Accounting Practice MCQ Page 6
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: 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
Question: 1176 Which of the following is an accounting record
- Bill of Material
- Bin card
- stores ledger
- All of these
Question: 1180 Which of the following documents is used for issuing materials to productions departments
- purchase Requisition Note
- stores Requisition note
- Goods Received Note
- stores Credit Note
Question: 1183 Which of following is considered to be a normal loss of materials
- Loss due to accidents
- pilferage
- Loss due to breaking the bulk
- Loss due to careless handling of materials
- All of these
Question: 1186 According to which of the following methods of pricing, issues are close to current economic values
- Last-in-first-out price
- First-in-first-out price
- Highest-in-first-out price
- Weighted average price
Question: 1187 in which of the following methods of pricing costs lag behind the current economic values
- Last-in-first-out price.
- first-in -first-out price.
- Replacement price.
- Weighted average price.
Question: 1192 Which of the following methods of stock control aims at concentrating efforts on selected items of materials
- perpetual inventory system
- Materials turnover
- Maximum, minimum and re-order level setting
- ABC analysis
Question: 1193 in base stock method of pricing the material issues, the term base stock represents the
- Quantity of stock being issued
- stock in balance
- Minimum stock
- Maximum stock
Question: 1194 Which of the following items of cost should NOT be treated as NOT be treated as direct material
- Electricity representing 90% of the total cost
- Sand paper used in production
- Thread used in stitching garments
- All of the above
Question: 1195 Continuous stock-taking is a part of
- Annual stock-taking
- Perpetual inventory system
- ABC analysis
- periodic inventory system
Question: 1197 The classification of items in ABC analysis is made on the basis of
- Investment value of materials
- Consumption value of materials
- Quantity of materials consumed
- All of these
Answers to the questions of Accounting on this page
Following list gives the correct choice for the answer of the Accounting mcqs.
1172 . A
1174 . A
1176 . C
1180 . B
1183 . C
1186 . A
1187 . B
1192 . D
1193 . C
1194 . D
1195 . B
1197 . D
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