50+ Cost Control Accounts MCQ’s | Cost Accounting (Free Resource)
11. In a non-integrated system of accounting, the emphasis is on,
(a) Personal accounts
(b) Real accounts
(c) Nominal accounts
(d) All of these
12. Cost and financial accounts are required to be reconciled under
(a) Integral system
(b) Cost control accounts system
(c) Under both (a) and (b)
(d) None of these
13. Which of the following accounts makes the cost ledger self-balancing ?
(a) Overhead adjustment account
(b) Costing P & L account
(c) Cost ledger control account
(d) None of the above
14. Purchases for special jobs is debited under non-integrated system to
(a) Work-in-progress ledger control account
(b) Cost ledger control account
(c) Stores ledger control account
(d) Purchases account
15. The following documents are used in accounting for raw materials:
(i) Goods received note
(ii) Materials returned note
(iii) Materials requisition note
(iv) Delivery note
Which of the documents may be used to record raw materials sent back to stores from production?
(a) (i) and (ii)
(b) (i) and (iv)
(c) (ii) only
(d) (ii) and (iii)
16. The raw materials issued to a job were overestimated and the excess is being sent back to the materials store. What document is required?
(a) Stores credit note
(b) Stores debit note
(c) Materials returned note
(d) Materials transfer note
17. What is an interlocking bookkeeping system?
(a) A single, combined system containing both cost accounting and financial accounting records
(b) A system combining cost accounting and management accounting
(c) A system with high secured access
(d) A system where separate accounts are kept for cost accounting and for financial accounting
18. What is a cost ledger control account?
(a) An account in the cost ledger to record financial accounting items
(b) An account in the financial ledger to record cost accounting items
(c) An account that summarises outstanding payables balances
(d) An account that summarises outstanding receivables balances
19. The advantages of maintaining cost control accounts include the following:
(a) facilitate prompt preparation of costing profit and loss account
(b) help management in policy formulation
(c) facilitate internal check
(d) all of the above
20. The Work-in-Progress Control Account is not debited with :
(a) direct materials and direct labour
(b) direct expenses
(c) production overheads (recovered)
(d) selling and distribution overheads
| Answers: 11)Nominal accounts 12)Cost control accounts system 13)Cost ledger control account 14)Work-in-progress ledger control account 15)(ii) only 16)Materials returned note 17)A system where separate accounts are kept for cost accounting and for financial accounting 18)An account in the cost ledger to record financial accounting items 19)all of the above 20)selling and distribution overheads |
