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Cost Accounting Mcqs – MCQs
1069 questions. Click to practice.
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1.
What term describes the intersection where management planning and control activities converge?
operation
variance
fluctuation
discrepancy
alteration
2.
What do you get when you subtract the static budget figure from the actual outcome?
static budget revenue
static budget difference
static budget variance
combined budget variance
3.
Given a budgeted input price of $70, an actual input quantity of 250 units, and a permitted budgeted input quantity of 90 units, what is the efficiency variance?
$23,800
$11,200
$12,200
$13,200
4.
In the context of management control, what is another term for an efficiency variance?
variance due to control
variance without control
usage variance
variance in effectiveness
performance variance
5.
What is the primary objective of conducting variance analysis in cost accounting?
Identify the causes of variances
Enhance performance moving forward
Gain insights for improvements
All of the above
6.
Given a flexible budget variance of $95,000 and actual costs amounting to $40,000, what is the value of the flexible budget cost?
$135,000
$45,000
$50,000
$55,000
7.
If the real cost of a material is lower than the planned cost, what does this indicate?
The price variance is favorable
The price variance is unfavorable
The cost variance is favorable
The cost variance is unfavorable
None of the above
8.
What is the term for a budget designed based on one fixed level of output?
advertising budget
procedural budget
fixed budget
flexible budget
variable budget
9.
When is performance assessment conducted solely based on price variance?
positive
negative
neutral
equal to one
none of the above
10.
If the efficiency variance amounts to 200 units and the actual quantity of input used is 500 units, what is the budgeted input quantity?
300 units
700 units
800 units
500 units
11.
What term describes the variance between the actual cost of inputs and the budgeted cost of inputs?
price variance
actual output price
budgeted output price
actual selling price
12.
Which costing method targets specific activities as the main cost object?
activity-based costing
enhanced costing
knowledge-driven improvements
optimal efficiency
none of the above
13.
Variance represents the difference between the anticipated performance and the ___________?
projected revenue
actual outcomes
marketing outcomes
budgeted costs
14.
Given a budgeted input cost of $50 and a price variance of $30, what is the actual price?
$100
$20
$80
$60
None of the above
15.
What term describes the precisely measured amount of input used?
output measure
input measure
standard input
standard output
16.
Which term best describes the extent to which set goals or income targets are met?
assessment of expansion
evaluation of performance
measure of productivity
effectiveness
17.
If the actual input used is 200 units and the planned input is 50 units, what is the efficiency variance?
275 units
250 units
150 units
650 units
None of the above
18.
Given that the flexible budget variance amounts to $105,000 and the actual cost incurred is $65,000, what is the value of the flexible budget cost?
$40,000
$50,000
$150,000
$170,000
19.
In the context of a static budget, how is the reduction in actual operating income compared to the budgeted figure categorized?
variance in revenue
variance in expenses
unfavorable variance
favorable variance
neutral variance
20.
When calculating variable direct cost input, dividing one unit of standard input by the standard cost per output unit yields what value?
standard price for each input unit
standard price for each output unit
standard cost for each input unit
standard cost for each output unit
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