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Accounting Mcqs – MCQs
1591 questions. Click to practice.
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1.
Given a fixed setup cost of $32,000 and a variable setup cost of $12,000, what is the total setup cost?
$20,000
$34,000
$44,000
$35,000
2.
Given that the fixed overhead assigned to actual output units amounts to $36,000 and the production volume variance is $7,000, what is the budgeted fixed overhead?
$43,000
$42,000
$29,000
$19,000
3.
What term describes the difference between the actual and budgeted quantities of the cost allocation base?
Efficiency variance for fixed overhead
Efficiency variance for variable overhead
Manufacturing variance for variable overhead
Manufacturing variance for fixed overhead
None of the above
4.
What term describes a total cost amount that stays constant regardless of fluctuations in production volume?
constant price
invariable expense
fixed overhead cost
variable overhead expense
flexible cost
5.
What is the third stage in preparing an operating budget?
Determine the timeframe for the budget
Decide on the bases for cost allocation
Recognize variable overhead expenses
Calculate the rate per unit
6.
Given that the fixed overhead assigned to the actual number of units produced is $9,800 and the planned fixed overhead is $22,000, what is the production volume variance?
$31,800
$12,300
$12,200
$41,800
7.
Given a budgeted fixed overhead total cost of $465,200 and a budgeted total quantity of 8,750 units, what is the budgeted fixed overhead cost per unit?
$83.17 per unit
$73.17 per unit
$53.17 per unit
$63.17 per unit
None of the above
8.
What is the fourth step in preparing an operating budget?
Determine the variable overhead expenses
Calculate the rate per unit
Decide on the time frame for budgeting
Pick the bases for cost allocation
9.
Given that the variable overhead flexible budget variance is $37,000 and the flexible budget amount is $10,000, what is the actual cost incurred?
$27,000
$25,000
$47,000
$57,000
None of the above
10.
Which of the following is NOT considered part of variable overhead in overhead cost variance analysis?
favorable volume variance
profit volume variance
cost volume variance
production volume variance
none of the above
11.
Which category includes indirect setup labor expenses, costs related to setup and equipment upkeep, and indirect material costs?
Costs that vary with each batch
Batch costs that remain constant
Setup costs that fluctuate based on activity
Setup costs that stay fixed
None of the above
12.
Which costing method organizes all activities into a costing hierarchy?
Activity-based costing
Non-financial costing
Profit-based costing
Fixed sum costing
Standard costing
13.
Which type of measure assesses the overall trade-offs and impacts among non-financial performance indicators?
Indicators unrelated to finance
Financial metrics
Performance efficiency metric
Aggregate sum metric
Qualitative assessment
14.
Which of the following is associated with increased plant leasing expenses, elevated administrative costs, and greater depreciation on equipment and facilities?
favorable spending variance
unfavorable spending variance
favorable price variance
unfavorable price variance
none of the above
15.
Which of the following is indicated by reduced plant leasing expenses, decreased administrative costs, and lower depreciation on equipment and facilities?
Positive price variance
Negative price variance
Favorable spending variance
Unfavorable spending variance
None of the above
16.
What term is used to describe workers who have lower machine operation skills than anticipated?
A reason for going over budget
A factor leading to reduced hiring
A type of fixed cost fluctuation
A variation in variable costs
17.
Given that the actual variable quantity is 50, with actual and budgeted overhead allocation costs of $7,550 and $4,500 respectively, what is the variable overhead spending variance?
$182,500
$152,500
$162,500
$172,500
18.
Given that the overall setup cost amounts to $35,000 and the fixed portion of the setup cost is $19,000, what is the variable setup cost?
$16,000
$54,000
$64,000
$74,000
19.
Which of the following is NOT part of fixed overhead in variance analysis?
Efficiency variance
Unfavorable variance
Production volume variance
Favorable variance
20.
When determining the fixed overhead flexible budget variance, from which value is the actual cost deducted?
the flexible budget figure
a fixed constant value
the variable cost total
the production volume cost
none of the above
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