Cost Accounting Important Multiple Choice questions (MCQs) B.COM (Hons) : Gauhati University Cost Accounting Important MCQS, Dibrugarh University Cost Accounting Important MCQS, Ravindranath Tagore University Cost Accounting Important MCQS,Cost Accounting Important Multiple Choice Questions Answers.
In this article you will get very very important Cost Accounting Unit-5 Book Keeping In Cost Accounting MCQs for B.com (Hons). Which can be Very Useful for scoring a good marks in your Semester & Sessional Exams Conduct by Colleges/Universities.
COST ACCOUNTING MCQS
UNIT 6
BOOK KEEPING IN COST ACCOUNTING
Q.1 (A): Fill in the blanks with most appropriate word :
(1) In Reconciliations statements, incomes shown only in financial accounts are_____.
Ans: Added to costing profit
(ii) In Reconciliations statement, expenses shown only in cost accounts are_____.
Ans: Added to costing profit
(iii) In Reconciliations statements, overheads over-recovered in cost accounts are______.
Ans: Deducted from costing profit
(iv) In Reconciliations statements, overheads under-recovered in cost accounts are_____.
Ans: Added to financial profit
(v) National remuneration to owner is expense debited only in_____.
Ans: Cost Accounts
(vi) All the transactions relating to materials are recorded in_____.
Ans: Store Ledger Control Account
(vii) The net balance of_____represents net profit or net loss.
Ans: Costing profit and loss account
(viii) Under integrated accounting system, the accounting entry for payment of wages is debit to______ and credit to cash.
Ans: Wages control Account
(ix) Purchase of materials for special job is debited to______account.
Ans: Work-in-Progress control
(x) For recording depreciation charges on machinery under integral accounting_____, overhead is debited and______is credited.
Ans : Production, machinery
(xi) In _____Ledger, an account is maintained for each job.
Ans: Work-in-Progress
Q1(B): State whether the following statements are 'True' or 'False' :
(i) Costing profit and Loss account includes all items of financialnature.
Ans : False
(ii) Integration of cost and financial accounts can be done by Third Entry System.
Ans: True
(iii) There is no need for the preparation of Reconciliation statement under integrated accounting.
Ans: True
(iv) There is only one figure of profit under integral accounting system.
Ans: True
(v) The purpose of cost control accounts is to control the cost of production.
Ans: False
(vi) Notional interest on owner's capital appears only in financial profit and loss account.
Ans : False
(vii) Goodwill written, off appears only in cost accounts.
Ans : False
(viii) Overheads are taken on estimated basis in financial accounts.
Ans : False
(ix) Cost Ledger control account makes the cost Ledger Self balancing.
Ans: True
(x) Cost control accounts are prepared on the basis of double entry system.
Ans: True
(xi) The balancing in costing profit and loss account represents under or over absorption of overheads.
Ans : False
QI(C): Choose the correct alternatives:
(i) In Reconciliation statement expenses shown only in financial accounts are:
(a) Added to financial profit
(b) Deducted from financial profit
(c) Ignored
(d) Added to costing profit
Ans: (a) Added to financial profit
(ii) In Reconciliation statement expenses shown only in cost accounts are:
(a) Added to financial profit
(b) Deducted from financial profit
(c) Ignored
(d) Added to costing profit
Ans : (b) Deducted from financial profit
(iii)In Reconciliation statement, transfer to reserve are :
(a) Added to financial profit
(b) Deducted from financial profit
(c) Ignored
(d) Added to costing profit
Ans: (a) Added to financial profit
(iv) In Reconciliation statement, incomes shown only in financial accounts are:
(a) Added to financial profit
(b) Deducted from financial profit
(c) Ignored
(d) Added to costing profit
Ans : (b) Deducted from financial profit
(v)Integral accounts eliminate the necessity of operating:
(a) Cost Ledger control account
(b) Store Ledger control account
(c) Overhead adjustment account
(d) None of the above
Ans : (a) Cost Ledger control account
(vi) What will be the accounting entry for absorption of factory overhead?
(a) Work-in-progress control A/c
To Factory Overhead Control A/e
(b) Factory Overhead Ale Dr.
To Factory Overhead Control Ale
(c) No Entry is required.
Ans : (a) Work-in-progress control A/c Dr.
To Factory Overhead Control A/c
(vii) Which of the following is not a notional cost item:
(a) Rent of own premises
(b) Salary of the entrepreneur
(c) Interest on own capital
(d) None of the above
Ans: (b) Salary of the entrepreneur
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