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B Com Exam  >  B Com Tests  >  Test: Overheads - B Com MCQ

Test: Overheads - B Com MCQ


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10 Questions MCQ Test - Test: Overheads

Test: Overheads for B Com 2024 is part of B Com preparation. The Test: Overheads questions and answers have been prepared according to the B Com exam syllabus.The Test: Overheads MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Overheads below.
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Test: Overheads - Question 1
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What are overhead costs primarily associated with in a business?

Detailed Solution for Test: Overheads - Question 1
Overhead costs are primarily associated with the general expenses of running a business, such as rent, utilities, insurance, and office equipment. They are not directly linked to creating products or providing services, which makes option A incorrect. Selling and distribution expenses, as well as marketing expenses, are specific categories of overhead costs, so options C and D are not the primary focus of overhead costs.
Test: Overheads - Question 2
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Which of the following is NOT an example of a typical overhead cost?

Detailed Solution for Test: Overheads - Question 2
Direct materials are not considered overhead costs; they are typically part of the direct costs associated with manufacturing a product. On the other hand, rent, office supplies, and utilities are examples of typical overhead costs.
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Test: Overheads - Question 3
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Which type of overhead cost remains constant month after month?

Detailed Solution for Test: Overheads - Question 3
Fixed overhead costs remain constant from month to month, regardless of changes in business activity. These costs include expenses like rent for facilities, which do not fluctuate with production levels. Variable and semi-variable overhead costs, on the other hand, can change based on business activity.
Test: Overheads - Question 4
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What is the primary purpose of monitoring overhead costs in a business?
Detailed Solution for Test: Overheads - Question 4
The primary purpose of monitoring overhead costs in a business is to control unnecessary expenses and ensure that resources are used efficiently. While reducing direct material costs can be a goal, it's not the primary purpose of monitoring overhead costs.
Test: Overheads - Question 5
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What is the default category for costs that are not direct materials or direct labor in manufacturing?
Detailed Solution for Test: Overheads - Question 5
Costs that are not categorized as direct materials or direct labor in manufacturing are classified as manufacturing overhead costs by default. These include expenses like factory rent, maintenance, and utilities.
Test: Overheads - Question 6
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Which of the following is NOT included in manufacturing overhead costs?
Detailed Solution for Test: Overheads - Question 6
Salaries of sales personnel are not included in manufacturing overhead costs. Manufacturing overhead costs are associated with the production process and do not cover expenses related to selling the products.
Test: Overheads - Question 7
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How is manufacturing overhead allocated to the cost of products?
Detailed Solution for Test: Overheads - Question 7
Manufacturing overhead is typically allocated to the cost of products based on factors like the labor content of a product. It is not allocated based on the number of employees, square footage of the facility, or marketing expenses.
Test: Overheads - Question 8
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How is the total cost per ton calculated in the provided example?
Detailed Solution for Test: Overheads - Question 8
The total cost per ton is calculated by adding all expenses (including prime cost, works cost, office cost, selling and distribution overheads) and then dividing by the total output (in this case, 10,000 tons). This gives the cost per ton for the period.
Test: Overheads - Question 9
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Which of the following expenses is considered a direct cost in the provided example?
Detailed Solution for Test: Overheads - Question 9
Factory heating is considered a direct cost in the provided example because it is an expense directly associated with the manufacturing process. Options A, B, and C are not direct costs in this context.
Test: Overheads - Question 10
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What is the purpose of a cost sheet in accounting?
Detailed Solution for Test: Overheads - Question 10
The primary purpose of a cost sheet in accounting is to analyze and classify expenses for a specific period, typically to understand and report on the cost structure of a business. It helps in cost allocation and financial analysis.
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