Previous Year Solved Question Papers

Previous Year Solved Question Papers

MCQs on Cost Accounting -19

1. In case of materials the key factor may be.

(A) Insufficient advertising
(B) restrictions imposed by quota
(C) low market demand
(D) shortage of power



2. The budget which commonly takes the form of budgeted profit and loss account and balance sheet is

(A) cash budget
(B) master budget
(C) flexible budget
(D) fixed budget



3. Standard cost is a …………..cost

(A) Predetermined
(B) historical
(C) actual
(D) final



4. The limitations of …………………………has led to the development of standard costing system.

(A) Historical costing system
(B) cost accounting
(C) management accounting
(D) none of these



5. Standard costing is more widely applied in…………………industries.

(A) Process and engineering
(B) jobbing industries
(C) construction industry
(D) all of these



6. Three types of standards are…………..

(A) Expected standard, ideal standard and current standard 
(B) Currency standard, basel standard and actual standard
(C) Actual standard, estimated standard and expected standard
(D) Current standard, basic standard and normal standard



7. The deviation of the actual cost or profit or sales from the standard cost or profit or sale is known as …………

(A) Difference
(B) Variance
(C) Discrepancy
(D) Inconsistency



8. Management by exception is exercising control over………..

(A) Costs
(B) Favourable items
(C) Unfavourable items
(D) all of these



9. Material price variance is the difference between standard and actual prices of materials used multiplied by………………..

(A) Actual quantity of materials used
(B) Budgeted quantity of materials used
(C) Standard quantity of materials used
(D) Either a or b



10. Labour cost variance is the difference between standard cost of labour and ………..

(A) Budgeted cost of labour
(B) Estimated cost of labour
(C) Actual cost of labour
(D) None of these




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