Accounting Practice MCQ Page 48

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: 4287   Assuming that it reconciles with the cash book, a credit balance on a bank statement on the 31st December would appear in the balance sheet as a
  1. current asset
  2. current liability
  3. fixed asset
  4. long term liability
Question: 4288   when the monthly bank statement is sent out which one of the following would appear?
  1. cheques written but not yet presented for payment
  2. credit transfer received form customers
  3. payment into the bank not yet credited
  4. A sales ledger balance written off as a bad debt
Question: 4289   work in progress at the end of the financial year is
  1. included in the present year's production cost
  2. not included in the present year's production cost
  3. included in the previous year's production cost
  4. added to the cost of raw materials
Question: 4290   work in progress at the end of the financial year is
  1. included in the present year's production cost
  2. not included in the present year's production cost
  3. included in the previous year's production cost
  4. added to the cost of raw materials
Question: 4291   If the prime cost is Rs. 40,000 overheads rs. 60,000, work in progress at Ist Jaunuary Rs. 10,000 and work in progress at 31st December RS. 20,000 the cost of the year's production of finished goods is
  1. RS. 90,000
  2. RS. 1, 00,000
  3. RS. 1,10,000
  4. RS. 1,30,000
Question: 4292   Depeeciation of plant and machinery is usually classified as
  1. a financial cost
  2. an overhead cost
  3. a selling cost
  4. an administration cost
Question: 4293   If a manufacturing company gas to pay a royalty for every unit it produces, this would probably be classified as
  1. an indirect cost
  2. a direct cost
  3. an overhead
  4. a cost of materials
Question: 4294   Which one of the following is usually classified as a variable cost in the short term?
  1. cost of materials used
  2. factory rates
  3. factory rent
  4. foreman's wages
Question: 4295   which one of the following is usually classified as a fixed cost in the short term?
  1. Direct labour costs
  2. power for the factory machinery
  3. cost of materials used
  4. factory rent and rates
Question: 4296   In a manufacturing firm's trading account the cost of production figure replaces the
  1. cost of goods sold
  2. closing stock of finished goods
  3. purchase of finished goods
  4. gross profit
Question: 4297   The cost of raw materials used used is
  1. Rs. 5,00,000
  2. Rs. 6,00,000
  3. RS. 6,50,000
  4. RS. 6,70,000
Question: 4298   The prime cost is
  1. RS. 6,00,000
  2. RS. 670,000
  3. RS. 11,00,000
  4. RS. 14,20,000

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
4287 . A       4288 . B       4289 . B       4290 . B       4291 . A       4292 . B       4293 . B       4294 . A       4295 . D       4296 . C       4297 . B       4298 . C      

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