(A) FIFO
(B) Weighted average method
(C) Most recent price method
(D) LIFO
Category: Accounting Mcqs
Users will find here Accounting Mcqs for NTS, CSS, PMS, PPSC, FPSC, KPPSC, AJKPSC, BPSC, PTS, SPSC, Lecturer Commerce and all other types of Commerce related, Competitive Exams and Interviews. Commerce students can prepare their Accounting Portion for all test from here.
The combination of direct material and direct labor is?
(A) Total production Cost
(B) Prime Cost
(C) Conversion Cost
(D) Total manufacturing Cost
The main purpose of cost accounting is to:
(A) Maximize profits.
(B) Help in inventory valuation
(C) Provide information to management for decision making
(D) Aid in the fixation of selling price
When a manufacturing process requires mostly human labor and there are widely varying wage rates among workers, what is probably the most appropriate basis of applying factory costs to work in process?
(A) Machine hours
(B) Cost of materials used
(C) Direct labor hours
(D) Direct labor dollars
The cost expended in the past that cannot be retrieved on product or service?
(A) Relevant Cost
(B) Sunk Cost
(C) Product Cost
(D) Irrelevant Cost
A disadvantage of an hourly wage plan is that it:
(A) Provides no incentive for employees to achieve and maintain a high level of production.
(B) Is hardly ever used and is difficult to apply.
(C) Establishes a definite rate per hour for each employee.
(D) Encourages employees to sacrifice quality in order to maximize earnings.
Which of the following represents a CVP equation?
(A) Sales = Contribution margin (Rs.) + Fixed expenses + Profits
(B) Sales = Contribution margin ratio + Fixed expenses + Profits
(C) Sales = Variable expenses + Fixed expenses + profits
(D) Sales = Variable expenses –Fixed expenses + profits
Percentage of Margin of Safety can be calculated in which one of the following ways?
(A) Based on budgeted Sales
(B) Using budget profit
(C) Using profit & Contribution ratio
(D) All of the given options