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 7 of 8

Q61.
An arrangement of line of authority within the company is classified as
Discuss
Answer: (b).organization structure
Q62.
The variance used by managers to check whether the company has performed well and properly implemented the strategies is considered as
Discuss
Answer: (c).performance evaluation
Q63.
The manager who is responsible only for the revenues of the company can be categorized under the
Discuss
Answer: (d).revenue center
Q64.
The system which measures the budget, action and plan of each responsibility center is known as
Discuss
Answer: (d).responsibility accounting
Q65.
The significant feature of Kaizen Budgeting is
Discuss
Answer: (a).employee suggestion
Discuss
Answer: (b).textile companies
Discuss
Answer: (c).distribution companies
Q68.
If the total manufacturing cost is $60000 and the total units manufactured is 3000 units, then the per unit cost will be
Discuss
Answer: (b).$20
Discuss
Answer: (b).mutual fund companies
Q70.
The companies that buy the raw materials and convert them into the finished goods for customers are a part of
Discuss
Answer: (a).manufacturing sector companies
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