Below Costing quiz are Multiple Choice Questions (MCQs) type Quiz. These Costing MCQ Questions helps you to refresh your Costing, you can see the correct option by clicking on it. .
1. The loss which arises due to abnormal circumstances is _____ loss.
Normal
abnormal
net
gross
2. Normal Output is calculated as __________.
Input less Abnormal Loss
Input less Normal Loss
Input less Abnormal Gain
Input add Abnormal Loss
3. Work certified is valued in term of ________ .
contract price
degree of completion
retention amount
cash paid by contractee.
4. The cost incurred prior to the point of separation of the joint or by-products are termed as _______.
process cost
joint cost
main cost
separable cost
5. Contribution margin is also known as
Marginal income
Gross Profit
Net Profit
All of the above
6. Scrap value of normal loss is _____ to process account.
debited
credited
ignored
not recorded
7. Sale of scrap is _____ to contract A/c.
debited
credited
omitted
recorded
8. According to CIMA, England, “the technique and process of ascertaining cost” is called
Costing
Cost Accounting
Cost Accountancy
Cost
9. The main function of cost accounting is _______ reporting
Internal
External
10. A manager can be blamed for _____ adverse variance.
controllable
non controllable
improvement in quality
reduction in cost
11. In Contract Costing, work uncertified is valued at _____.
contract price
sale price
residual price
cost price
12. P/V Ratio is an indicator of
the measurement of rate at which goods and services are bought and sold
the measurement of change in profit due to change in volume of sales
the measurement of volume of profit to be earned
None of the above
13. Object of _____ is to protect the interest of contractor.
contract
escalation
de-escalation
retention
14. When fixed cost is Rs.20,000 and P/V Ratio is 40%, the breakeven point will be