MBA/MAB Cost and Managerial Accounting Mcq Set 1 Sample Test,Sample questions

Question:
Cost of production report is a _______

1.Financial statement

2.Production Process report

3.Order Sheet

4.None of Above


Question:
Fixed cost per unit decreases when _________

1.Production volume increases.

2.Production volume decreases.

3.Variable cost per unit decreases.

4.Variable cost per unit increases.


Question:
Opening work in process inventory can be calculated as under

1.FIFO and Average costing

2.LIFO and Average costing

3.FIFO and LIFO costing

4.None of given option.


Question:
Which of the following is a characteristic of process cost accounting system?

1.Material, Labor and Overheads are accumulated by orders

2.Companies use this system if they process custom orders

3.Opening and Closing stock of work in process are related in terms of completed units

4.Only Closing stock of work in process is restated in terms of completed units


Question:
Which of the following statement measures the financial position of the entity on particular time?

1.Income Statement

2.Balance Sheet

3.Cash Flow Statement

4.Statement of Retained Earning


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