Q. Loss which unavoidable on account of inherent nature of production processes is
✅ Correct Answer: (B)
Normal loss
Cost Accounting MCQs and Notes
Q. The sum of value of work certified and uncertified appearing in the contract account is called
✅ Correct Answer: (A)
Work in process
Q. Work which has been done but not certified is called
✅ Correct Answer: (A)
Work uncertified
Q. The determination of EBQ is influenced by the following factors:
✅ Correct Answer: (D)
All of the above
Q. Batch costing is a form of specific order/job costing where the cost per unit is ascertained by _________ the total cost of a batch by the number of items produced in that batch.
✅ Correct Answer: (D)
adding
Q. The first step in a job order cost procedure is
✅ Correct Answer: (D)
Receiving an enquiry
Q. Each job has a ______ prepare for it that bears the job number and which is used to collect all cost data relating to job.
✅ Correct Answer: (B)
Job Cost Card
Q. Contract costing is specialized system of job costing applies to _____ contracts.
✅ Correct Answer: (C)
Long-term
Q. The sum of value of work certified and uncertified appearing in the Contract Account is called
✅ Correct Answer: (A)
Work in Progress