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

Discover more Topics under Cost Accounting

Q61.
The direct manufacturing labor costs is $40000 and manufacturing overhead cost is $7000, then conversion cost would be
Discuss
Answer: (a).$47,000
Q62.
If the direct material cost is $85000 and direct manufacturing labor is $25000, then prime cost would be
Discuss
Answer: (d).$110,000
Q63.
In costing of project, the wages paid to workers for the unproductive work at the time of material shortage is termed as
Discuss
Answer: (c).idle time wages
Q64.
The conversion cost is subtracted from direct manufacturing labor cost to calculate the
Discuss
Answer: (d).manufacturing overhead cost
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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