B.Com (General) सत्र ६ (कला) - University of Mumbai Question Bank Solutions

Multiple Choice Questions :
Opening Balance of ............... Account indicate the opening stock of Raw Materials, Stores ana Spares.

Multiple Choice Questions :
Costing Profit and Loss A/c is debited with ............... .

Multiple Choice Questions :
The amount of .............. Selling and Distribution Overheads is credited to Selling and Distribution Overhead A/c.

Multiple Choice Questions :
Net Profit under Cost Control Accounts is debited to ................ Alc.

State whether the following statement is True or False :
Personal Accounts, Assets and Liabilities are also kept under Cost Control Accounts.

State whether the following statement is True or False :
Debit balance of Work-in-progress Control Account ·indicates the opening stock of Work-in-progress.

State whether the following statement is True or False :
Production Overhead Control Account is debited with the amount of production overhead absorbed at the pre-detennined overhead rates.

State whether the following statement is True or False :
Return of Materials is also recorded in ·stores Ledger Control Account.

State whether the following statement is True or False :
Under Cost Control Accounts, both cost and financial transactions are kept seperate. 

Match the Pairs:

Multiple Choice Question:
................ is a part of the process loss which is caused under nonnal
circumstances.

Multiple Choice Question:
Under Process Costing, the products being ...............

Multiple Choice Question:
Abnormal gain arises when the actual ................ is less than a normal wastage.

Multiple Choice Question:
............... is the saleable portion of the unusable loss.

Multiple Choice Question:
..............is an additional product manufactured alongwith the main product which has significant value.

State whether the following statement is True or False :
Process cost system is not applicable to paper mills and textile mills.

State whether the following statement is True or False :
The cost of abnormal process loss is not included in the cost of the process.

State whether the following statement is True or False :
Abnormal process losses are transferred to Costing Profit and Loss A/c.

State whether the following statement is True or False :
Process costing is not used in Chemical industry.

State whether the following statement is True or False :
Realisable value of abnormal loss is credited to Process Account.