Practice Test

Q1) Under cost control Accounting, purchase a material is debited to : Show Answer

Q2) Which of the following account ensures the Cost ledger self balancing :- Show Answer

Q3) Material purchase for a special job should be debited to : Show Answer

Q4) Payment of wages for construction of a capital asset is debited to : Show Answer

Q5) Under Cost Control Accounting Normal Wastage of materials is debited to : Show Answer

Q6) Which of the following account is not required under integrated accounting system : Show Answer

Q7) Which of the following system is adopted for recording the transactions under integral accounting system : Show Answer

Q8) Which of the following items is not included in cost accounts ? Show Answer

Q9) Which of the following items is included in cost accounts : Show Answer

Q10) Which of the following items is not included in financial books : Show Answer

Q11) Which of the following items shall be added to costing profit to arrive at financial profit : Show Answer

Q12) Profit as per financial books is rs. 65,000. What will be the profit as per cost books when selling and distribution expenses, actual as well as predetermined, are Rs 2,000? Show Answer

Q13) Depreciation charged in cost books is Rs. 8,000 and in financial books is Rs. 6,700. what will be the profit as per financial books when profit as per cost books Rs.6,000 Show Answer

Q14) Profit as per financial accounts is Rs 10,000. What will be the profit as per cost accounts when depreciation overcharged in cost accounts is Rs.400. Show Answer

Q15) Opening stock as per financial accounts is Rs 14,000 and as per cost accounts is Rs 13,500. What will be the profit as per financial books when profit as per cost book is Rs.54,000? Show Answer

Q16) Closing stock as per financial accounts is Rs.18,000 and as per cost accounts is Rs.18,500. What will be the profit as per cost book when profit as per financial books is 28,300 Show Answer

Q17) Profit as per Cost Books is Rs 28,000. What will be the profit as per Financial Books when Rs. 2,000 of interest on debenture has not been shown in financial books? Show Answer

Q18) Depreciation charged in costing books is Rs 12,500 and in financial books is Rs.11,200. What will be the financial profit : when costing profit is Rs. 5,00? Show Answer

Q19) If the opening and closing balance of plant and Machinery are Rs.2,00,000 and, 2,76,00 respectively, depreciation during valuation the year being Rs. 20,00 the additions made during the year are : Show Answer

Q20) Which of the following is the correct valuation base for finished goods stock for balance sheet purpose? Show Answer

Q21) Integrated and non-integrated systems are based on the principles of _________ Show Answer

Q22) _____ accounts makes the cost ledger self balancing. Show Answer

Q23) Finished goods control account is credited with __________ Show Answer

Q24) In______ ledger, a separate account is opened for each job. Show Answer

Q25) The closing balance of 'Cost of Sales Account' is transferred to ________Account. Show Answer

Q26) The amount of overheads under/over absorbed is transferred to________Account. Show Answer

Q27) At the end of the period, the total of balances of all jobs account should be equal to balance of all jobs account should be equal to balance in _________Account Show Answer

Q28) Wages paid to indirect labour is allocated to Show Answer

Q29) Cost of normal idle time is transferred from_______ Control Account to ________Control Account. Show Answer

Q30) Abnormal Wastage of material is transferred from____ account to ______account. Show Answer

Q31) Under Non integrated system the number of set of accounts books maintained Show Answer

Q32) Under Non integrated system Show Answer

Q33) Non integrated system of accounting is also known as Show Answer

Q34) In cost accounts Show Answer

Q35) Under Non integrated system Show Answer

Q36) Cost Ledger contains Show Answer

Q37) Cost Ledger contains Show Answer

Q38) Stores Ledger contains a separate account of Show Answer

Q39) WIP Ledgers balance shows Show Answer

Q40) Finished Goods Ledger contains an account for Show Answer

Q41) Control accounts provide a basis Show Answer

Q42) Issue of material is credited to Show Answer

Q43) Abnormal Loss is Show Answer

Q44) Wages control A/c is debited by Show Answer

Q45) Factory overheads Control A/c is Show Answer

Q46) The balance on Factory overhead Control A/c represents Show Answer

Q47) The balance on Factory overhead Control A/c transfer red to Show Answer

Q48) The balance of Finished Goods Ledger control represents Show Answer

Q49) The balance on cost of sales A/c is transferred to Show Answer

Q50) Overhead Adjustment A/c is debited by Show Answer

Q51) The balance of costing P & L A/s is Show Answer

Q52) Under Non integrated system ______ set of accounts books maintained Show Answer

Q53) Under Non integrated system ____ accounts and _____ accounts are maintained separately Show Answer

Q54) Non-Integrated System is also known as ______ Show Answer

Q55) In cost accounts ________ accounts are maintained. Show Answer

Q56) Cost ledger contains all _____ accounts Show Answer

Q57) _____ contains each item of stores. Show Answer

Q58) Cost of unfinished work is shown _____ Ledger. Show Answer

Q59) Finished items are shown by _______ Ledger. Show Answer

Q60) Issue of material is ___ to stores ledger control A/c. Show Answer

Q61) Abnormal loss is debited to _____ A/c Show Answer

Q62) Direct wages are debited to ____ A/c Show Answer

Q63) Under /over absorption of overheads is shown by ____ Show Answer

Q64) Cost of Goods remaining and unsold is shown by ________ control A/c. Show Answer

Q65) N.P. / N.L. as per cost A/c is shown by_______ Show Answer

Q66) Four set of books maintained under Non integrated system Show Answer

Q67) Under Non integrated system cost accounts and Financial accounts are maintained separately Show Answer

Q68) Non-Integrated System is also known as Inter locking A/c system. Show Answer

Q69) In cost accounts all personal accounts are maintained. Show Answer

Q70) Stores ledger contains Wages paid. Show Answer

Q71) WIP ledger shows cost of goods unfinished. Show Answer

Q72) Finished Goods ledger shows cost of finished goods. Show Answer

Q73) Control Accounts provide a basis for reconciliation. Show Answer

Q74) Abnormal loss is credited to costing Profit & Loss A/c. Show Answer

Q75) Direct wages are debited to wages control A/c. Show Answer

Q76) Cost of goods remaining unsold is shown by finished Goods ledger control A/c. Show Answer

Q77) Costing Profit & Loss A/c shows Financial Profit & Loss. Show Answer

Q78) Premium on issue of shares is Show Answer

Q79) National rent is taken in Show Answer

Q80) Excess of overhead in costing as compared to profit and loss A/c is Show Answer

Q81) Interest on investment increases Show Answer

Q82) Loss on sale of capital assets is Show Answer

Q83) Over valuation of closing stock in Cost Accounts Show Answer

Q84) Interest on Bank Deposits is Show Answer

Q85) Dividend paid on share capital is Show Answer

Q86) Over absorption of overheads in costing Show Answer

Q87) Under valuation of opening stock in costing Show Answer

Q88) Donations paid is Show Answer

Q89) Under absorption of overheads decreases costing profit Show Answer

Q90) Loss on sale of furniture is shown in financial accounting. Show Answer

Q91) Interest received on Bank Deposit is purely financial in nature. Show Answer

Q92) Transfer to General Reserve is an item of cost accounts. Show Answer

Q93) Under absorption of overheads increases costing profit. Show Answer

Q94) Under integrated system of accounting both cost accounts and financial accounts are maintained in the same set of books. Show Answer

Q95) Under Non-integrated system of accounting, both cost accounts and financial accounts are maintained separately. Show Answer

Q96) Abnormal loss is considered in costing. Show Answer

Q97) Profit on sale of investment is not considered in cost accounts. Show Answer

Q98) Retrenchment compensation is considered in costing. Show Answer

Q99) Fines and penalties reducing financial profit Show Answer

Q100) Notional cost decreases costing profit Show Answer

Q101) Dividend received increases financial profit. Show Answer

Q102) Overvaluation of opening stock in costing decreases costing profit. Show Answer

Q103) Overvaluation of opening stock in financial Accounting reduces Financial profit. Show Answer

Q104) Under valuation of closing stock in costing reduce costing profit. Show Answer

Q105) Under valuation of closing stock in costing increases costing profit. Show Answer

Q106) Difference in Depreciation in costing and financial accounting distinguishes costing profit from financing profit Show Answer

Q107) Dividend received is shown in _________ accounts only. Show Answer

Q108) Overheads recovered in costing is more than actual it is called _______ . Show Answer

Q109) Less overheads recovered in costing is called _________. Show Answer

Q110) Donations paid reduces _______ Profit. Show Answer

Q111) Interest on capital reduces ________ profit. Show Answer

Q112) Under-absorption of overheads in costing increases _______ profit. Show Answer

Q113) Premium on issue of shares is shown in ________ P & L A/c. Show Answer

Q114) National Rent is taken in _______ P & L A/c. Show Answer

Q115) Interest on investment increases ________ profit. Show Answer

Q116) Over valuation of closing stock in costing increases _______ profit Show Answer

Q117) Under valuation of closing stock in costing decreases _______ profit. Show Answer

Q118) Over absorption of overheads in costing decreases ________ profit Show Answer

Q119) Under absorption of overheads in costing increases _________ profit. Show Answer

Q120) Dividend paid on shares is debited to _________ P & L A/c. Show Answer

Q121) Donation paid is debited to ________ P & L A/c. Show Answer

Q122) Under valuation of opening stock in finance ________ costing profit. Show Answer

Q123) Overvaluation of opening stock in finance _______ costing profit Show Answer