Q. The excess of sales over variable cost is known as ………………
✅ Correct Answer: (C)
contribution
Applied Cost Accounting MCQs and Notes
Q. A cost both containing both fixed and variable elements ………………..
✅ Correct Answer: (C)
total cost
Q. Contract account is a form of ………………….
✅ Correct Answer: (C)
Work certified
Q. In which type of contract, the contractee agrees to pay the cost of work done plus a percentage of overhead and profit
✅ Correct Answer: (A)
Fixed price contract
Q. What is the purpose of calculating EBQ ?
✅ Correct Answer: (B)
Cost plus contract
Q. Select suitable examples for batch costing
✅ Correct Answer: (D)
All of them
Q. ………………..is a modified form of job costing
✅ Correct Answer: (B)
Batch costing
Q. How many steps are there in job costing procedure?
✅ Correct Answer: (A)
5