Costing MCQs



Costing MCQs (1-10)

1. Revenue minus all direct costing of making the goods or supplying the services is known as?

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2. During costing process, to arrive at the gross profit of a trading business, which one of the following formula is applied?

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3. Direct expenses are?

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4. Net Purchases equal the invoice amount and?

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5. Cost of Goods sold is classified as which type of account?

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6. Consider the following information for costing purpose?

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7. Which of the following would not be considered a component of 'cost' of Goods Sold?

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8. Which of the following is used to determine the cost of goods sold?

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9. Which of the following would not be considered as a component of 'cost' of stock?

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10. As a costing team member, calculate the gross profit if; Sales Rs. 6000; cost of sales Rs. 5,000; opening stock Rs. 1,000; purchases Rs. 4,000; wages Rs. 2,000 and office rent Rs. 1,000?

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>> Read explanation, example of Costing



 

Costing MCQs (11-20)

11. Selling expenses are shown in which of the following statement?

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12. Which one of the following could not be used to describe a summary of a company's assets, liabilities and capital at a specific date?

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13. All Indirect factory cost is record under costing head?

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14. If business purchases goods for resale purposes, such purchases are charged to?

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15. Costing information can be used for?

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16. Which one of the following types of costs is most likely to be included in determining the cost of inventory?

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17. Which of the following equation is correct and used in costing?

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18. The Synonyms of financial statements are?

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19. Profit is the difference between?

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20. Following are the inventories of Manufacturing Concern except?

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>>Practical Costing Problems and Solutions

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