Accounting Practice MCQ Page 26

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: 2072   A company using theoretical standard cost system should expect that
  1. most variances will be strongly motivated to attain the standards
  2. employees will be strongly motivated to attain the standards
  3. a large incentive bonus will be paid
  4. costs will be controlled better if lower standards were used
Question: 2077   A company controls its production costs by comparing its actual monthly production cost with the expected levels. Any significant deviations from these expected levels are investigated and evaluated as a basis for corrective action. The quantitative technique that is most probably being used is
  1. time series or trend regression analysis
  2. differential calculus
  3. standard cost variance analysis
  4. correlation analysis
Question: 2080   In standard costing system, labour rate variance is obtained by multiplying the
  1. actual rate by the difference between actual hours and standard hours
  2. actual hours by the difference between actual rate and standard rate
  3. standard rate by the difference between standard hours and actual hours
Question: 2082   if standard hours are 400 @Re 1 per hour and actual hours are 380 @ Rs. 1.25 per hour, the labour rate variance is
  1. Rs. 20(Favourable)
  2. RS.25(FAVOURABLE)
  3. RS. 100(Adverse)
  4. RS. 95 (Adverse)
  5. None of these
Question: 2084   Labour efficiency variance in the above Q.3.10 is
  1. RS. 20(Favourable)
  2. RS. 25(Favourable)
  3. RS. 100 (unfavourable)
  4. RS. 95 (unfavourable)
  5. None of these
Question: 2092   in standard costing, the material price variance is obtained by multiplying the
  1. actual price by the difference between actual quantity purchased and standard quantity allowed
  2. actual quantity consumed by the difference between actual price and standard price
  3. standard price by the difference between standard quantity purchased and standard quantity allowed
  4. standard quantity by the difference between actual price and staneard price
Question: 2101   if actual material cost is 900 units at Rs. 8 per unit and standard material cost in 1,000 units at RS. 6 per unit, the material cost variance is
  1. RS. 2,400 (Favourable)
  2. RS. 2,400(Adverse)
  3. rs. 1,200 (Favourable)
  4. RS. 1,200 (Adverse)
Question: 2102   The material price variance in the above Q. 3.13 is
  1. RS. 600(Favourable)
  2. RS. 1,200(Adverse)
  3. RS. 1,800(Adverse)
  4. RS. 2,400(Favorable)
Question: 2103   Material usage variance in the above Q. 3.13 is
  1. RS.600(Favourable)
  2. Rs. 1,000(Adverse)
  3. RS. 1,800(Adverse)
  4. rs. 2,400(Favourable)
Question: 2106   standard costing will produce the same financial statement results as actual or conventional costing when standard cost variances are distributed to
  1. cost of goods sold
  2. income or Expense account
  3. cost of goods sols and inventory
  4. a balance sheet account
Question: 2107   Material mix variance is a sun-variance of
  1. Material cost variance
  2. Material price variance
  3. Material quantity variance
  4. Material yield variance
Question: 2109   Material cost variance is RS. 550(A) and material price variance RS. 150(F), the material usage variance should be
  1. RS. 400(A)
  2. RS. 700(A)
  3. RS. 400(F)
  4. RS. 700(F)

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
2072 . A       2077 . C       2080 . B       2082 . D       2084 . A       2092 . B       2101 . D       2102 . C       2103 . A       2106 . C       2107 . C       2109 . B      

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