(A) Depreciation
(B) Direct labour
(C) Variable factory overhead
(D) None of these
Tag: Accounting Mcqs
A cost center is:
(A) A unit of production in relation to which costs are ascertained
(B) A location which is responsible for controlling direct costs
(C) Any location or department which incurs cost
(D) None of these
A quantitative expression of management objectives is an:
(A) Organizational chart
(B) Management chart
(C) Budget
(D) None of these
The measureable value of an alternative use of resources is referred to as:
(A) An opportunity cost
(B) An imputed cost
(C) A sunk cost
(D) None of these
Accounting entry of closing balance can be recorded for:
(A) Income a/c and Expenses a/c
(B) Liability a/c and Owner‘s equity a/c
(C) Asset a/c and Liability a/c
(D) Liability a/c and Expenses a/c
Which of the given is CORRECT for accounting entry of closing balance of Work In Process (WIP)?
(A) WIP a/c Dr and Inventory a/c Cr
(B) Inventory a/c Dr and WIP a/c Cr
(C) WIP a/c Dr and payroll a/c Cr
(D) There is no accounting entry for closing balance of WIP
Closing balance of work In Process (WIP) is part of:
(A) Assets a/c
(B) Expenses a/c
(C) Liability a/c
(D) Owner‘s equity a/c
Which of the given statement is CORRECT for Indirect Labor?
(A) It is charged to factory over head account
(B) It is charged to work in process
(C) It is entire production
(D) It is charged to administrative expenses