Introduction to cost accounting – MCQs quiz

We have prepared a multiple-choice questions (MCQs) quiz for the chapter Introduction to cost accounting so that students can prepare themselves for their exams and interviews. This MCQs quiz consists of 9 multiple choice questions with 4 answers for each question. Students need to choose the correct answer to move to the next question.

If you feel any difficulty to answer the questions we strongly recommend thoroughly read Chapter Cost Accountancy from our Cost and Management Accounting section from the main horizontal menu bar.

Let’s take the MCQs quiz:

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1. Financial Accounting is concerned with the:

 recording of business expenses and revenues

 recording of the cost of products and services

 recording of day-to-day business transactions

 none of the above

2. The nature of financial accounting is:

 historical

 forward-looking

 analytical

 social

3. The main object of cost accounting is:

 to record day-to-day transactions of the business

 to reveal managerial efficiency

 to ascertain true cost of products and services

 to determine tender price

4. Cost accounting emerged mainly on account of:

 Statutory requirements

 Competition in the market

 Labour unrest

 Limitations of financial accounting

5. Advantages of cost accounting system accrue:

 only to workers

 only to government

 only to consumers

 to management, workers, consumers and government

6. Cost Accounting is applied to:

 Public undertakings only

 Large business enterprises only

 Small business enterprises only

 Manufacturing and services concerns

7. A colliery company employes:

 Contract Costing

 Batch Costing

 Operating Costing

 Single Costing

8. Marginal Costing is concerned with:

 Fixed Costs

 Variable Costs

 Semi-fixed Costs

 None of the above three

9. A biscuit manufacturing concern employes:

 Operating costing

 Departmental Costing

 Batch Costing

 Contract Costing

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