Basic Accounting Concepts MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Basic Accounting Concepts, a fundamental topic in the field of Cost Accounting. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our Basic Accounting Concepts MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of Basic Accounting Concepts mcq questions that explore various aspects of Basic Accounting Concepts problems. Each MCQ is crafted to challenge your understanding of Basic Accounting Concepts principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace Cost Accounting tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our Basic Accounting Concepts MCQs are your pathway to success in mastering this essential Cost Accounting topic.

Note: Each of the following question comes with multiple answer choices. Select the most appropriate option and test your understanding of Basic Accounting Concepts. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

So, are you ready to put your Basic Accounting Concepts knowledge to the test? Let's get started with our carefully curated MCQs!

Basic Accounting Concepts MCQs | Page 3 of 8

Discover more Topics under Cost Accounting

Q21.
In accounting, the cost incurred in past or in historical financial statements is classified as
Discuss
Answer: (a).actual cost
Q22.
According to accounting system the collection of cost data, in an organized way is classified as
Discuss
Answer: (c).cost accumulation
Q23.
The difference between the budgeted amounts and the actual results is classified as
Discuss
Answer: (b).variances
Q24.
A manager who is responsible for only the cost of the company belongs to
Discuss
Answer: (a).cost center
Q25.
A manager, who is responsible for the both cost and revenues belong to the department of
Discuss
Answer: (c).profit center
Q26.
The labor related to the manufacturing of the product can be classified under
Discuss
Answer: (a).direct manufacturing labor costs
Q27.
The direct material costs are added into direct manufacturing costs, to calculate
Discuss
Answer: (b).prime costs
Q28.
The direct manufacturing labor costs is added into manufacturing overhead cost to calculate
Discuss
Answer: (b).conversion costs
Q29.
In cost terms, the direct manufacturing labor cost is included in
Discuss
Answer: (d).both b and c
Q30.
The conversion cost is $2000 and the manufacturing overhead cost is $7000, then the direct manufacturing labor cost will be
Discuss
Answer: (b).$13,000
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