Cash Book MCQs – CSS Times

Cost Accounting MCQs (Set-II) | for FPSC and all other One Paper MCQs Tests

Direct material opening inventory add net purchases is called
(a) Material consumed
(b) Material available for use
(c) Total material purchased
(d) Material ending inventory
Answer: b

Which of the following is to be called product cost
(a) Material cost
(b) Labor cost
(c) FOH cost
(d) All of these
Answer: d

Which of the following cannot be used as a base for the determination of overhead absorption rate?
(a) Number of units produced
(b) Prime cost
(c) Conversion cost
(d) Discount Allowed
Answer: d

A Blanket Rate is:
(a) A single rate which used throughout the organization departments
(b) A double rates which used throughout the organization departments
(c) A single rates which used in different departments of the organization
(d) None of the given options
Answer: a

Journal, Ledger & Cash Book MCQs for FPSC and other related One Paper MCQs Tests

1. The process of recording is done
(a) Two times a year
(b) once a year
(c) Frequently during the accounting period
(d) At the end of a accounting period

2. The act of transferring the information from the General Journal to the General Ledger is called what?
(a) Posting
(b) Journalizing
(c) Transferring
(d) Pasting

3. What is a firm’s payment to a supplier for merchandise inventory recorded in?
(a) sales journal
(b) cash receipts journal
(c) purchases journal
(d) cash disbursements journal

4. Where are amounts owed by customers for credit purchases found?
(a) accounts receivable subsidiary ledger
(b) sales journal
(c) accounts receivable journal
(d) general ledger

5. Which of the following transactions is not recorded in the cash receipts journal?
(a) expensing prepaid rent
(b) receipt of customer payments
(c) borrowing money from a bank
(d) sale of equipment for cash