FILL IN THE BLANKS

1] The amount of expenditure incurred on, or attributable to, a specified thing or an activity or
cost unit is known as ______________.
A] Cost centre
B] Cost
C] Cost Accounting
D] Cost Accountancy

2] The expenses which can be directly charged to jobs, products, processes, cost centres or cost
units are known as _______ expenses.
A] Direct
B] Indirect
C] Unproductive
D] Miscellaneous

3] The ________ and process of ascertaining the cost is known as Costing.

A] Image
B] Technique
C] Drafting
D] Movement

4] __________ is the process of accounting for costs.

A] Costing
B] Cost Accounting
C] Cost Accountancy
D] Financial Accounting

5] ________ covers accounts of whole business relating to all commercial transactions.

A] Cost Accounting
B] Cost Accountancy
C] Financial Accounting
D] Costing

6] A cost centre which consists of a person or a group of persons is known as __________.

A] Personal Cost centre
B] Impersonal Cost centre
C] Operation Cost centre
D] Process Cost centre

S.Y.B.Com Cost & Works Accounting Paper –I MCQ

7] ______________ is the first important element of cost.
A] Expenses
B] Labour
C] Material
D] Cost unit

8] ____________ overheads consists of all overhead costs incurred for the production of goods.
A] Office
B] Factory
C] Selling & Distribution
D] Research & Development

9] The _________ costs are controllable costs.

A] Abnormal
B] Fixed
C] Variable
D] Semi-variable

10] ________ cost is that cost which has been invested in a project and which will not be
recovered if he project is terminated.
A] Imputed
B] Opportunity
C] Out of Pocket
D] Sunk

11] ________ is the aggregate of direct material, direct labour and direct expenses.
A] Overheads
B] Prime cost
C] Cost of Raw material Consumed
D] Historical cost

12] _________ is the aggregate of indirect material, indirect labour and indirect expenses.
A] Overheads
B] Prime cost
C] Cost of Raw Material Consumed
D] Common Cost

13] ____________ is a statement and not an account.

A] Costing
B] Cost Accounting
C] Cost sheet
D] Cost Accountancy

S.Y.B.Com Cost & Works Accounting Paper –I MCQ

14] Factory cost plus office overheads is equal to _______________.
A] Works Cost
B] Total Cost
C] Cost of goods sold
D] Cost of production

15] In cost sheet the item of bad debts is considered under ________ overheads.
A] Factory
B] Administration
C] Selling & Distribution
D] Research & development

16] __________ manager is responsible and accountable for scientific purchasing.

A] Sales
B] Purchase
C] Finance
D] Stores

17] Generally, quotations are invited by the purchase department on receipt of _______.
A] Purchase requisition
B] Tender
C] Bill of material
D] Purchase order.

18] Maximum consumption rate X Maximum Delivery time = ______________.

A] Maximum Stock Level
B] Minimum Stock Level
C] Re-order Level
D] Average Stock Level

19] Economic Order Quantity is a tool for controlling _____________.

A] Inventory
B] Sales
C] Labour
D] Cost

20] ____________ is he organisational head of the stores department.

A] The Purchase manager
B] The Storekeeper
C] Inspection manager
D] The Sales manager

S.Y.B.Com Cost & Works Accounting Paper –I MCQ

21] The stores ledger is maintained by the _______ department.
A] Stores
B] Purchase
C] Finance
D] Cost

22] Stock is valued at current price under ________ method of pricing issues.
A] First in First Out
B] Last in First Out
C] Simple Average Method
D] Weighted Average Method

23] ____________ is a system of records maintained by the controlling departments, which

reflects physical movements of stock and their current balance.
A] Perpetual Inventory
B] Periodic Inventory
C] Scientific Purchasing
D] Economic Order Quantity

24] ________ is the incidental residue from certain types of manufacture usually of low
recoverable value without further processing is known as __________.
A] Spoilage
B] Scrap
C] Defective
D] Wastage

25] _________ is a technique of measuring the control on item of inventory that varies directly
with its usage value.
A] Perpetual Inventory
B] Periodic Inventory
C] ABC Analysis
D] Economic Order Quantity

26] Maintaining weekly time sheet is a method of _______.

A] Time Keeping
B] Time Booking
C] Scientific Purchasing
D] Rowan Premium Plan

S.Y.B.Com Cost & Works Accounting Paper –I MCQ

27] Dissatisfaction with job is the __________ cause of labour turnover.
A] Avoidable
B] Unavoidable
C] Personal
D] Unknown

28] The cost that is incurred to provide facilities to the workers so that they remain in the job is
known as _________.
A] Replacement Cost
B] Preventive Cost
C] Estimated Cost
D] Historical Cost

29] The procedure of careful appraisal of each job is known as ___________.

A] Performance appraisal
B] Job Evaluation
C] Merit Rating
D] Job Analysis

30] The Bin Card is maintained by the __________.

A] Storekeeper
B] Purchase Manager
C] Time Keeper
D] Accounts Department.

S.Y.B.Com Cost & Works Accounting Paper –I MCQ