Accounting Practice MCQ Page 17

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: 1659   The type of process loss that should not affect the cost of inventories is
  1. abnormal loss
  2. normal loss
  3. seasonal loss
  4. standard loss
Question: 1663   During Jan. 1997, Marconi LTd. had tatal manufacturing cost of Rs.1,80,000. The business completed 14,000 units of product, of which 4,000 units were half completed in Dec 1996 and sarted production on an additional 6,000 units that production cost per unit was
  1. RS.18
  2. RS.16.36
  3. RS.12
  4. RS.9
Question: 1668   100 units are introduced in a process in which normal loss is 15 units If actual output is also 100 units,than there is
  1. no abnormal loss or abnormal gain
  2. an abnormal loss
  3. an abnormal gain
Question: 1670   50 units are processed at a total cost of RS.80, normal loss being 10% Each unit carries a scrap value of 25 paise. If output is 40 units, the value of abnormal loss will be
  1. RS. 1.25
  2. RS.8.00
  3. RS.8.75
  4. RS.8.88.
Question: 1676   Given the data in Q.3.5 above, the normal cost of unit is
  1. RS.0.25
  2. RS.1.60
  3. RS.1.78
  4. RS.1.75
Question: 1678   A factory transferred out 8,800 completed and closing stock was 800 units 50% completed. Assuming FIFO method, the equivalent production during the period was
  1. 8,900 units
  2. 9,100 units
  3. 9,300 units
  4. 9,500 units
Question: 1682   in a factory, the equivalent production (using FIFO method) was 7,500 units during a period which had 500 units 60% complete on hand at the start and 600 units 75% complete at the end of the period. How many units were introduced during the period
  1. 6,750
  2. 6,850
  3. 7,050
  4. 7,150
Question: 1685   An under-statement of ending work-in-progress inventory will
  1. understate cost of goods produced
  2. understate net profit
  3. overstate gross profit
  4. overstate current assets
Question: 1688   An over-statement of beginning work-in-progress inventory will
  1. understate cost of goods sold
  2. understate the profit
  3. overstate net profit
  4. overstate gross profit
Question: 1689   When units are lost at end of the production process, the cost is charged to
  1. factory overhead
  2. selling expense
  3. work-in-progress
  4. completed units
Question: 1691   The term Economic Batch Quantity is used in relation to
  1. Operating costing
  2. Batch costing
  3. process costing
  4. Unit costing
Question: 1698   Input in a process is 4,000 units and normal loss is 20%. When finished output in the process is only 3240 units, there is an
  1. abnormal loss of 40 units
  2. abnormal gain of 40 units
  3. neither abnormal loss nor abnormal gain

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
1659 . A       1663 . C       1668 . C       1670 . C       1676 . D       1678 . A       1682 . B       1685 . B       1688 . B       1689 . D       1691 . B       1698 . B      

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