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 4 of 8

Q31.
If the conversion cost is $25000 and direct manufacturing labor cost is $17000, then the manufacturing overhead cost would be
Discuss
Answer: (c).$8,000
Q32.
For the companies in service sector, the cost which is not considerable is
Discuss
Answer: (a).Inventoriable costs
Q33.
An overtime is considered in cost accounting as
Discuss
Answer: (d).both a and b
Q34.
In the income statement of merchandising costs, the period cost includes all costs which are not related to
Discuss
Answer: (d).cost of purchased goods
Q35.
The wages paid to workers of the factory are termed as
Discuss
Answer: (b).overtime premium
Q36.
The cost, which is related to specific cost object and economically traceable, will be classified as
Discuss
Answer: (a).direct cost
Q37.
The material or anything for which cost is to be measured is known as
Discuss
Answer: (b).cost object
Q38.
The cost which is changed in proportion to level the total volume is
Discuss
Answer: (b).variable cost
Q39.
The costs are classified as fixed or variable on the basis of
Discuss
Answer: (d).both a and b
Q40.
The process of tracing the direct costs and allocation of indirect costs is known as
Discuss
Answer: (a).cost assignment
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