Required fields are marked *. Accounting MCQ Question with Answer Accounting MCQ with detailed explanation for interview, entrance and competitive exams. What are the Disadvantages of Cost Accounting? (A) Financial (B) Audit (C) Management (D) Budget Analysis 2. eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_2',101,'0','0']));eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_3',101,'0','1']));Q.4. This can be described as the process of accumulating, measuring, analyzing, interpreting and reporting cost information that is both useful and relevant to the internal and external stakeholders of a business entity. Find over 1,500 Q&A for accounting and finances at AccountingCoach blog. track money spent

Definition of Accounting Clerk An accounting clerk is typically a person with an aptitude for numbers who can process a large volume of details accurately and quickly with a minimal amount of supervision. Definition of Accountant Accountants are employed by businesses and other organizations to report their financial results according to generally accepted accounting principles (GAAP) and income tax regulations. assist in decision making III. Briefly explain the concept and scope of cost accounting. MULTIPLE CHOICE QUESTIONS CHAPTERS 1 – 5 CHAPTER 1 1. Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization. The annual wage limit is also known as the annual wage base, wage ceiling, taxable maximum, and maximum taxable earnings. However, it is common for gross wages… Read More. eval(ez_write_tag([[336,280],'googlesir_com-medrectangle-3','ezslot_0',105,'0','0']));Q.2. Answer – costing is the technique and process of ascertaining …

External stakeholders are those who have a vested financial interest in a business or company. Differentiate between Cost and Costing? Sometimes gross wages is used to describe the amounts earned by hourly-paid employees.

Variable costs are those that are directly proportionate with the quantity of production and or directly associated with the service. What do you understand by Costing? What do you understand by Costing? For instance, a corporation with 100,000 shares of stock before a 2-for-1 stock split will… Read More. What is the opportunity cost or define opportunity cost? Definition of Annual Wage Limit Annual wage limit is a term in payroll accounting associated with the Social Security payroll tax.

For example, reports that compare budgeted to actual expenses are commonly used to monitor the successful management of a specific department or store within a larger enterprise.

Course Outline Menu. Answer – The advantages of cost accounting for different sectors are as under: Advantages of administrationeval(ez_write_tag([[468,60],'googlesir_com-leader-2','ezslot_7',115,'0','0'])); Q.15. Indirect TAX MCQ .

Facilitating preparation of financial and other statements. Learn more about cost accounting with Cost Accounting Interview Questions and Answers and get preparation for accounting job. Q.10. The Financial Accounting past questions and answers in PDF file in this post should not be made as your means of study rather a tool to test your preparedness for writing any Financial Accounting examination in any university or polytechnic. Stepped cost Supervisors’ salaries Answer 1. PRO Features Log In Course Outline Take the Tour PRO Features Log In. Hence, accountants are employed by manufacturers, retailers, financial institutions, public utilities, government agencies, accounting firms,… Read More. The… Read More. Answer – Cost means the amount of expenditure incurred upon manufacturing of an article or providing any service. Operating Costing: Top Best Q&A [Cost Accounting], Top 15 Overheads Question Answer (Cost Accounting). Incomplete and unreliable because estimates are used and some items of. The process of accounting is needed to I. take a holiday II. Not suitable for small industries, agricultural areas etc. (b) (i) False – The cost of drawing, design and layout is an example of direct expense and not of production cost. Related Categories Chemical Engineering Plant Economics … Your email address will not be published. Definition of Additional Medicare Tax The Additional Medicare Tax is one of the U.S. government's payroll withholding taxes that is paid solely by employees and the self-employed. Q&A Archive (1,114) What is net sales?

invest in start up of a business IV. The level of activity at which total revenues equal total costs. Helpful in decision making and policy farming. A company will likely have… Read More.

Modern Management of Costs and Quality 17.1 Global Competition 17.2 Kaizen 17.3 Lean Manufacturing 17.4 Just in Time Inventory 17.5 Total Quality Management Helpful in the determination of tender price. Cost Accounting Interview Questions and Answers will guide you here that in management accounting, cost accounting establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. Payroll MCQ . Internal stakeholders are the business or company directors, managers, division heads, etc. Which of the following jobs check accounting in ledgers and financial statements? Referring any books or questions wont give any experience, here experience, i think means, the level or the grade of Cost A/C works done etc. Direct TAX MCQ . To reduce cost.

Managers use cost accounting to support decision-making to cut a companies costs and improve profitability. 33 Qualities (Complete List), 17 Role and Importance of Small Scale Industries, 19 Role And Importance Of Managerial Economics, 13 Types of Online Advertising Techniques. (ii) False – Cost accounting is an internal reporting system for an organistaion. Definition of Stock Split A stock split usually refers to a corporation dividing its existing number of shares of common stock into a greater number of shares.

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