Question with Answer Commerce
1. The main object of cost accounting is:
A. To record day to day transactions of the business
B. To reve managerial efficiency
C. To ascertain true cost of products and services
D. To determine tender price
Answer : C
2. Cost accounting emerged mainly on account of:
A. Statutory requirements
B. Competition in the market
C. Labour unrest
D. Limitations of financial accounting
Answer : D
3. Advantage of cost accounting accrue:
A. Only to workers
B. Only to government
C. Only to consumers
D. To management, workers, consumers and government
Answer : D
4. Cost accounting is applied to:
A. Public undertakings only
B. Large business enterprise only
C. Small business concerns only
D. Manufacturing and service concern
Answer : D
5. Marginal costing is concerned with :
A. Fixed cost
B. Variable cost
C. Semi-variable cost
D. None of the above
Answer : B
6. ............... Is a person or item for which cost may be ascertained.
A. Cost unit
B. Cost centre
C. Cost object
D. Cost estimation
Answer : B
7. Salary paid to factory manager is an item of:
A. Prime cost
B. Factory overhead
C. Selling overhead
D. Office overhead
Answer : B
8. ............ Cost refers to those cost which have already been incurred and cannot be altered by any decision in the future.
A. Opportunity cost
B. Sunk cost
C. Incremental cost
D. Decrement cost
Answer : B
9. Amortization of intangible Asset such as Goodwill which has indefinite life is an example of accounting concept:
A. Conservatism Concept
B. Continuity Concept
C. Realisation Concept
D. Measurement Concept
Answer : A
10. If loan have been guaranteed by managers and directors is called as:
A. Loan
B. Unsecured Loan
C. Secured Loan
D. Advance by Manager & Director
Answer : C
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