Accounting Practice MCQ Page 18

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: 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
Question: 1700   In Q.3.14 further assuming scrap value of loss is RS.5 per unit, the amount of sales from scrap is
  1. RS.3,800
  2. RS. 4,000
  3. RS. 200
  4. None of these
Question: 1704   Further assuming (in Q. 3.14 and Q 3.15) the cost assigned to abnormal gain of 40 units is RS. 280, the amount to be transferred to costing profit and loss account
  1. RS.280
  2. RS.200
  3. RS.80
  4. RS.360
Question: 1705   Hopeless Company, which uses FIFO method in process costing, began the current year with 300 units 50% completed, transferred out 5,000 completed units during the year ended with 500 units 70% completed Equivalent production for the period was
  1. 5,000
  2. 4,700
  3. 5,200
  4. 5,800
Question: 1706   Classification and accumulation of costs by fixed and variable costs is of special importance in
  1. process costing
  2. unit costing
  3. operation costing
  4. operating costing
  5. none of these
Question: 1708   Joint product manufacturing is fundamental in
  1. automobile industry
  2. oil refineries
  3. engineering company
  4. All of the above
Question: 1709   Individual products, each of a significant sales value, produced simultaneously from the same raw material, should be known as
  1. by-products
  2. main products
  3. joint products
  4. common products
Question: 1712   Total manufacturing costs are divided by the total number of units produced to obtain a cost per unit under the
  1. average unit cost method
  2. sales value method
  3. physical unit measurement method
Question: 1714   which of the following are virtually always subsequent costs
  1. raw material costs
  2. direct labour costs
  3. selling and distribution cost
  4. None of these
Question: 1720   When by-products are of small total value, its accounting should by
  1. apportioning a part of joint cost to by-products
  2. realisable value of by-products should be treated as miscullaneous income and transferred to P&L A/c
  3. realisable value of by-products should be apportioned over the main products
  4. Any of these
Question: 1723   Net realisable value of by-products at the split off point should be calculated by reverse cost method when
  1. BY products are of small total value
  2. BY-products are of considerable sales value
  3. BY-products require further processing for their sale

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
1691 . B       1698 . B       1700 . A       1704 . C       1705 . C       1706 . D       1708 . B       1709 . C       1712 . A       1714 . C       1720 . B       1723 . C      

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