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Home » Cost Accounting MCQ With Answers (2021)

Cost Accounting MCQ With Answers (2021)

This article provides top 15 objective type cost accounting MCQ with answers. These are useful for university exams, UGC NET, SET, MPS, UPSC and other competitive entrance exams. These solved cost accounting multiple choice questions are useful for MBA, MMS, PGDM, BBA, B Com , M Com, CA and other management students.

Compared with financial accounting cost accounting is relatively ______ development.

A. old

B. recent

C. earliest

D. both A & C

View Answer

B. recent

Cost accounting started as a branch of

A. financial accounting

B. Management accounting

C. corporate accounting

D. vedic accounting

View Answer

A. financial accounting

The vital importance that cost accounting has acquired in the modern age is because of the growth of _________ in modern industry

A. technologies

B. creativity

C. complexities

D. simplicity

View Answer

C. complexities

In brief, _________ is the activity of finding out the cost of products and services.

A. Financial accounting

B. Management accounting

C. Corporate accounting

D. Cost accounting

View Answer

D. Cost accounting

Cost accounting provides __________ cost information to various levels of Management for efficient performance of their functions.

A. Minute

B. Limited

C. Detailed

D. both A & B

View Answer

C. Detailed

Modern management needs _________ information than supplied by financial statements like profit and loss account and balance sheet.

A. less detailed

B. much more detailed

C. limited amount of

D. much more restricted

View Answer

B. much more detailed

The information supplied by cost accounting acts as a tool of Management for making ________

A. minimum use of scarce resources

B. maximum use of resources

C. optimum use of scarce resources

D. all of the above

View Answer

C. optimum use of scarce resources

Cost accounting makes optimum use of scarce resources which ultimately add to the __________ of business

A. loss

B. profitability

C. extinction

D. merger

View Answer

B. profitability

____________ is the process of determining and accumulating the cost of product or activity.

A. Cost accounting

B. Financial accounting

C. Cost control

D. Cost audit

View Answer

A. Cost accounting

_______ involves the classifying recording and appropriate allocation of expenditure for the determination of cost of products or services.

A. Pricing

B. Costing

C. Balancing

D. Cost Auditing

View Answer

B. Costing

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