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MGT402 Cost and Management Accounting MCQs

MGT402-Cost and Management Accounting study material for students of virtual university of Pakistan. Download Past(old) Papers solved/unsolved, past assignments, quiz, mcqs, lecture notes, video lectures, handouts, books of MGT402-Cost and Management Accounting

Question :
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Wage, Rent & Materials are examples of ____________.
  • Implicit Cost
  • Explicit cost
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_____________ is the cost that is subject to actual payment or will be paid for in future.
  • Implicit Cost
  • Explicit cost
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A firm Uses its own capital or Uses its owner's time and/or financial resources both are examples of ____________.
  • Implicit Cost
  • Explicit Cost
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_________________ is a Predetermine cost of the units.
  • Standard cost
  • Implicit Cost
  • Explicit Cost
  • none
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An investor invests in stock exchange he foregoes the opportunity to invest further in his hotel. The profit which the investor will be getting from the hotel is _________________.
  • opportunity cost
  • Product Cost
  • Period Cost
  • Historical Cost
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____________ is verifiable through invoices/agreements.
  • Opportunity Cost
  • Product Cost
  • Period Cost
  • Historical Cost
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______________ is the value of a benefit sacrificed in favor of an alternative.
  • Opportunity cost
  • Product Cost
  • Period Cost
  • Historical Cost
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Selling and administrative expenses are the examples of _____________.
  • Opportunity Cost
  • Product Cost
  • Period Cost
  • Historical Cost
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__________ is considered to be expired during the accounting period and is charged to the profit & loss account.
  • Product Cost
  • Opportunity Cost
  • Period Cost
  • Historical Cost
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Direct material, direct labor and factory overhead are example of ____________.
  • Opportunity Cost
  • Sunk cost
  • Product Cost
  • Period Cost
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