Cost and Works Accounting 1 MCQs and Notes

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📊 Cost and Works Accounting 1
Q. __________ is based on information gathered and analyzed about demand and supply. this forecast provides a prediction of short and long term prices and the underlying reasons for those trends.
  • (A) Sales forecast
  • (B) Consumer price index
  • (C) Production forecast
  • (D) Price forecast
💬 Discuss
✅ Correct Answer: (A) Sales forecast
📊 Cost and Works Accounting 1
Q. Fixed price and incentive type contracts place responsibility for performance and financial risks associated with delay or non-performance on the:
  • (A) Contractor
  • (B) Owner
  • (C) Lending institution
  • (D) Project manager
💬 Discuss
✅ Correct Answer: (A) Contractor
📊 Cost and Works Accounting 1
Q. Cost reimbursable contracts are equivalent to:
  • (A) Progress payment contracts
  • (B) Extra work order contracts
  • (C) Cost plus contracts
  • (D) Fixed price contracts
💬 Discuss
✅ Correct Answer: (C) Cost plus contracts
📊 Cost and Works Accounting 1
Q. Which contract type should be used by the owner on a high risk project?
  • (A) Cost plus percentage of cost
  • (B) Cost plus incentive fee
  • (C) Lump sum
  • (D) Fixed price plus incentive fee
💬 Discuss
✅ Correct Answer: (C) Lump sum
📊 Cost and Works Accounting 1
Q. __________ is a formal invitation to submit a price for goods and / or services as specified.
  • (A) Request for quotation
  • (B) Bid response
  • (C) Intention to bid
  • (D) Request for proposal
💬 Discuss
✅ Correct Answer: (D) Request for proposal
📊 Cost and Works Accounting 1
Q. __________ is a register of suppliers invited to submit bids for goods / services as specified.
  • (A) Procurement invitation
  • (B) Bid list
  • (C) Resource identification
  • (D) Supplier's rankings
💬 Discuss
✅ Correct Answer: (B) Bid list
📊 Cost and Works Accounting 1
Q. A purchasing operation does not contain this classification of work?
  • (A) Management
  • (B) Buying
  • (C) Follow-up and expedition
  • (D) Marketing
💬 Discuss
✅ Correct Answer: (D) Marketing
📊 Cost and Works Accounting 1
Q. There are four methods of government procurement. Which is not one of these methods?
  • (A) Assistance
  • (B) Sealed bidding
  • (C) Competitive proposals
  • (D) Acquisition
💬 Discuss
✅ Correct Answer: (D) Acquisition
📊 Cost and Works Accounting 1
Q. Which is not a consideration in a make or buy decision?
  • (A) Cost factors
  • (B) Sales volume
  • (C) Existence of sufficient administrative / technical personnel
  • (D) Political and social factors with the organization
💬 Discuss
✅ Correct Answer: (B) Sales volume
📊 Cost and Works Accounting 1
Q. The Bid Evaluation process is characterized by all of the following activities except?
  • (A) Evaluation of suppliers financial resources
  • (B) Ability to comply with technical specifications
  • (C) Delivery schedule and cost factors
  • (D) Competitors method of sourcing
💬 Discuss
✅ Correct Answer: (D) Competitors method of sourcing

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