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Costing MCQs (1-10)

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

Correct! Wrong!

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)

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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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References

Cost Accounting For Dummies – By Kenneth W. Boyd

Fundamentals Of Cost Accounting – By William Lanen, Shannon Anderson Et.Al

Cost Accounting Fundamentals – By Steven M. Bragg

Cost Accounting Made Simple – By Mike Piper

Principles Of Cost Accounting – By Maria R. Mitchell

Fundamentals Of Cost Accounting 5th Edition – By William Lanen, Shannon Anderson, And Michael Maher

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  3. Clover

    Great MCQs. Thank you for helping my cost accounting exam…

    Reply
  4. Penelope

    This page is very helpful for cost accounting exam. Thank you Sir.

    Reply
  5. Madison

    Very interesting MCQs for accounting.

    Reply
  6. Nighat Kanwal

    What about above mentioned mcqs answers

    Reply
  7. Rakesh Kumar

    Mcqs करने के बाद कैसे पता करें कि सही हैor गलत है

    Reply
  8. Muhammad Arshad Akhtar

    Good work for better understanding of the students.

    Reply
  9. rosy

    very useful

    Reply

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