Cost Accounting MCQs with Questions and Answers for CSS, SPSC, PPSC,PCS, NTS,PTS, and IBA STS

Cost accounting MCQs questions and Answers are asked many tests. These Cost Accounting MCQs and Cost Accounting Quiz are designed to help students in the exams conducted by CSS, SPSC, PPSC, PCS, NTS, PTS and IBA STS.

Cost Accounting Multiple Choice Questions(MCQs):

01. A system of determining cost of products and services is called_______________________________.

(a) Financial Accounting

(b) Cost Accounting

(c)  Auditing

(d) All of the Above

View Answer

(b) Cost Accounting

02. Accounting system which provides accounting information for activities such as decision making, planning and controlling is known as:

(a) Financial Accounting

(b) Cost Accounting

(c)  Auditing

(d) Management Accounting

View Answer

(d) Management Accounting

03. The techniques and processes of ascertaining costs is called_____________________.

(a) Costing

(b) Cost

(c)  Cost Object

(d) None of the Above

View Answer

(a) Costing

04. Sum of all direct costs is known as______________________.

(a) Period Cost

(b) Prime Cost

(c)  Factory Overhead

(d) Actual Cost

View Answer

(b) Prime Cost

05. Overhead is the aggregate of___________________________.

(a) Indirect Material Cost

(b) Indirect Labour Cost

(c)  Indirect Expenses

(d) All of the Above

View Answer

(d) All of the Above

06. The method of costing applied where the work is undertaken to customers’ special requirements is__________________________.

(a) Process Costing 

(b) Job Order Costing

(c)  Batch Costing

(d) Terminal Costing

View Answer

(b) Job Order Costing

07. Which of the following system of accounting is applied to the manufacturing concerns?

(a) Financial Accounting

(b) Cost Accounting

(c)  Auditing

(d) None of these

View Answer

(b) Cost Accounting

08. Which of the following are hypothetical costs which are specially computed outside the accounting system for the purpose of decision making?

(a) Marginal Costs

(b) Imputed Costs

(c)  Sunk Costs

(d) Incremental Costs

View Answer

(b) Imputed Costs

09. Factory Cost + Administration Overhead =?

(a) Prime Cost

(b) Work Cost

(c) Cost of Production

(d) Total Cost

View Answer

(c) Cost of Production

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