50+ Cost Control Accounts MCQ’s | Cost Accounting (Free Resource)
Cost Control Accounts MCQ’s
1. Materials Requisition Note
(a) authorises and records the issue of materials for use
(b) records the return of unused materials
(c) records the transfer of materials from one store to another
(d) a classified record of materials, issues, returns and transfers
2. Materials Transfer Note
(a) authorises and records the issue of materials for use
(b) records the return of unused materials
(c) records the shifting of materials from one store to another
(d) a classified record of materials, issues, returns and transfers
3. A document which is a classified record of material issues, returns and transfers
(a) Materials Requisition Note
(b) Materials Return Note
(c) Materials Transfer Note
(d) Materials Issue Analysis Sheet
4. This is essential to make the cost ledger ‘self-balancing’.
(a) General Ledger Adjustment Account
(b) Stores Ledger Control Account
(c) Work-in-Progress Ledger
(d) Finished Goods Control Account
5. This is debited with all purchases of materials for the stores and credited with all issues of materials
(a) General Ledger Adjustment Account
(b) Stores Ledger Control Account
(c) Work-in-Progress Ledger
(d) Finished Goods Control Account
6. In this, cost of materials, wages and overheads of each job undertaken is posted.
(a) General Ledger Adjustment Account
(b) Stores Ledger Control Account
(c) Work-in-Progress Ledger
(d) Finished Goods Control Account
7. This represents the total value of finished goods in stock.
(a) General Ledger Adjustment Account
(b) Stores Ledger Control Account
(c) Work-in-Progress Ledger
(d) Finished Goods Control Account
8. Material amounting to Rs 58,300 is purchased on credit.
The entry in Cost Ledger under non-integrated System is
(a) Purchases A/c Dr. 58,300
To Sundry Creditors 58,300
(b) Stores Ledger Control A/c Dr. 58,300
To General Ledger Adjustment A/c 58,300
(c) Purchases A/c Dr. 58,300
To Cost Ledger Control A/c 58,300
(d) Work-in-Progress Control A/c Dr. 58,300
To General Ledger Adjustment A/c 58,300
9. Salaries and wages amounting to Rs 62,100 gross and earned by the employees, and deductions of Rs 5,400 as provident fund. Rs 2,400 as ESIC and Rs 4,300 as Income Tax are made from the gross amount.
The entry in Cost Ledger under non-integrated System is
(a) Salaries and Wages Control A/c Dr. 62,100
To General Ledger Adjustment A/c 62,100
(b) Salaries and Wages Control A/c Dr. 50,000
To General Ledger Adjustment A/c 50,000
(c) Salaries and Wages Control A/c Dr. 62,100
To Cost Ledger Adjustment A/c 62,100
d) Salaries and Wages Control A/c Dr. 62,100
To Provident Fund A/c 5,400
To E.S.I.C. A/c 2,400
To Income-tax A/c 4,300
To General Ledger Adjustment A/c 50,000
10. A concern has a non-integrated costing system. Salaries and wages analysis book indicates the following breakup :
Direct wages Rs 38,600
Indirect factory wages Rs 9,500
Administrative salaries Rs 9,700
Selling and distribution salaries Rs 4,300
Which of the following statements is false-
(i) No additional entry is passed in financial books for break-up.
(ii) Work-in-progress Ledger Control A/c will be debited with Rs 38,600.
(iii) Salaries and Wages Control A/c will be debited with Rs 62,100.
(a) only (i)
(b) All
(c) only (iii)
(d) None
| Answers: 1)authorises and records the issue of materials for use 2)records the shifting of materials from one store to another. 3)Materials Issue Analysis Sheet 4)General Ledger Adjustment Account 5)Stores Ledger Control Account 6)Work-in-Progress Ledger. 7)Finished Goods Control Account 8)b 9)a 10)c |
