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Test: Cost Book keeping - B Com MCQ


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10 Questions MCQ Test Cost Management - Test: Cost Book keeping

Test: Cost Book keeping for B Com 2024 is part of Cost Management preparation. The Test: Cost Book keeping questions and answers have been prepared according to the B Com exam syllabus.The Test: Cost Book keeping MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Cost Book keeping below.
Solutions of Test: Cost Book keeping questions in English are available as part of our Cost Management for B Com & Test: Cost Book keeping solutions in Hindi for Cost Management course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Cost Book keeping | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Cost Management for B Com Exam | Download free PDF with solutions
Test: Cost Book keeping - Question 1
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What is the primary purpose of reconciling financial accounts?

Detailed Solution for Test: Cost Book keeping - Question 1
The primary purpose of reconciling financial accounts is to avoid overdraft fees and ensure that your account records match the statements provided by financial institutions. It also helps in identifying unauthorized transactions and errors in your accounts.
Test: Cost Book keeping - Question 2
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In a non-integrated accounting system, what is the main reason for maintaining two different sets of accounting records?

Detailed Solution for Test: Cost Book keeping - Question 2
In a non-integrated accounting system, maintaining two different sets of accounting records is done to facilitate easy reconciliation between Cost and Financial Accounts. This ensures that both sets of accounts are in agreement and helps in cost analysis.
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Test: Cost Book keeping - Question 3
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Why is it important to reconcile accounts regularly?

Detailed Solution for Test: Cost Book keeping - Question 3
Reconciling accounts regularly is important to identify errors, unauthorized charges, and fraudulent activity in your financial transactions. It helps in ensuring the accuracy of your records and avoiding financial losses.
Test: Cost Book keeping - Question 4
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What is the purpose of a General Ledger Adjustment (Control) Account in Cost Accounting?
Detailed Solution for Test: Cost Book keeping - Question 4
The purpose of a General Ledger Adjustment (Control) Account in Cost Accounting is to make the Cost Ledger self-balancing. It helps in reconciling Cost and Financial Accounts and ensures that the Cost Ledger remains in agreement with the Financial Accounts.
Test: Cost Book keeping - Question 5
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Which ledger consists of all impersonal accounts in a non-integrated accounting system?
Detailed Solution for Test: Cost Book keeping - Question 5
In a non-integrated accounting system, the Cost Ledger consists of all impersonal accounts. It includes accounts related to cost elements and is made self-balancing through control accounts.
Test: Cost Book keeping - Question 6
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Which ledger contains the cost of materials, wages, and overheads for each job undertaken?
Detailed Solution for Test: Cost Book keeping - Question 6
The Work-in-Progress Ledger contains the cost of materials, wages, and overheads for each job undertaken. It helps in tracking the cost of work in progress and specific jobs or processes.
Test: Cost Book keeping - Question 7
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What is the purpose of a Stores Ledger Control Account?
Detailed Solution for Test: Cost Book keeping - Question 7
The purpose of a Stores Ledger Control Account is to track all purchases of materials for stores. It helps in managing inventory and ensuring that materials are properly accounted for in Cost Accounting.
Test: Cost Book keeping - Question 8
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Which account is necessary to make the Cost Ledger self-balancing in a non-integrated accounting system?
Detailed Solution for Test: Cost Book keeping - Question 8
The General Ledger Adjustment (Control) Account is necessary to make the Cost Ledger self-balancing in a non-integrated accounting system. It ensures that all transactions originating in the Financial Accounts are eventually transferred to Cost Accounts.
Test: Cost Book keeping - Question 9
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What is the purpose of a Finished Goods Ledger Control Account?
Detailed Solution for Test: Cost Book keeping - Question 9
The purpose of a Finished Goods Ledger Control Account is to track the total value of finished goods in stock. It helps in monitoring the value of completed products and facilitates the reconciliation of Cost and Financial Accounts.
Test: Cost Book keeping - Question 10
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What is the main advantage of reconciling financial accounts regularly?
Detailed Solution for Test: Cost Book keeping - Question 10
The main advantage of reconciling financial accounts regularly is to identify errors and unauthorized charges. It helps in maintaining accurate records and preventing financial losses due to fraudulent activity or mistakes in transactions.
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Important Questions for Cost Book keeping

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Cost Book keeping MCQs with Answers

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