MCQ Portal

30:00

Dec 2018 Costing Paper

The Number of MCQs are limited as per ICMAI Past Paper in Syllabus 2016

1. Joint Cost is most suitable for which industry?

Oil Industry Fertilizer Industry Ornament Industry Infrastructure Industry

2. Cost of idle time due to non-availability of raw materials is:

Recovered by inflating the raw materials cost Recovered by inflating the wage rate Charged to factory overheads Charged to costing profit and loss account

3. Charging overheads to a cost center that exists solely for that center is called:

Allotment Allocation Absorption Apportionment

4. Which standard deals with the cost of a service cost center?

CAS-9 CAS-13 CAS-16 CAS-22

5. In a Reconciliation Statement, income shown only in financial accounts is:

Added to financial profit Deducted from financial profit Ignored Deducted from costing profit

6. The most suitable costing system for products differing in material and work performed is:

Process Costing Batch Costing Job Costing Operating Costing

7. In a process, 10,000 units are introduced, 10% normal loss, 1500 units 70% complete, and 7500 completed units transferred. What is the equivalent production?

9550 units 9000 units 8550 units 8500 units

8. The sales and profit for 2016 were ₹1,50,000 and ₹20,000, and for 2017 were ₹1,70,000 and ₹25,000. The P/V Ratio is:

15% 20% 25% 30%

9. Standard quantity of material for one unit is 10 kg @ ₹8 per kg. Actual output is 600 units. The standard quantity for actual output is:

1200 kg 6000 kg 4800 kg 48000 kg

10. Which of the following is a long-term budget?

Master Budget Production Budget Flexible Budget Capital Budget