Q. The cost of ……….. process loss is absorbed in the cost of production of good units
✅ Correct Answer: (A)
Normal
Applied Cost Accounting MCQs and Notes
Q. ……………….. process loss should be transferred to costing profit and loss account
✅ Correct Answer: (B)
abnormal
Q. When the actual loss is more than the estimated loss, the difference between the two is considered to be ,………………….
✅ Correct Answer: (B)
Abnormal loss
Q. Where raw material is to pass certain stages before it is converted into finished goods, the method of costing used is ……………………
✅ Correct Answer: (B)
Process
Q. Average unit cost for each process is calculated by dividing ……………..by …………….
✅ Correct Answer: (A)
Total process cost / No.of units in process
Q. The method of costing applied in biscuit industries is …………………….
✅ Correct Answer: (A)
Jo
Q. In job costing the production is generally against customers …………………. but not for stock
✅ Correct Answer: (A)
Order
Q. Contract costing is a basic method of …………….. costing
✅ Correct Answer: (A)
Specific order costing
Q. Job costing is applied only in …………………. Concern
✅ Correct Answer: (A)
Small
Q. In a contract costing payment of cash to the contract is made on the basis of …………………………. Work
✅ Correct Answer: (A)
Certified