Accounting Practice MCQ Page 30

Multiple Choice questions for Accounting in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.
Question: 2143   in Q 3.53, what is the expenditure variance
  1. RS. 2,000(A)
  2. RS 4,000(A)
  3. RS 2,000(F)
  4. RS 4,000(F)
Question: 2144   In Q 3.53, what is the volume variance
  1. RS 2,000(A)
  2. RS 4,000(A)
  3. RS6,000(A)
  4. RS 8,000(A)
Question: 2145   Contribution margin is also known as
  1. marginal income
  2. gross profit
  3. net income
  4. new profit
Question: 2146   product costs under marginal costing include
  1. prime costs only
  2. prime costs and variable overhead
  3. prime costs and fixed overhead
  4. material cost and variable overhead
Question: 2147   Period costs are
  1. variable costs
  2. fixed costs
  3. prime cost
  4. overhead costs
Question: 2148   One of the primary differences between marginal costing absorption costing is regarding the treatment of
  1. direct materials
  2. variable overheads
  3. fixed overheads
  4. prime cost
Question: 2149   A costing method in which the fixed factory overheads are added to inventory valuation is
  1. direct costing
  2. marginal costing
  3. absorption costing
  4. none of these
Question: 2150   Profit shown by absorption costing will tend to exceed profit shown by marginal costing method if
  1. units produced exceed units sold
  2. variable manufacturing costs decreases
  3. units sold exceeds units produced
  4. fixed manufacturing costs decrease
Question: 2151   Absorption costing differs from marginal costing in the
  1. fact that standard costs can be used with absorption costing but not with marginal costing
  2. amount of fixed costs that will be incurred
  3. kinds of activities for which each can be used
  4. amount of costs assigned to individual units of products
Question: 2152   Under the marginal costing concept, unit product cost would most likely be increased by
  1. a decrease in the number of units produced
  2. an increase in the number of units produced
  3. an increase in the commission paid to salesman for each unit sold
  4. an increase in the remaining useful life of factory machinery depreciated on written down value method
Question: 2153   Contribution margin is equal to
  1. sales - fixed cost - profit
  2. profit + variable cost
  3. fixed cost - loss
  4. none of the above
Question: 2154   Reporting under marginal costing is accomplished by
  1. eliminating the work in progress inventory account
  2. including only variable costs in income statement
  3. matching variable costs against revenue and treating fixed costs as period costs
  4. treating all costs as period costs

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
2143 . A       2144 . C       2145 . A       2146 . B       2147 . B       2148 . C       2149 . C       2150 . A       2151 . D       2152 . C       2153 . C       2154 . C      

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