Accounting Practice MCQ Page 21

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: 1885   When costing loss is RS. 5,600, administrative overhead under-obsorbed being RS. 400, the loss as per financial accounts should be
  1. RS. 5,600
  2. RS.6,000
  3. RS. 5,200
Question: 1889   Depreciation charged in costing is RS.12,500 and in financial books is RS.11,200.What will be the financial profit when costing profit is RS.5,000
  1. RS. 5,000
  2. RS. 3,700
  3. RS. 6,300
Question: 1891   Profit as per financial books is Rs. 72,000.What will be the profit as per costing books when selling and distribution expenses, actual as well as predetermined, are RS. 2,500
  1. RS. 72,000
  2. RS.70,500
  3. RS. 69,500
Question: 1895   Which of the following items is not included in financial books
  1. Heavy donations
  2. Loss on the sale of fixed assets
  3. Notional rent
  4. Interest on borrowed capital
  5. all of these
Question: 1897   Which of the following items shall be added to costing profit to arrive at financial profit
  1. Under-absorption of words overhead
  2. Interest on debentures paid
  3. Rent receivable
  4. Income tax paid
  5. All of the above
Question: 1913   Which of the following account will always have debit balance
  1. Overhead adjustment account
  2. work in progress ledger control account
  3. Cost ledger control account.
  4. Factory overhead control account
Question: 1916   The amount of total direct labour cost that should have been charged to all the individual production orders worked on during January should be
  1. RS. 40,000
  2. RS. 33,000
  3. RS. 41,000
  4. RS. 55,000
  5. RS. 30,000
Question: 1918   The January 31 balance of work in progress control account should be
  1. RS. 36,000
  2. RS. 75,000
  3. RS.76,000
  4. RS. 77,000
  5. RS. 35,000
Question: 1919   The January 31 balance of finish Goods Control Account should be
  1. RS. 25,000
  2. RS. 20,000
  3. RS. 5,000
  4. RS. 10,000
  5. RS. 30,000
Question: 1932   The cost of goods sold during January was
  1. RS. 40,000
  2. RS. 10,000
  3. RS. 20,000
  4. RS. 30,000
  5. RS. 50,000
Question: 1943   The amount of under-applied or over-applied cost for january
  1. Under-applied by RS. 1,000
  2. under-applied by rs. 2,000
  3. over-applied by RS. 1,000
  4. Over-applied by RS. 2,000
  5. Neither under-applied nor over-applied
Question: 1955   in flexible budgeting
  1. statements included in the budget report vary from period to period
  2. budget standards may be adjusted at will
  3. reporting dates vary according to the activity level reported upon
  4. planned activity level is adjusted to the actual activity level before the budget comparison report is prepared

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
1885 . B       1889 . C       1891 . A       1895 . C       1897 . C       1913 . B       1916 . B       1918 . A       1919 . E       1932 . C       1943 . B       1955 . D      

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