Online MCQ Assignment Answer

Study Online MCQ Assignment Answer for your amity mba bba courses, ignou mba, imt cdl, smu and upes management program. This is important online mcq question answer for various distance learning program.

QN1: ABC technique refers to … based costing.

a. Average

b. Abnormal

c. Activity

d. Absorption

Answer

Answer: c. Activity

QN2: The fixed cost which cannot be avoided during the temporary closure of a plant is known as … cost.

a. Closure

b. Shutdown

c. Break down

d. Stoppage

Answer

Answer: b. Shutdown

QN3: Any factor that causes a change in the cost of an activity or output. For example, the quality of parts received by an activity, or the degree of complexity of tax returns to be reviewed.

a. Cost Absorption

b. Cost Verification

c. Cost allocation

d. Cost Driver

Answer

Answer: d. Cost Driver

QN4: The cost which varies with the level of production is called … Cost.

a. Moving

b. unstable

c. Variable

d. Fixed

Answer

Answer: c. Variable

QN5: Profit centres whose expenditure are reported on a marginal cost basis, are called … centres.

a. Contributors

b. Average

c. Deposit

d. Subsidised

Answer

Answer: a. Contributors

QN6: ICWA stands for The Institute of Cost and … Accountants.

a. Waste

b. Works

c. Weightage

d. Weblink

Answer

Answer: b. Works

QN7: It is the process of absorbing the overhead costs (indirect costs)allocated to or apportioned over a particular cost centre.

a. Cost Consumprion

b. Cost Absorption

c. Cost Verification

d. Cost allocation

Answer

Answer: b. Cost Absorption

QN8: ___cost represents the indirect cost which is incurred for seeking to create and stimulate demand and securing orders.

a. Buying

b. Procurement

c. Selling

d. Opportunity Cost

Answer

Answer: c. Selling

QN9: It is the cost incurred for converting the raw material into finished product

a. Average

b. Deposit

c. Subsidised

d. Conversion

Answer

Answer: d. Conversion

QN10: Sales minus total cost is called … .

a. Margin

b. Profit

c. Contribution

d. EBIT

Answer

Answer: b. Profit

QN11: They have the capacity of contributing to the production of the revenue in the future.

a. Cost Absorption

b. Cost Verification

c. Unexpired Cost

d. Conversion Cost

Answer

Answer: c. Unexpired Cost

QN12: Any segment or element for which cost information is desired is known as … Object.

a. Cost

b. Margin

c. Profit

d. Contribution

Answer

Answer: a. Cost

QN13: Committed resources or Resources that generate cost based on the amount acquired rather than the amount used such as Buildings and equipment are termed as … Related resource.

a. Goodwill

b. Capacity

c. Asset

d. Production

Answer

Answer: b. Capacity

QN14: ___Products are a sub-category of joint products that have relatively insignificant sales values as a proportion of the value of the entire group from which they are derived.

a. Associated

b. Sub

c. By

d. Subsidised

Answer

Answer: c. By

QN15: Cost of an activity that is required or performed each time a batch of products or services is produced is called … Level cost.

a. Original

b. Net

c. Unit

d. Batch

Answer

Answer: d. Batch

QN16: The cost of testing and inspecting both the materials and finished products is…Cost.

a. Marginal

b. Appraisal

c. Appreciation

d. Unit

Answer

Answer: b. Appraisal

QN17: Cost of one more item, unit or customer.

a. Appraisal

b. Appreciation

c. Unit

d. Incremental

Answer

Answer: d. Incremental

QN18: Can be increased or decreased at the discretion of the decision maker.

a. Appraisal

b. Appreciation

c. Unit

d. Discretionary

Answer

Answer: d. Discretionary

QN19: After making deductions.

a. Net

b. Gross

c. Actual

d. Factual

Answer

Answer: a. Net

QN20: Unstated and unrecorded cost is also called … Cost.

a. Explicit

b. Implicit

c. Unit

d. Incremental

Answer

Answer: b. Implicit

QN21: Combination of budgeted profit and loss account, cash flow statement and balance sheet, created from detailed budgets brought together within a finance plan is … Budget.

a. Actual

b. Master

c. Real

d. Combined

Answer

Answer: b. Master

QN22: Investment projects that are competing for scarce resources, where choosing one eliminates another.

a. Explicit

b. Mutually Inclusive

c. Mutually Exclusive

d. Implicit

Answer

Answer: c. Mutually Exclusive

QN23: FIFO stands for First in … out.

a. First

b. Fast

c. Foremost

d. Feasible

Answer

Answer: a. First

QN24: One which is not capable of being regulated by a manager within a defined boundary of responsibility, although it may be a cost incurred so that the responsibility may be exercised.

a. Controllable

b. Adjustable

c. Fixed

d. Non-controllable

Answer

Answer: d. Non-controllable

QN25: The cost difference expected if one course of action is adopted instead of others is called … Cost.

a. Differential

b. Common

c. Unit

d. Motivated

Answer

Answer: a. Differential

QN26: In the month of January, 300 labour hours were worked for a total cost of Rs 4800. The variable overhead expenditure variance was Rs 600 (A). Overheads are assumed to be related to direct labour hours of active working. What was the standard cost per labour hour?

a. 14

b. 16

c. 18

d. 34

Answer

Answer: a. 14

QN27: An activity, output, or item whose cost is to be measured.

a. Cost Budgeting

b. Cost Audit

c. Cost Suspension

d. Cost Object

Answer

Answer: d. Cost Object

QN28: It is a fixed cost which results from decisions of prior period and is not subject to managerial control in the present.

a. Absolute

b. Absorption

c. Administratrive

d. Committed

Answer

Answer: d. Committed

QN29: A liability that is expected to be repaid within a short period of time say 9 or 12 months.

a. Capital Liability

b. Net Liability

c. Current Liability

d. Fixed Liability

Answer

Answer: c. Current Liability

QN30: The way of describing and analysing the sequence of activities that bring on product/service from initial stage of production to final stage of delivery.

a. Task determination

b. Rationing

c. Value Chain

d. budgeting

Answer

Answer: c. Value Chain

QN31: ___Cost is associated with an activity that would not be incurred if the activity were not performed.

a. Rejected

b. Accepted

c. Avoidable

d. Suspended

Answer

Answer: c. Avoidable

QN32: ___activity is performed each time a product is produced.

a. Marginal

b. Unit

c. Fixed

d. Variable

Answer

Answer: b. Unit

QN33: It is the indirect cost pertaining to the administrative function which involves formulation of policies, directing the organisation and controlling the operations of an undertaking is … Cost.

a. Abnormal

b. Absolute

c. Absorption

d. Administratrive

Answer

Answer: d. Administratrive

QN34: The sales of a business or other form of revenue from operations of the business.

a. Profit

b. Contribution

c. Turnover

d. Margin

Answer

Answer: c. Turnover

QN35: Any materials that have no value.

a. Waste

b. Junk

c. Both

d. None

Answer

Answer: a. Waste

QN36: An agenda, layout, blue print or a plan setting out the actions and resources needed to achieve a stated objective of the long-term plan.

a. Consideration

b. Strategy

c. Thinktank

d. Planning

Answer

Answer: d. Planning

QN37: It is the total cost of any product or process. For e.g.: in a costsheet, both absolute cost and cost per unit are depicted.

a. Average

b. Abnormal

c. Absolute

d. Absorption

Answer

Answer: c. Absolute

QN38: A fixed cost which increases in steps over a period of several years.

a. Absolute

b. Absorption Cost

c. Budgeted

d. Step Cost

Answer

Answer: d. Step Cost

QN39: The amount of work achievable, at standard efficiency levels, in one hour.

a. Standard Hour

b. Non-Standard Hour

c. Fixed Hour

d. Incremental Hour

Answer

Answer: a. Standard Hour

QN40: Those future costs which will be affected by a decision to be taken are … Costs.

a. Relevant

b. Irrelevant

c. Incremental

d. Judgemental

Answer

Answer: a. Relevant