Cost and Works Accounting 2 MCQs and Notes

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📊 Cost and Works Accounting 2
Q. A separate record must therefore be maintained to show the details of individual jobs. Such records are often known as job cost sheets or job cost cards.
  • (A) Correct
  • (B) Incorrect
  • (C) none
  • (D) none
💬 Discuss
✅ Correct Answer: (A) Correct
📊 Cost and Works Accounting 2
Q. Job costing is a costing method applied where work is undertaken to customers’ special requirements and each order is of comparatively short duration.
  • (A) True
  • (B) False
  • (C) none
  • (D) none
💬 Discuss
✅ Correct Answer: (A) True
📊 Cost and Works Accounting 2
Q. In a costing system, a job account is similar to a work in progress account, except that it is for one job only. In a company that specialises in jobbing work, the work in progress account is the total of all the individual job accounts.
  • (A) The above statement is correct
  • (B) The above statement is incorrect
  • (C) none
  • (D) none
💬 Discuss
✅ Correct Answer: (A) The above statement is correct
📊 Cost and Works Accounting 2
Q. In job costing each job is given a unique:
  • (A) Identity number, or job number
  • (B) Account name
  • (C) Costing system
  • (D) None
💬 Discuss
✅ Correct Answer: (C) Costing system
📊 Cost and Works Accounting 2
Q. Non-production overheads might be added to the cost of the job:
  • (A) As a percentage of the prime cost of the job
  • (B) As a percentage of the production cost of the job
  • (C) Either A or B
  • (D) None
💬 Discuss
✅ Correct Answer: (C) Either A or B
📊 Cost and Works Accounting 2
Q. A job costing system is usually based on absorption costing principles, and in addition a cost is included for non-production overheads.
  • (A) False
  • (B) True
  • (C) none
  • (D) none
💬 Discuss
✅ Correct Answer: (B) True
📊 Cost and Works Accounting 2
Q. Which of the following statement is correct with regard to job costing?
  • (A) Job costing differs from most other types of costing system because each cost unit is a job, and no two jobs are exactly the same. Each job is costed separately.
  • (B) The expected cost of a job has to be estimated so that a price for the job can be quoted to a customer.
  • (C) A costing system should also calculate the actual cost of each job that has been carried out to work out the relative profitability of relevant jobs.
  • (D) All of the above are correct
💬 Discuss
✅ Correct Answer: (D) All of the above are correct
📊 Cost and Works Accounting 2
Q. In Job costing a cost is calculated for each individual job, and this cost can be used to establish the profit or loss from doing the job.
  • (A) The above statement is incorrect
  • (B) The above statement is correct
  • (C) none
  • (D) none
💬 Discuss
✅ Correct Answer: (B) The above statement is correct
📊 Cost and Works Accounting 2
Q. Joint products are two or more products generated simultaneously, by a single manufacturing process using common input, and being substantially equal in value.
  • (A) The above statement is correct
  • (B) The above statement is incorrect
  • (C) none
  • (D) none
💬 Discuss
✅ Correct Answer: (A) The above statement is correct

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