MCQOPTIONS
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MCQOPTIONS
This section includes 1375 Mcqs, each offering curated multiple-choice questions to sharpen your Commerce knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
The document which is prepared after receiving and inspecting material _____________ |
| A. | goods received note |
| B. | inventory record |
| C. | material record note |
| D. | bill of material |
| Answer» B. inventory record | |
| 2. |
Which of the following is not an example of marketing overheads ? |
| A. | salaries of sales staff |
| B. | secondary packing charges |
| C. | salary of the foreman |
| D. | publicity expenses |
| Answer» D. publicity expenses | |
| 3. |
Labour costs __________Salaries and wages paid to temporary employees. |
| A. | written |
| B. | includes |
| C. | mentioned |
| D. | excludes |
| Answer» C. mentioned | |
| 4. |
Which of the following bases is not a appropriate for apportionment of transport department cost ? |
| A. | crane value |
| B. | crane hours |
| C. | truck milage |
| D. | truch value |
| Answer» B. crane hours | |
| 5. |
Number of methods avaliable for calculation of labour turn over is ________________ |
| A. | forth |
| B. | three |
| C. | five |
| D. | two |
| Answer» C. five | |
| 6. |
Material is issued by store keeper against _____________ |
| A. | material requisition |
| B. | purchase requisition |
| C. | material order |
| D. | goods received notes |
| Answer» B. purchase requisition | |
| 7. |
____________ may be valued on a FIF basis in cost accouts and LIFO basis in financial accounts. |
| A. | direct expenses |
| B. | administrative expenses |
| C. | raw materials |
| D. | labour |
| Answer» D. labour | |
| 8. |
Indirect cost are known as ______ |
| A. | variable cost |
| B. | overheads |
| C. | none of the above |
| D. | fixed cost |
| Answer» C. none of the above | |
| 9. |
Which of the following is not a means whereby factory overheads can be charged out to production ? |
| A. | over time rate |
| B. | blanket rate |
| C. | machine hour rate |
| D. | direct labour rate |
| Answer» D. direct labour rate | |
| 10. |
Subsidy receivable with respect to any material shall be __________cost of material |
| A. | reduced from |
| B. | added to |
| C. | divided to |
| D. | multiplied to |
| Answer» B. added to | |
| 11. |
Halsey premium plan is ____________ |
| A. | individual incentive scheme |
| B. | group incentive scheme |
| C. | differential piece wage system |
| D. | time and piece wage system |
| Answer» B. group incentive scheme | |
| 12. |
Material requisition is meant for _____________ |
| A. | purchase of material |
| B. | sales of material |
| C. | storage of material |
| D. | supply of materials from stores |
| Answer» E. | |
| 13. |
The three major elements of product costs are all except____________ |
| A. | factory overhead |
| B. | indirect labour |
| C. | direct material |
| D. | direct labour |
| Answer» C. direct material | |
| 14. |
The basic rule of preparing the reconciliation statement is _______________ |
| A. | do as all has done |
| B. | do as i have done |
| C. | do as the other has done |
| D. | do as you had done |
| Answer» D. do as you had done | |
| 15. |
The variables production overheads shall be absorbed in production cost based on ______________ capacity |
| A. | normal |
| B. | current |
| C. | super normal |
| D. | actual |
| Answer» E. | |
| 16. |
If an item of overhead expenditure is charges specifically to a single department this would be an example of ____________ |
| A. | absorption |
| B. | apportionment |
| C. | reapportionment |
| D. | allocation |
| Answer» E. | |
| 17. |
An employee is eligible for getting overtime wage if he/ she works for more than ____________ |
| A. | 6 hours a day |
| B. | 12 hours a day |
| C. | 9 hours a day |
| D. | 8 hours a day |
| Answer» D. 8 hours a day | |
| 18. |
Material controls involves control over _____________ |
| A. | issue of material |
| B. | consumption of material |
| C. | purchase, storage and issue of materials |
| D. | purchase of material |
| Answer» D. purchase of material | |
| 19. |
A cost unit is _____________ |
| A. | a major of work output in a standard hour |
| B. | the cost per unit of electricity consumed |
| C. | a unit of product or service in relation to which costs are ascertained |
| D. | the costs per hour of operating a machine |
| Answer» D. the costs per hour of operating a machine | |
| 20. |
Notional interest charged to owner for drawings income credited only in _____________ |
| A. | debtors accounts |
| B. | cost accounts |
| C. | final accounts |
| D. | profit and loss accounts |
| Answer» C. final accounts | |
| 21. |
Prime cost + Over heads = __________ |
| A. | cost of sales |
| B. | works cost |
| C. | total cost |
| D. | cost of production |
| Answer» D. cost of production | |
| 22. |
The distribution of overheads alloted to particular department or cost center over the units produced is called _____________ |
| A. | absorption |
| B. | allocation |
| C. | departmentalisation |
| D. | apportionment |
| Answer» B. allocation | |
| 23. |
Normal Ideal time______________ |
| A. | can not be avoided |
| B. | can be controlled |
| C. | can be minimised |
| D. | can be avoided |
| Answer» B. can be controlled | |
| 24. |
If there is increase in the size of inventory orders, total annual ordering cost will ____________ |
| A. | increase |
| B. | decrease |
| C. | remain same |
| D. | change depending on other factors |
| Answer» C. remain same | |
| 25. |
When amount deposited in a bank is withdrawn for financing a project, the losses of interest on bank deposits will be refered to as________ |
| A. | replacement cost |
| B. | pre production cost |
| C. | opprotunity cost |
| D. | sunk cost |
| Answer» D. sunk cost | |
| 26. |
Products, divisions and customers are examples of |
| A. | evenue increment |
| B. | eciprocal revenue |
| C. | evenue allocation |
| D. | evenue object |
| Answer» E. | |
| 27. |
First ranked product, in incremental revenue allocation method, is classified as |
| A. | rimary product |
| B. | irst incremental product |
| C. | econd incremental product |
| D. | hird incremental product |
| Answer» B. irst incremental product | |
| 28. |
Method which ranks cost object incurred by individual users, in ranking order of more responsible users is classified as |
| A. | undled products allocation method |
| B. | ariable cost allocation method |
| C. | tand-alone cost allocation method |
| D. | ncremental cost allocation method |
| Answer» E. | |
| 29. |
Centers such as revenue, cost, investment and profit all are known as |
| A. | arketing center |
| B. | inancial center |
| C. | esponsibility center |
| D. | lanning center |
| Answer» D. lanning center | |
| 30. |
If budget sales units are 8000, ending inventory is 2000 units and beginning inventory is 3000, then budget production would be |
| A. | 1000 units |
| B. | 3000 units |
| C. | 0000 units |
| D. | 000 units |
| Answer» E. | |
| 31. |
Schedule of expected disbursements and cash receipts is considered as |
| A. | lanned schedule |
| B. | ash budget |
| C. | arket budget |
| D. | rice schedule |
| Answer» C. arket budget | |
| 32. |
Balancing of all aspects of products or services and all departments in company are classified as |
| A. | nnual profit plan |
| B. | udgeting |
| C. | oordination |
| D. | omplex plan |
| Answer» D. omplex plan | |
| 33. |
Factor which provides hedge to managers in adverse and unexpected circumstances is known as |
| A. | udgetary slack |
| B. | ostly slack |
| C. | nfluential slack |
| D. | arget slack |
| Answer» B. ostly slack | |
| 34. |
First step in developing an operating budget is to |
| A. | dentify product |
| B. | dentify problem |
| C. | dentify quartiles |
| D. | dentify percentiles |
| Answer» C. dentify quartiles | |
| 35. |
Budget which specifies an operating and financial plan, usually for a fiscal year or any specific period of time is classified as |
| A. | nnual budget |
| B. | perating budget |
| C. | pecific budget |
| D. | aster budget |
| Answer» E. | |
| 36. |
Continuous budget is also known as |
| A. | olling budget |
| B. | in budget |
| C. | pecific budget |
| D. | ast budget |
| Answer» B. in budget | |
| 37. |
What-if technique, which examines changes in results if original prediction would not be achieved is called |
| A. | hange analysis |
| B. | riginal analysis |
| C. | ensitivity analysis |
| D. | redicted analysis |
| Answer» D. redicted analysis | |
| 38. |
Model which refers possibility for management to conduct sensitivity analysis can be categorized under |
| A. | nvestment planning models |
| B. | inancial planning models |
| C. | ost planning models |
| D. | evenues forecast models |
| Answer» C. ost planning models | |
| 39. |
Master budget includes all projections of company's budget and focuses on |
| A. | erial correlation |
| B. | arketing plan |
| C. | inancial plan |
| D. | oth B and C |
| Answer» E. | |
| 40. |
Direct labour and salary outlays direct material purchases, which are classified as |
| A. | rice disbursements |
| B. | ash disbursements |
| C. | udget disbursements |
| D. | oods disbursements |
| Answer» C. udget disbursements | |
| 41. |
If budget sales units are 2000, an ending inventory is 3000 units and beginning inventory is 1000, then budget production would be |
| A. | 000 units |
| B. | 000 units |
| C. | o units |
| D. | 000 units |
| Answer» C. o units | |
| 42. |
Type of accounting, which focuses on whom should be asked for information and whom not will be categorized as |
| A. | ocused accounting |
| B. | esponsibility accounting |
| C. | nformation accounting |
| D. | lame accounting |
| Answer» C. nformation accounting | |
| 43. |
Compelling strategic plan, promoting coordination and providing framework of performance are |
| A. | dvantages of budget |
| B. | isadvantages of budget |
| C. | dvantages of costing method |
| D. | isadvantages of costing method |
| Answer» B. isadvantages of budget | |
| 44. |
Degree of influence that a manager would have on revenues, cost, profit and investment is known as |
| A. | ontrollability |
| B. | nfluential power |
| C. | esponsibility |
| D. | ll of above |
| Answer» B. nfluential power | |
| 45. |
Mathematical relationships exist between operating and financing activities that affect master budget are called |
| A. | ath plan model |
| B. | inancial planning models |
| C. | perating plan models |
| D. | aster plan models |
| Answer» C. perating plan models | |
| 46. |
Planning of financial aid to coordinate; what is to be done for implementation of plan is classified as |
| A. | udget |
| B. | atching |
| C. | omplexity |
| D. | rocess |
| Answer» B. atching | |
| 47. |
Non-financial and financial aspects of plan by company management, is classified as |
| A. | omplexity |
| B. | rocess |
| C. | udget |
| D. | atching |
| Answer» D. atching | |
| 48. |
Better administration of budget in budgeting plans require |
| A. | ntelligent interpretations |
| B. | articipation |
| C. | ersuasion |
| D. | ll of above |
| Answer» E. | |
| 49. |
An act of making sure, that all employees must understand goals is classified as |
| A. | oordination |
| B. | ommunication |
| C. | nnual profit plan |
| D. | udgeting |
| Answer» C. nnual profit plan | |
| 50. |
Type of plan of a company, which quantities expectations of cash flows, income and financial position is known as |
| A. | udget |
| B. | atching |
| C. | omplexity |
| D. | rocess |
| Answer» B. atching | |