{"id":5687,"date":"2021-09-08T20:27:22","date_gmt":"2021-09-08T14:57:22","guid":{"rendered":"https:\/\/scholarsclasses.com\/blog\/?p=5687"},"modified":"2025-10-07T19:43:06","modified_gmt":"2025-10-07T14:13:06","slug":"reconciliation-of-cost-and-financial-accounts-mcq","status":"publish","type":"post","link":"https:\/\/scholarsclasses.com\/blog\/reconciliation-of-cost-and-financial-accounts-mcq\/","title":{"rendered":"Reconciliation of Cost and Financial Accounts MCQ | 30 MCQs (Free Resource)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading has-text-align-center\"><strong>Reconciliation of Cost and Financial Accounts MCQ<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/cost-accounting-mcq\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/cost-accounting-mcq\/\" target=\"_blank\" rel=\"noreferrer noopener\">MCQs on other topics of Cost Accounting <\/a><\/strong><\/li>\n\n\n\n<li><a href=\"https:\/\/www.icsi.edu\/media\/webmodules\/modelquestionpaper\/CMA-MCQ%20100.pdf\" data-type=\"URL\" data-id=\"https:\/\/www.icsi.edu\/media\/webmodules\/modelquestionpaper\/CMA-MCQ%20100.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Cost Accounting MCQs pdf <\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>1. ___________ facilitates internal control.<\/strong><br>a) reconciliation <br>b) Overvaluation <br>c) Computation <br>d) None of the above<\/p>\n\n\n\n<p><strong>2. Dividend received is shown in _________ accounts only.<br><\/strong>a) financial <br>b) Cost <br>c) Balance Sheet <br>d) Ignored<\/p>\n\n\n\n<p><strong>3. Overheads recovered in costing is more than actual it is called _________.<\/strong><br>a) overabsorption <br>b) underabsorption <br>c) Both a &amp; b <br>d) None of the above <\/p>\n\n\n\n<p><strong>4. Less overheads recovered in costing is called __________ .<br><\/strong>a) underabsorption <br>b) overabsorption <br>c) Both a &amp; b <br>d) None of the above<\/p>\n\n\n\n<p><strong>5. Donations paid reduces __________ profit.<br><\/strong>a) financial profit <br>b) Ignored in costing <br>c) costing profit <br>d) Both a &amp; b<\/p>\n\n\n\n<p><strong>6. Interest on capital reduces _________ profit.<br><\/strong>a) Costing profit <br>b) financial profit <br>c) Assets <br>d) None of the above<\/p>\n\n\n\n<p><strong>7. Underabsorption of overheads in costing increases _________ profit.<br><\/strong>a) costing <br>b) financial <br>c) Assets <br>d) None of the above<\/p>\n\n\n\n<p><strong>8. Premium on issue of shares is shown in _________ P &amp; L A\/c.<\/strong><br>a) Financial <br>b) costing <br>c) Ignored <br>d) None of the above<\/p>\n\n\n\n<p><strong>9. Notional Rent is taken in _________ P &amp; L A\/c.<\/strong><br>a) Costing <br>b) financial <br>c) Ignored <br>d) None of the above<\/p>\n\n\n\n<p><strong>10. Interest on investment increases ________ profit.<br><\/strong>a) Financial <br>b) Costing <br>c) Assets <br>d) None of the above<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Answers:<\/strong> <span class=\"has-inline-color has-vivid-red-color\">1)reconciliation  2)financial  3)overabsorption  4)under absorption  5)financial profit  6)financial profit  7)costing  8)Financial  9)Costing  10)Financial<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/09\/Reconciliation-of-Cost-and-Financial-Accounts-1024x576.jpg\" alt=\"Reconciliation of Cost and Financial Accounts\" class=\"wp-image-5702 lazyload\" title=\"\" data-srcset=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/09\/Reconciliation-of-Cost-and-Financial-Accounts-1024x576.jpg 1024w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/09\/Reconciliation-of-Cost-and-Financial-Accounts-300x169.jpg 300w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/09\/Reconciliation-of-Cost-and-Financial-Accounts-768x432.jpg 768w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/09\/Reconciliation-of-Cost-and-Financial-Accounts-1536x864.jpg 1536w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/09\/Reconciliation-of-Cost-and-Financial-Accounts.jpg 1920w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\"><strong>Reconciliation of Cost and Financial Accounts<\/strong><\/figcaption><\/figure>\n\n\n\n<p><strong>11. Overvaluation of closing stock in costing increases_________ profit.<br><\/strong>a) Assets <br>b) Financial <br>c) Costing <br>d) None of the above<\/p>\n\n\n\n<p><strong>12. Undervaluation of closing stock in costing decreases _________ profit.<br><\/strong>a) Financial <br>b) Costing <br>c) Assets <br>d) None of the above<\/p>\n\n\n\n<p><strong>13. Over absorption of overheads in costing decreases ________ profit.<\/strong><br>a) Costing <br>b) Assets <br>c) Financial <br>d) None of the above<\/p>\n\n\n\n<p><strong>14. Under absorption of overheads in costing increases _________ profit.<br><\/strong>a) Assets <br>b) Costing <br>c) Financial <br>d) None of the above<\/p>\n\n\n\n<p><strong>15. Dividend paid on shares is debited to ________  P &amp; L A\/c.<br><\/strong>a) Costing <br>b) Financial <br>c) Ignored <br>d) None of the above<\/p>\n\n\n\n<p><strong>16. Donation paid is debited to _________ P &amp; L A\/c.<br><\/strong>a) Financial <br>b) Ignored in costing <br>c) Both a &amp; b <br>d) Costing<\/p>\n\n\n\n<p><strong>17. Under valuation of opening stock in finance increases ________ profit.<\/strong><br>a) Financial <br>b) Costing <br>c) Decrease Financial <br>d) None of the above<\/p>\n\n\n\n<p><strong>18. Overvaluation of opening stock in finance _______ costing profit.<\/strong><br>a) Increases <br>b) Decreases <br>c) Both a &amp; b <br>d) None of the above<\/p>\n\n\n\n<p><strong>19. Premium on issue of shares is _________ .<br><\/strong>a) Shown in costing profit and loss A\/c <br>b) Shown in financial profit and loss A\/c <br>c) Ignored <br>d) None of the above<\/p>\n\n\n\n<p><strong>20. Notional rent is taken in ___________.<br><\/strong>a) Cost A\/c <br>b) Financial A\/c <br>c) Balance sheet <br>d) Ignored<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Answers:<\/strong> <span class=\"has-inline-color has-vivid-red-color\">11)Costing  12)Costing  13)Costing  14)Costing  15)Financial  16)Financial  17)Financial  18)Decreases<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>21. Excess of overheads in costing as compared to profit and loss A\/c is __________.<br><\/strong>a) Over absorption of overheads <br>b) Under absorption of overheads <br>c) Both (i) &amp; (ii) <br>d) None of the above<\/p>\n\n\n\n<p><strong>22. Interest on investment increases __________.<br><\/strong>a) Financial profit <br>b) Costing profit <br>c) Assets <br>d) None of the above<\/p>\n\n\n\n<p><strong>23. Loss on sale of capital asset is ________.<br><\/strong>a) Added to financial profit <br>b) Added to costing profit <br>c) Ignored from cost A\/c <br>d) None of the above to get costing profit<\/p>\n\n\n\n<p><strong>24. Overvaluation of closing stock in Cost Accounts _________.<br><\/strong>a) Increases costing profit <br>b) Increases financial profit <br>c) Decreases costing profit <br>d) Decreases financial profit<\/p>\n\n\n\n<p><strong>25. Interest on Bank Deposits is _________.<br><\/strong>a) Credited in costing P &amp; L A\/c <br>b) Credited in financial P &amp; L A\/c <br>c) Debited in costing P &amp; L A\/c <br>d) Debited in Financial P &amp; L A\/c<\/p>\n\n\n\n<p><strong>26. Dividend paid on share capital is ________.<br><\/strong>a) Debited to costing P &amp; L A\/c <br>b) Debited to financial P &amp; L A\/c <br>c) Credited to costing P &amp; L A\/c <br>d) Credited to financial P &amp; L A\/c<\/p>\n\n\n\n<p><strong>27. Over absorption of overheads in costing _______.<br><\/strong>a) Decreases costing profit <br>b) Increases financial profit <br>c) Increases costing profit <br>d) Both (i) &amp; (ii)<\/p>\n\n\n\n<p><strong>28. Under valuation of opening stock in costing _________.<br><\/strong>a) Increases costing profit <br>b) Decreases financial profit <br>c) Decreases costing profit <br>d) Both (i) &amp; (ii)<\/p>\n\n\n\n<p><strong>29. Donations paid is __________. <br><\/strong>a) Debited to costing P &amp; L A\/c <br>b) Debited to financial P &amp; L A\/c <br>c) Ignored in costing <br>d) (ii) &amp; (iii)<\/p>\n\n\n\n<p><strong>30. Financial profit is 40,000 oversubscribtion of overheads 15,000 costing profit is ________.<\/strong><br>a) 55,000 <br>b) 25,000 <br>c) 30,000 <br>d) 22,000<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Answer:<\/strong><span class=\"has-inline-color has-vivid-red-color\"><strong> <\/strong>21)Over absorption of overheads  22)Financial profit  23)Added to financial profit  24)Increases costing profit  25) Credited in financial P &amp; L A\/c  26) Debited to financial P &amp; L A\/c  27)Both (i) &amp; (ii)  28)Both (i) &amp; (ii)  29)(ii) &amp; (iii)  30)55,000<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":5702,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,1],"tags":[2311],"class_list":["post-5687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bcom","category-misc","tag-reconciliation-of-cost-and-financial-accounts"],"_links":{"self":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/5687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/comments?post=5687"}],"version-history":[{"count":4,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/5687\/revisions"}],"predecessor-version":[{"id":39306,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/5687\/revisions\/39306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media\/5702"}],"wp:attachment":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media?parent=5687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/categories?post=5687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/tags?post=5687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}