Cost Accounting

Q 21. The basis of collection of costs are:-

(A) Materials
(B) Wages
(C) Overheads
(D) All of these
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Q 22. Under which method costs are collected & accumulated for each job: -

(A) Job Costing
(B) Contract Costing
(C) Batch Costing
(D) None of these
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Q 23. The costing method which can be used in industry where the product passes through different processes is known as

(A) Job costing
(B) Operating costing
(C) Batch costing
(D) Process costing
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Q 24. Under this method, homogeneous products are taken as cost unit

(A) Job
(B) Contract
(C) Batch
(D) Process
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Q 25. In this type of costing works are carried out at factory premises:

(A) Job
(B) Contract
(C) Batch
(D) Process
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Q 26. Over valuation of ________ in cost accounts is deducted to costing profit to find out financial profit.

(A) Closing stock
(B) Opening stock
(C) Factory OH
(D) Office OH
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Q 27. A statement prepared to provide detailed cost of a cost centre or cost unit is

(A) Cost account
(B) Cost sheet
(C) Reconciliation statement
(D) Profit & loss a/c
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Q 28. Absorption means

(A) Charging of overhead to cost centres
(B) Charging if overhead to cost units
(C) Charging of overhead to cost centres or units
(D) None of the above
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Q 29. Departmentalization of overhead is

(A) Secondary distribution
(B) Primary distribution
(C) Absorption
(D) Allocation
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Q 30. Which of the following is variable cost?

(A) Salaries of higher officers
(B) Prime cost
(C) Insurance cost
(D) Repair cost
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