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Accounting Principles & Procedures MCQs (Set-II) for all Competitive Exams

Accounting Principles & Procedures MCQs (Set-II) for all Competitive Exams

What does the certification CA stand for (in Canada)?
(a) Accrued revenue
(b) Chartered Accountant
(c) All of the above
(d) Nome of the above
Answer: b

When you have yet to bill a customer for services rendered and have not received the money in the same financial period that the service was performed, then the transaction is recorded as a(n) ________ (assume accrual basis of accounting)?
(a) accrued revenue
(b) accrued expense
(c) unearned revenue
(d) prepaid expense
Answer: a

What are internal controls designed to do?
(a) only safeguard assets
(b) only ensue accurate accounting records
(c) only achieve maximum revenue
(d) safeguard assets and optimize the use of resources
Answer: d

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

Cost Accounting MCQs (Set-II)

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

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

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

The difference over the period of time between actual and applied FOH will usually be minimal when the predetermined overhead rate is based on:
(a) Normal capacity
(b) Designed capacity
(c) Direct Labor hours
(d) Machine hours
Answer: a

The cost of goods sold was Rs. 240,000. Beginning and ending inventory balances were Rs. 20,000 and Rs. 30,000, respectively. What was the inventory turnover?
(a) 8.0 times
(b) 12.0 times
(c) 7.0 times
(d) 9.6 times
Answer: d

By using table method where—————- is equal, that point is called Economic order quantity.
(a) Ordering cost
(b) Carrying cost
(c) Ordering and carrying cost
(d) Per unit order cost
Answer: c

A cost unit is
(a) The cost per hour of operating a machine
(b) The cost per unit of electricity consumed
(c) A unit of product or services in relation to which costs are ascertained
(d) A measure of work output in a standard hour
Answer: c

Loss by fire is an example of:
(a) Normal Loss
(b) Abnormal Loss
(c) Incremental Loss
(d) Cannot be determined
Answer: a

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