Accounting Practice MCQ Page 15

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: 1606   The most suitable cost system where the products differ in type of materials used and work performed is
  1. job costing
  2. Batch costing
  3. operating costing
  4. None of these
Question: 1609   In shoe manufacture, the most suitable cost system is
  1. job costing
  2. Batch costing
  3. Contract costing
  4. Non of these
Question: 1611   job costing is used in
  1. Repair shops
  2. printing presses
  3. Furniture making
  4. Automobile garages
  5. All of these
Question: 1613   Most of the expenses are direct in
  1. job costing
  2. batch costing
  3. contract costing
  4. All of these
Question: 1616   When a contract is not completed at the end of the accounting year,profit on incomplete contract is
  1. transferred to profit and loss Account
  2. transferred to reserve
  3. transferred profit to profit and loss Account and partly to reserve
Question: 1618   When a contract is not completed at the end of the year, loss on incomplete contract is
  1. transferred to profit and loss Account
  2. transferred to work-in-progress
  3. transferred partly to profit and Loss Account and partly to work-in progress
Question: 1622   when contract id 40% complete, the amount of profit to be taken credit for is usually
  1. the amount of profit estimated
  2. 40% the estimated profit
  3. 1/3of the estimate profit multiplied by cash ratio
Question: 1627   in contract accounts, the amount of work-in-progress consists of
  1. cost of work uncompleted
  2. cost of work uncompleted
  3. the amount of profit not transferred to profit and Loss Account
  4. (a) and(B) above
  5. (a)(b) and(C)
Question: 1630   cost-plus contract is usually entered in to those where
  1. cost can be easily estimated
  2. it is not possible to compute the cost in advance with a reasonable degree of accuracy
  3. contractor wants to earn a higher amount of profit
Question: 1631   Contract price is not fixed in case of
  1. Cost-plus contracts
  2. Escalation clause
  3. De-escalation clause
  4. All of the above
Question: 1632   Contract price is not fixed in case of
  1. Cost-plus contracts
  2. Escalation clause
  3. De-escalation clause
  4. All of the above
Question: 1633   Cost plus contract is useful from the point view of
  1. contractor
  2. contractee
  3. both contractor and contractee

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
1606 . A       1609 . B       1611 . E       1613 . C       1616 . C       1618 . A       1622 . C       1627 . E       1630 . B       1631 . D       1632 . D       1633 . C      

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