Test 4 Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Accounting and Costing Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email State 1. Which one of the following documents is not required for bank reconciliation Bank column of cash book Bank pass book Bank statement Previous years balance sheet None 2. Copy Right A/c is a: Tangible Real Account Personal Account Intangible Real Account Nominal Account None 3. Expenses paid but not accrued means: Capital expenses Outstanding expenses. Prepaid expenses Cash None 4. Residual value of an asset is ascertained to know: Book value Market value Sale value Total depreciation None 5. House building advance of ₹ 20 lakhs paid to employees. It is a/an: Asset Revenue Expenditure Capital Expenditure Deferred Revenue Expenditure None 6. Arjun purchased goods of ₹ 25,000 for cash at 10% trade discount and 5% cash discount. Purchases account is to be debited by ₹ 22,500 ₹ 21,250 ₹ 25,000 ₹ 21,375 None 7. Closing stock appearing in the trial balance is shown in: Trading Account and Balance Sheet Balance Sheet only Trading Account only Nowhere None 8. Profit and loss account is prepared for a period of one year by following the concept of: consistency concept cost concept going concern concept periodicity concept None 9. Fixed Assets and Current Assets are categorized as per concept of: Separate entity Going Concern Consistency Time period None 10. Costs are classified into material costs, employee costs and expenses, it is known as: Functional classification Behavioural classification Element wise classification Classification according to controllability None 11. Which one is included in financial accounts but not in cost accounts? Royalty Dividend paid Excise duty Carriage and freight None 12. Which of the following term is excluded from the cost accounts? Income tax Interest on debenture Cash discount All of the above None 13. Prime cost may be correctly termed as The sum of direct material and labour cost with all other cost exclude The total of all cost items which can be directly charged to production units The total costs incurred in producing a finished unit The sum of the large costs there in a product cost None 14. Which of the following is a part of both Prime cost and Conversion cost? Direct Material Indirect Labour Direct Labour All of the above None 15. Indirect material cost is a part of Prime Cost Factory Overhead Chargeable Expenses None of the above None 16. Direct labour is an element of: Prime cost Conversion cost Total production cost All of the given options None 17. The cost of goods sold is equal to Total Purchases - Total Salese Opening Stock + Total Purchase Opening Stock - Total Purchases + Closing Stock + Direct Costs Opening Stock + Total Purchases - Closing Stock + Direct Costs None 18. Prime cost and factory cost are ₹ 6,10,000 and respectively. If the factory overhead is absorbed @ 60 percent of the direct wages then amount of direct wages would be ₹ 1,86,000 ₹ 31,000 ₹ 4,84,000 ₹ 1,00,000 None 19. Statement showing break up of costs is known as Cost sheet Tender Production account Statement of profit None 20. Prime cost may he correctly termed as the total of all cost items which can be directly charged to product units the sums of all direct materials and labour cost excluding all other cost. the total costs incurred in producing a finished unit. the sum of the large cost there in product cost None 21. Which one is included in financial accounts but not in cost accounts? Royalty Dividend paid Excise duty Carriage and freight None 22. Which of the following term is excluded from the cost accounts? Income tax Interest on debenture Cash discount All of the above None 23. Direct Wages ₹ 2,05,000 and Factory Cost ₹ 5,60,000. If the ratio of direct wages and factory overhead is 5:3 then Direct Material will be ₹ 2,32,000 ₹ 3,50,000 ₹ 3,41,667 ₹ 2,24,000 None 24. The works cost plus administration expenses represents Total cost Cost of production Cost of sales Factory cost None 25. Prime cost may be correctly termed as The sum of direct material and labour cost with all other cost exclude The total of all cost items which can be directly charged to production units The total costs incurred in producing a finished unit The sum of the large costs there in a product cost None 26. From the following information, find out purchases when raw material consumed is ₹ 26,500, closing stock ₹ 4,500 and opening stock ₹ 3,000: ₹ 26,500 ₹ 25,000 ₹ 28,000 ₹ 34,000 None 27. Prime cost plus factory overheads is known as Marginal Costing Conversion Cost Commercial Cost Factory Cost None 28. Cost of free samples and gifts are included in Prime Cost Factory Overhead Office and Administrative Overheads Selling & Distribution Overheads None 29. Which of the following is a part of both Prime cost and Conversion cost? Direct Material Indirect Labour Direct Labour All of the above None 30. Prime Cost plus Factory Overheads is known as Factory on Cost Conversion Cost Factory Cost Marginal Cost None 31. Prime Cost may be correctly termed as The sum of direct material and labour cost with all other costs excluded The total of all cost items which can be directly charged to product units The total costs incurred in producing a finished unit The sum of the large cost there in a product cost None 32. Indirect material cost is a part of Prime Cost Factory Overhead Chargeable Expenses None of the above None 33. The Works Cost plus Administration Expenses is known as Total Cost Cost of Production Cost of Sales Factory Cost None 34. Cost of sales is Total costs incurred in production, administration and marketing functions Works cost put administration overheads Aggregate of works, administration and marketing overheads Prime cost plus marketing overheads None 35. If Direct material = 12,000, Direct Labour = 8,000 and other Direct cost = 2,000 then what will be the prime cost? 12,000 14,000 20,000 22,000 None 36. Which of the following cost is used in the calculation of cost per unit? Total production cost Cost of goods available for sales Cost of goods manufactured Cost of goods sold None 37. Prime cost + Factory overhead cost is: Conversion cost Production cost Total cost None of given option None 38. Direct labour is an element of: Prime cost Conversion cost Total production cost All of the given options None 39. If the Direct Material = 12,000; Direct labour = 8,000 and other Direct Cost = 2,000 then what will be the prime cost? 12,000 14,000 20,000 22,000 None 40. Net sales = Sales less: Sales returns Sales discounts Sales returns & allowances Sales returns & allowances and sales discounts None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
