. Basic objectives of cost accounting is__________.
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
2. Direct cost incurred can be identified with ________.
A. each department.
B. each unit of output.
C. each month.
D. each executive.
3. Overhead cost is the total of ____________.
A. all indirect costs.
B. all direct costs.
C. indirect and direct costs.
D. all specific costs.
4. Imputed cost is a__________.
A. notional cost.
B. real cost.
C. normal cost.
D. variable cost.
5. Operating costing is suitable for ___________.
A. job order business.
B. contractors.
C. sugar industries.
D. service industries.
6. Process costing is suitable for _________.
A. hospitals.
B. oil reefing firms.
C. transport firms.
D. brick laying firms.
7. Cost classification can be done in __________.
A. two ways.
B. three ways.
C. four ways.
D. several ways.
8. Costing refers to the techniques and processes of __________
A. ascertainment of costs.
B. allocation of costs.
C. apportion of costs.
D. distribution of costs.
9. Cost accounting was developed because of the ________.
A. limitations of the financial accounting.
B. limitations of the management accounting.
C. limitations of the human resource accounting.
D. limitations of the double entry accounting.
10. Multiple costing is a technique of using two or more costing methods for ascertainment of cost by.
A. the same firm.
B. the several firms.
C. the same industry.
D. the several industries.
11. Wages paid to a labour who was engaged in production activities can be termed as.
A. direct cost.
B. indirect cost.
C. sunk cost.
D. imputed cost.
12. The cost which is to be incurred even when a business unit is closed is a.
A. imputed cost.
B. historical cost.
C. sunk cost.
D. shutdown cost.
13. Classification of cost is useful .
A. to find gross profit.
B. to find net profit.
C. to identify costs.
D. to identify efficiency.
14. Elements of costs are.
A. three types.
B. four types.
C. five types.
D. seven types.
15. Direct expenses are also called ________ .
A. major expenses.
B. chargeable expenses.
C. overhead expenses.
D. sundry expenses.
16. Indirect material used in production is classified as.
A. office overhead.
B. selling overhead.
C. distribution overhead.
D. production overhead.
17. Warehouse rent is a part of _________.
A. prime cost.
B. factory cost.
C. distribution cost.
D. production cost.
18. Indirect material scrap is adjusted along with ________.
A. prime cost.
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B. factory cost.
C. labour cost.
D. cost of goods sold.
19. Which one of the following is not considered for preparation of cost sheet?
A. Factory cost.
B. Goodwill written off.
C. Selling cost.

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BABBA-411 Cost Accounting Process Costing is suitable University of Karachi

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