(A) A standard time is set for the completion of a job
(B) If the time taken is greater than the time allowed, the workers in the group receive time wages
(C) If the time taken is less than the time allowed, the group receives a bonus on time saved
(D) If the time taken is greater than the time allowed, the workers in the group receive time deductions for extra hours
Tag: Accounting Mcqs
A Blanket Rate is:
(A) A single rate which used throughout the organization departments
(B) A double rates which used throughout the organization departments
(C) A single rates which used in different departments of the organization
(D) None of the given options
Which of the following is to be called product cost?
(A) Material cost
(B) Labor cost
(C) FOH cost
(D) All of the given options
Direct material opening inventory add net purchases is called?
(A) Material consumed
(B) Material available for use
(C) Total material purchased
(D) Material ending inventory
Which of the following costs is part of the prime cost for manufacturing company?
(A) Cost of transporting raw materials from the suppliers premises
(B) Wages of factory workers engaged in machine maintenance
(C) Depreciation of truck used for deliveries to customers
(D) Cost of indirect production materials
__ are future costs that effect the current management decision?
(A) Sunk Cost
(B) Standard Cost
(C) Relevant Cost
(D) Irrelevant Cost
Cost accounting concepts include all of the following EXCEPT:
(A) Planning
(B) Controlling
(C) Sharing
(D) Costing
Which of the following cannot be used as a base for the determination of overhead absorption rate?
(A) Number of units produced
(B) Prime cost
(C) Conversion cost
(D) Discount Allowed