Accounting Practice MCQ Page 5

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: 1117 Cost of goods sold includes

cost of production and work-in-progress
cost of production and finished goods inventory
cost production, work-in-progress and finished goods invetory

Question: 1123 An overstatement of work-in-progress at the end of a period will

overstate cost of goods produced
understate current assets
understate gross profit
overstate net profit

Question: 1126 Conversion cost is equal to the total of

material cost and indirect wages
material cost and indirect wages
direct wages and factory overhead
material cost and factory overhead

Question: 1127 Multiple costing method is used in

oil refinery
car manufacturing company
sugar mill
multi-product company

Question: 1128 Toy manufacturing company should use

unit costing
job costing
batch costing
multiple costing

Question: 1129 Electricity generating company should use

unit costing
process costing
batch costing
multiple costing

Question: 1130 Job costing is used in

paper mills
chemical works
printing press
textile mill

Question: 1131 Output costing is employed in

mining quarries
steel production
brick kilns
all of these

Question: 1132 Contract costing is used in

ship-building
aeroplane industries
automobile industries
none of these

Question: 1167 Direct material is a

Fixed cost
variable cost
semi variable cost

Question: 1172 Direct material is a

manufacturing cost
Administration
Selling and distribution cost
Any of the above

Question: 1174 In manufacturing industries, the most important element of cost is

Material
Labour
Overheads

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
1117 . B 1123 . D 1126 . C 1127 . B 1128 . C 1129 . D 1130 . C 1131 . D 1132 . A 1167 . B 1172 . A 1174 . A

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Accounting Practice MCQ Page 5

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