Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Cost and Management AccountingTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. Semi-variable costs include: Salaries Depreciation Telephone Bills Direct Wages None 2. Which of the following is an example of variable cost? Depreciation Direct labour Insurance None 3. Prime cost consists of: Direct Material + Direct Labor Direct Material + Overheads Direct Material + Direct Labor + Direct Expenses Direct Labor + Indirect Expenses None 4. The classification of costs into controllable and uncontrollable is based on: Function Time Responsibility Variability None 5. Indirect costs are also known as: Fixed Costs Overheads Prime Costs Variable Costs None 6. Which method of costing is most suitable for pharmaceutical industries? Process Costing Batch Costing Contract Costing Operation Costing None 7. In job costing, costs are accumulated for: Each Process Each Contract Each Job Each Batch None 8. Unit costing is most suitable for: Textile Industry Service Sector Cement Industry Oil Refinery None 9. Process costing is suitable for: Customized Products Assembly Line Production Mass Production of Similar Items Construction Projects None 10. Which costing technique is ideal for products made to customer specifications? Process Costing Job Costing Batch Costing Operating Costing None 11. EOQ is determined by balancing: Ordering Costs and Holding Costs Material Costs and Labor Costs Fixed Costs and Variable Costs Overheads and Prime Costs None 12. In weighted average method of inventory valuation, the issue price is based on: Latest Purchase Price Simple Average Price Average of All Available Units FIFO Method None 13. ABC analysis classifies inventory items based on: Usage Frequency Purchase Price Inventory Value Volume of Consumption None 14. When material price fluctuates, the most suitable method for valuation is: FIFO LIFO Weighted Average Specific Identification None 15. The reorder level is determined by: Maximum Stock Level + Lead Time Minimum Stock Level + EOQ Maximum Consumption × Maximum Lead Time Average Consumption × Average Lead Time None 16. The wages paid for time lost due to machine breakdown are considered as: Direct Wages Indirect Wages Fixed Cost Opportunity Cost None 17. The purpose of time recording is to: Calculate Productivity Determine Material Costs Apportion Overheads Reduce Fixed Costs None 18. Which method of remuneration is based on output? Halsey Plan Rowan Plan Time Rate System Piece Rate System None 19. Idle time in labor cost accounting is classified as: Direct Cost Indirect Cost Avoidable Cost Variable Cost None 20. The term “efficiency bonus” relates to: Overhead Recovery Incentive Schemes Material Costing Cost Apportionment None 21. The process of allocating overheads to cost centers is called: Apportionment Allocation Absorption Segregation None 22. Which basis is commonly used to allocate canteen expenses? Direct Labor Hours Machine Hours Number of Employees Value of Output None 23. Machine hour rate is used to absorb: Variable Overheads Fixed Overheads Administrative Overheads Factory Overheads None 24. Under activity-based costing, cost drivers are: Activities that consume resources Direct Costs Overheads only Variance Analysis Tools None 25. The recovery of under-absorbed overheads is done by: Adjusting WIP Valuation Charging to Profit and Loss Account Overestimating Next Period Overheads Ignoring It None 26. Which of the following budgets is a financial budget? Sales Budget Production Budget Cash Budget Labor Budget None 27. Flexible budgeting is useful in: Fixed Production Levels Variable Production Levels Static Cost Conditions All of the Above None 28. A master budget includes: Only the Production Budget Only Financial Budgets Summary of All Functional Budgets Overhead Budgets Only None 29. Performance budgeting focuses on: Costs Incurred Activities Performed and Objectives Achieved Variance Analysis Production Volume None 30. Which of the following is a long-term budget? Sales Budget Capital Expenditure Budget Cash Budget Overhead Budget None 31. Contribution margin is calculated as: Sales - Fixed Costs Sales - Variable Costs Sales - Total Costs Sales - Overheads None 32. The margin of safety is: Break-even Sales - Actual Sales Actual Sales - Break-even Sales Fixed Costs ÷ Contribution Variable Costs ÷ Contribution None 33. Relevant costs for decision-making include: Sunk Costs Fixed Costs Incremental Costs All of the Above None 34. Which of the following is an opportunity cost? Material Cost Foregone Rent on Owned Building Salary of Supervisor Depreciation None 35. In a make-or-buy decision, relevant costs are: Fixed Costs Only Variable Costs Only Total Costs of Production Incremental Costs of Making None 36. The purpose of standard costing is to: Record Actual Costs Establish Cost Control Prepare Financial Statements Allocate Overheads None 37. A favorable variance indicates that: Actual Costs > Standard Costs Actual Costs < Standard Costs Fixed Costs Have Decreased Overheads Are Over-applied None 38. Which variance measures efficiency in the use of material? Material Price Variance Material Usage Variance Material Cost Variance Material Mix Variance None 39. Overhead volume variance arises due to differences in: Budgeted and Actual Overheads Budgeted and Actual Output Actual Overheads Absorbed Absorbed Overheads and Actual Costs None 40. Which of the following is a controllable variance? Fixed Overhead Volume Variance Variable Overhead Efficiency Variance Fixed Overhead Expenditure Variance Sales Volume Variance 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. 1 2 3 4 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!
