Accounting Practice MCQ Page 27

Multiple Choice questions for Accounting in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.
Question: 2107   Material mix variance is a sun-variance of
  1. Material cost variance
  2. Material price variance
  3. Material quantity variance
  4. Material yield variance
Question: 2109   Material cost variance is RS. 550(A) and material price variance RS. 150(F), the material usage variance should be
  1. RS. 400(A)
  2. RS. 700(A)
  3. RS. 400(F)
  4. RS. 700(F)
Question: 2110   Overhead Budget variance is a sub-variance of
  1. overhead volume variance
  2. overhead efficiency variance
  3. overhead cost variance
  4. None of these
Question: 2111   idle time a variance is a sub-variance of
  1. overhead efficiency variance
  2. Labour cost variance
  3. Labour time variance
  4. Labour efficiency variance
Question: 2112   Material price variance is Rs. 300(A), material mix variance RS. 150(A) and material sub-usage variance is RS. 50(A). The material cost variance is
  1. RS. 400(A)
  2. RS. 450(A)
  3. RS. 500(A)
  4. cannot be computed
Question: 2113   in Q.322 above, the material quantity variance is
  1. RS. 50(A)
  2. RS. 100(A)
  3. RS. 300(A)
  4. RS. 250(A)
Question: 2114   Overhead budget variance is RS. 700(A), overhead efficiency variance is RS. 300(F).what is the amount of variable overhead cost variance
  1. RS. 1,000(F)
  2. RS. 400(A)
  3. RS. 400(F)
  4. RS. 1,000(A)
Question: 2115   The type of variance not computed for factory overhead is
  1. controllable
  2. volume
  3. equivalent production
  4. idle capacity
Question: 2116   standard costing can be used along with
  1. Marginal costing
  2. Absorption costing
  3. job and process costing
  4. All of the above
Question: 2117   standard cost are useful in all of the following except
  1. reducing costs
  2. speeding up preparation of operating reports
  3. establishing records
  4. costing inventories
Question: 2118   At the end of a financial year Hot shot company had several substantial variances from standard variable manufacturing costs the one for which there is the strongest justification for allocation between inventories and cost of goods sold is the one attributable to
  1. additional costs of raw materials acquired under a speculative purchase contract
  2. a breakdown of equipment
  3. increased labour rates won by the union as a result of strike during the year
  4. overestimates of production activity for the period resulting from failure to predict an unusual decline in the market for the company' s product
Question: 2119   controllable variances are best disposed of by transferring to
  1. cost of goods sold
  2. inventories of work-in progress and finished goods
  3. cost of goods sold and inventories
  4. costing profit and Loss A/c

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
2107 . C       2109 . B       2110 . C       2111 . D       2112 . A       2113 . B       2114 . B       2115 . C       2116 . D       2117 . C       2118 . C       2119 . D      

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