Question 1. Budgeting and control are key features of this form of accounting
Financial Accounting
Management Accounting
Explanation:-
Answer: Option B. -> Management Accounting
Question 2. -------- ------are sections of a business to which costs can be charged Therefore, a ---- ---- can be any function or section of the organisation
Cost centre
Profit Centre
investment Centre
None of these
Explanation:-
Answer: Option A. -> Cost centre
Question 3. _______ time refers to the time for which wages are paid without any production
Over
Under
Excess
Idle
Explanation:-
Answer: Option D. -> Idle
Question 4. Each contract is considered as a separate unit of cost
True
False
Explanation:-
Answer: Option A. -> True
Question 5. Work–in–progress appears as _____ in balance sheet
current asset
non current asset
current liability
provision
Explanation:-
Answer: Option A. -> current asset
Question 6. Work done yet to be certified is called _____
work certified
work uncertified
cash received
work in progress
Explanation:-
Answer: Option B. -> work uncertified
Question 7. Work certified factilitates to monitor the _____
job
materials
plant
workers
Explanation:-
Answer: Option A. -> job
Question 8. Contract work is carried out at _____ site
contractee's
contractor's
sub contractors site
factory
Explanation:-
Answer: Option A. -> contractee's
Question 9. Contract A/c is debited by _____ of plant
hire charges
job charges
store value
residual value
Explanation:-
Answer: Option A. -> hire charges
Question 10. Why adopt a standard cost system?
To improve performance measures
To give manager more information by decomposing total variances into price & usage variances
To use unit cost system that is readily available in pricing
