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Bachelors in commerce
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An E- Book of MCQ’s (Multiple Choice Questions) on
For
T.Y.B
DR. MADHAVI JADHAWRAO DR. NALE BHAGYASHREE DR. SWATI SHINDE DR. SUCHETA DALAVI
KSHITIJA PUBLICATION, Pune
Sec. 28 Sarthak Apartment, Front of RM College Akurdi Pune 411 044 Mo. No: 9922836391/ 9423488805 E-Mail ID: kshitijapublication@gmail
As Per MCQ Based Examination Oct. 2020
An E-Book on MCQ (Multiple Choice Questions)
: Authors:
DR. MADHAVI S. JADHAWRAO (M.,M.(Eco), B, M, SET,G.D.& A, Ph ) Assistant Professor, Pune District Education Association‟s Waghire College, Saswad- Pune
DR. BHAGYASHREE R. NALE (M, M, SET, NET, Ph)** Assistant Professor, Pune District Education Association‟s Waghire College, Saswad- Pune
DR. SWATI BABURAO SHINDE (M, M, Ph)** Assistant Professor Pune District Education Association‟s Mamasaheb Mohol College, Kothrud, Pune.
DR. SUCHETA DALAVI (M, B, NET, MBA, Ph)** Assistant Professor Khadki Education Society‟s Tikaram Jagannath College Khadki, Pune.
KSHITIJA PUBLICATION, Pune
T.Y.B
DR. BHAGYASHREE R. NALE (M, M, SET,NET,Ph) She is currently working as an Assistant Professor in Pune District Education Association's Waghire College, Saswad. She has 15 years experience of teaching Subjects like Business Mathematics & Statistics, Accountancy, Business Management, Business Communication, Business Administration and Cost and work Accounting. She has also published research papers at National and International Conference.
KSHITIJA PUBLICATION, Pune Sec. 28 Sarthak Apartment, Front of RM College Akurdi Pune 411 044 Mo. No: 9922836391/ 9423488805 E-Mail ID: kshitijapublication@gmail
DR. MADHAVI S. JADHAWRAO (M.,M.(Eco), B, M, SET,G.D.& A, Ph ) She is currently working as Asst. Professor in Pune District Education Association‟s Waghire College, Saswad. She has passed B& M with specialization in “Cost & Works Accounting”. She has completed her Ph. in the Subject of Commerce & Management in year 2015. She has 18 years experience of teaching subjects like Business Mathematics & Statistics, Business Management, and Business Administration. She is awarded as “Best Teacher”. She is author of various text books like Business Mathematics & Statistics, Consumer Protection & Business Ethics, and Marketing. She has published Research papers at National & International conference.
DR. SWATI BABURAO SHINDE (M, M, Ph) She is currently working as an Assistant Professor in Pune District Education Association‟s Mamasaheb Mohol College, Kothrud, Pune. She has an 17 year‟s experience of teaching subjects like Accountancy, Business Mathematics, Business Regulatory frame work, Cost & Works accounting. She is the author of various books of Basic accounting, Financial Accounting and Corporate Accounting. She has also presented and published research papers at National and International level. DR. SUCHETA DALVI (M, B, NET, MBA, Ph) She is currently working as an Assistant Professor in Khadki Education Society‟s Tikaram Jagannath College Khadki, Pune. She has passed M with specialization in „Advanced Accountancy and Costing‟. She has 15 years‟ experience of teaching subjects like Accountancy, Business Mathematics, Business Regulatory frame work, Cost & Works accounting. She has also presented and published research papers at National and International level.
(Overheads and Methods of Costing)
- 1 Overheads 02 - Sr. No. Topic Title Page No.
- 2 Accounting of overheads (Part-I) 06 -
- 3 Accounting of overheads (Part-II) 11 -
- 4 Activity Based Costing 16 -
- 5 Methods of Costing 20 -
- 6 Contract Costing 24 -
- 7 Process Costing 28 -
- 8 Service Costing 32 -
- Sales and distribution costs include______ A. Wages of helpers in factory. B. Advertising costs and other marketing costs C. Legal expenses D. Taxes & Insurance of factory
7. Dividing shared costs on a fair basis is called _________ of the cost. A. Allocation B. Apportionment C. Absorption D. Sharing
Prime cost plus a share of production overheads are the_____ A. Full production cost of the cost unit B. Fully absorbed production cost of the cost unit C. Marginal cost of the cost unit D. Both A&B
Costs that become part of the cost of goods manufactured are called______ A. Product costs B. Prime cost C. Period costs D. Unit costs
10. Cost pertaining to a cost centre maybe broadly divided into two portions that are __________ A. Direct and indirect B. Variable & Semi-variable cost C. Fixed & Variable cost D. Fixed & Semi-variable cost
11. A cost is termed as _______ if the total of the same does not change with changes in the activity level. A. Fixed cost B. Variable cost C. Semi-variable cost D. Fixed & Variable cost
12. Any expenditure over and above _______ is known as overhead. A. prime cost B. Manufacturing cost C. Production cost D. Process cost
13. Wages of store keeper is an example of __________ A. Factory overheads B. Office overheads C. Selling overheads D. Indirect Wages
14. Salary to works manager is an example of __________ A. Factory overheads B. Office overheads C. Selling overheads D. Indirect Wages
15. Warehouse expenses is an example of _______ A. Distribution overhead B. Office overheads C. Research & Development expenses D. Factory overheads
Topic-2: Accounting of Overheads (I)
1. In _______ reapportionment of the overhead cost of one service department is apportioned to another service department. A. Simultaneous Equation method B. Repeated Distribution method C. Trial and error method
2. The Basis of apportionment of creche expenses is _______ A. Number of female employees B. Number of male employees C. Number of employees D. Both A & B
3) The Basis of apportionment of lighting is _________ A. Floor Area occupied by the department B. Machine value C. Time of supervision D. Actual allocation
4) The Basis of apportionment of Supervisory labour is _____ A. Number of labours B. Time of supervision C. Number of machine hours D. Another reasonable basis
5. In case of under absorption under absorbed production overhead are to be _______ to the cost of various categories. A. Deducted B. Added C. Ignored D. Carry forward
6 the amount of under or over absorbed overhead is not very large then ______ Method is used. A. Write off to costing profit and loss account B. Carry over to next accounting period C. Supplementary rate
7 process of apportioning the total overhead expenses of production department among the units produced in that department is term as____ A. Overhead absorption B. Apportionment of overhead C. Allotment of overhead 8. Overhead absorption is also called as ______ A. Overhead recovery B. Allotment C. Apportionment of overhead D. Allocation of overhead 9. Which of following is disadvantage of direct labour hour rate method? A. The rate takes into account the time factor B. It is suitable when most of the work is done by labour C. It is not affected by the method of wage payment D. More clerical work is involved in determination of rate
10. Which of the following is not advantage of percentage of direct labour cost method? A. It is simple and less costly B. Labour rate do not fluctuate much C. The time factor is given fair consideration D. It does not provide for varying skills of workers
11. If the material cost is predominant ______ is used. A. Direct material cost percentage rate method B. Prime cost percentage rate method C. Direct labour hour method D. Direct labour hour method
17. ________ deals with whole items of costs. A. Allocation B. Apportionment C. Classification D. Codification
18. When overhead cannot be _______ it is_______ A. Allocated, apportioned B. Apportioned, allocated C. Classified, allocated D. Distributed classified
19. Which of the following is not an example of production department? A. Spinning department B. Polishing department C. melting shop D. Production control department
20. Which of the following is not an example of service department? A. Finishing department B. Inspection department C. Canteen D. Production control department
21. The Basis of apportionment of store keeping expenses is______ A. Value of direct material B. Weight of direct material C. Floor area occupied D. Insured value of stock
22. The Basis of apportionment of compensation to worker is ______ A**. Wages** B. Number of workers C. Machine hours D. Labour hours
6. When the company is selling one uniform type of product _______ method is suitable. A. Rate per unit B. Percentage on factory cost C. Percentage on selling price D. Percentage of prime cost method
7. If overhead incurred rupees 15000 and overhead absorbed rupees ______then there is under absorption of rupees 900. A. 14100 B. 15900 C. 15000 D. 900
8. The difference between actual and absorbed factory overhead is called ______ A. Under absorbed overheads B. Over absorbed overheads C. Under or Over absorbed overheads
9. Which of the following rate is determined on the basis of budgeted overhead? A. Predetermined rate B. Blanket rate C. Multiple rate D. Actual rate
10 of the following general overhead rate applicable to the whole factory? A. Predetermined rate B. Blanket rate C. Multiple rate D. Actual rate
11. When the amount of under or over absorbed overhead is quite large then _______ method is used. A. Write off to costing profit and loss account B. Carry over to next accounting period C. Supplementary rate
12. In case of new projects, more output in the next period(s) then that in initial stages is expected _______ Method is used. A. Write off to costing profit and loss account B. Carry over to next accounting period C. Supplementary rate
13. _______ method of absorption is followed in those industries where work is performed mainly on machines. A. Machine hour rate B. Labour hour rate C. Percentage of direct material cost D. Percentage of direct labour cost
14 _______ is computed by dividing overhead by the budgeted base. A. Predetermined overhead rate B. Actual overhead rate C. Blanket rate D. Multiple rate
15 _______ does not facility, its prompt cost ascertainment. A. Actual overhead rate B. Blanket rate C. Multiple rate D. Predetermined overhead rate
21. ______ Cannot be computed until the end of the accounting period. A. Actual overhead rate B. Blanket overhead rate C. Multiple overhead rate D. Predetermined overhead rate
Topic-4: Activity Based Costing Techniques
1. In the Activity based costing method implementation, the indirect costs are allocated by using the ______ A. No cost pool B. Sustained tracing C. Support tracing D. One or two cost pools
2. The costing system in which individual activities are identified as the cost object is considered as _______ A. Manufactured costing B. Base costing C. Activity based costing D. Allocation costing E. 3. The type of costs that cannot be traced for individual products but help in supporting the organization are classified as ______ A. Facility sustaining costs B. Individual sustaining costs C. Sustained tracing D. Support tracing
4. In the activity-based costing method implementation, the output unit level costs are classified as _______ A. Direct costs B. Indirect cost C. Labour cost D. Raw material cost
5 6093608937100149531
Course: Bachelors in commerce
University: Savitribai Phule Pune University
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