Cost & Management Accounting
Download Q&ACost & Management Accounting MCQ & Objective Questions
Cost & Management Accounting is a crucial subject for students preparing for various school and competitive exams in India. Mastering this topic not only enhances your understanding of financial principles but also significantly boosts your exam scores. Practicing MCQs and objective questions helps in reinforcing key concepts and identifying important questions that frequently appear in exams.
What You Will Practise Here
- Fundamentals of Cost Accounting
- Costing Methods: Job Costing, Process Costing, and Activity-Based Costing
- Budgeting and Variance Analysis
- Break-even Analysis and Cost-Volume-Profit Relationships
- Standard Costing and Performance Measurement
- Financial Statements Analysis
- Key Formulas and Definitions in Cost & Management Accounting
Exam Relevance
Cost & Management Accounting is an integral part of the curriculum for CBSE, State Boards, and various competitive exams such as NEET and JEE. Questions often focus on practical applications, theoretical concepts, and problem-solving skills. Common question patterns include multiple-choice questions that test your understanding of key principles and calculations related to costs and management strategies.
Common Mistakes Students Make
- Confusing different costing methods and their applications.
- Misunderstanding the concepts of fixed and variable costs.
- Overlooking the importance of accurate budgeting and variance analysis.
- Neglecting to memorize essential formulas and definitions.
- Failing to practice enough objective questions to build confidence.
FAQs
Question: What are the key topics I should focus on for Cost & Management Accounting exams?
Answer: Focus on costing methods, budgeting, variance analysis, and key formulas to excel in your exams.
Question: How can I improve my performance in Cost & Management Accounting MCQs?
Answer: Regular practice of MCQs and understanding the underlying concepts will significantly improve your performance.
Start solving practice MCQs today to test your understanding of Cost & Management Accounting and enhance your exam preparation. Remember, consistent practice is the key to success!
Budgeting and Variance Analysis
Budgeting and Variance Analysis - Advanced Concepts
Budgeting and Variance Analysis - Applications
Budgeting and Variance Analysis - Case Studies
Budgeting and Variance Analysis - Competitive Exam Level
Budgeting and Variance Analysis - Higher Difficulty Problems
Budgeting and Variance Analysis - Numerical Applications
Budgeting and Variance Analysis - Problem Set
Budgeting and Variance Analysis - Real World Applications
Cost Classification and Terminology
Cost Classification and Terminology - Advanced Concepts
Cost Classification and Terminology - Applications
Cost Classification and Terminology - Case Studies
Cost Classification and Terminology - Competitive Exam Level
Cost Classification and Terminology - Higher Difficulty Problems
Cost Classification and Terminology - Numerical Applications
Cost Classification and Terminology - Problem Set
Cost Classification and Terminology - Real World Applications
Marginal Costing Basics
Marginal Costing Basics - Advanced Concepts
Marginal Costing Basics - Applications
Marginal Costing Basics - Case Studies
Marginal Costing Basics - Competitive Exam Level
Marginal Costing Basics - Higher Difficulty Problems
Marginal Costing Basics - Numerical Applications
Marginal Costing Basics - Problem Set
Marginal Costing Basics - Real World Applications
Q. If a product sells for $100 and has a variable cost of $60, what is the contribution margin per unit?
Q. If a product sells for $100 and has variable costs of $60, what is the contribution margin?
Q. If fixed costs are $50,000 and the contribution margin per unit is $25, how many units must be sold to break even?
Q. If the actual cost of production is $120,000 and the budgeted cost is $100,000, what is the cost variance?
Q. If the budgeted cost for direct materials is $50,000 and the actual cost is $55,000, what is the direct materials price variance?
Q. If the budgeted fixed costs are $50,000 and the actual fixed costs are $55,000, what is the fixed cost variance?
Q. If the budgeted fixed overhead is $200,000 and the actual fixed overhead is $210,000, what is the fixed overhead variance?
Q. If the budgeted overhead is $200,000 and the actual overhead is $180,000, what is the overhead variance?
Q. If the budgeted overhead is $200,000 and the actual overhead is $220,000, what is the overhead variance?
Q. If the contribution margin per unit is $20 and fixed costs are $40,000, how many units must be sold to break even?
Q. If the contribution margin per unit is $40 and fixed costs are $20,000, how many units need to be sold to achieve a target profit of $10,000?
Q. If the fixed costs are $12,000 and the variable cost per unit is $20, how many units must be sold to achieve a target profit of $8,000 if the selling price is $50?
Q. If the marginal cost of producing an additional unit is $10 and the selling price is $15, what is the profit from selling that unit?
Q. If the selling price is $250 and the variable cost is $150, what is the contribution margin ratio?
Q. If the selling price is $300 and the variable cost is $180, what is the contribution margin per unit?
Q. If the selling price per unit is $10 and the marginal cost per unit is $6, what is the contribution margin per unit?
Q. If the selling price per unit is $100 and the variable cost per unit is $60, what is the margin of safety in dollars if the break-even sales are $40,000?
Q. If the selling price per unit is $15 and the variable cost per unit is $5, what is the contribution margin per unit?
Q. If the total fixed costs are $12,000 and the contribution margin ratio is 40%, what is the sales revenue needed to break even?
Q. If the total variable costs for producing 2,000 units are $24,000, what is the variable cost per unit?
Q. In a case study, a company has a budgeted cost of goods sold of $40,000 and actual cost of goods sold of $45,000. What is the cost variance?
Q. In a case study, a company has a contribution margin of $40 per unit and fixed costs of $200,000. How many units must be sold to achieve a target profit of $100,000?
Q. In a case study, a company has total fixed costs of $100,000 and sells its product for $25. If the variable cost per unit is $15, how many units must be sold to break even?
Q. In a case study, a company has total sales of $50,000 and total variable costs of $30,000. What is the contribution margin?
Q. In a case study, a company incurs $10,000 in rent for its factory. How should this cost be classified?
Q. In a case study, a company incurs $10,000 in rent for its factory. This cost is classified as:
Q. In a case study, a company sells a product for $50, with variable costs of $30 and fixed costs of $10, what is the contribution margin?
Q. In a CVP analysis, which of the following factors is NOT considered?
Q. In a flexible budget, costs are adjusted based on what factor?
Q. In a flexible budget, costs are adjusted based on which of the following?
