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Lecturer Commerce Most Important MCQs Online Test No. 48

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Note:-

There will be 25 multiple choice question in the test.
Answer of the questions will change randomly each time you start this test.
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Test Instructions:-
Test Name	Lecturer Commerce
Subject	Commerce Test 48
Test Type	MCQs
Total Questions	25
Total Time	20 Minutes
Total Marks	100

You have 20 minutes to pass to the quiz.

Lecturer Commerce Online Test No. 48

1 / 25

A ............ is a prediction of what will happen as a result of a given set of circumstances.

Forecast

Budget

Marginal cost

None of these

2 / 25

Standard cost are useful in all of the following except:

Reducing costs

Speeding up preparation of operating reports

Establishing records

Costing inventories

3 / 25

Which of the following is usually a long term budget?

Sales budget

Cash budget

Capital expenditure budget

Fixed budget

4 / 25

The type of standard that is best suited from cost control point of view is:

Theoretical standard

Normal standard

Expected standard

Basic standard

5 / 25

A budget representing fixed assets expenditure during the budget period is:

Fixed budget

Capital expenditure budget

Long term cash budget

Master budget

6 / 25

Which of the following standards can be attained under the most favourable conditions possible?

Theoretical standard

Normal standard

Expected standard

Basic standard

7 / 25

A budget which lays more stress on control aspect is a:

Operating budget

Responsibility budget

Flexible budget

Cash budget

8 / 25

The cost of a product as determined under standard cost system is:

Fixed cost

Direct cost

Historical cost

Pre- determined cost

9 / 25

Material mix variance is a sub-variance of:

Material cost variance

Material price variance

Material quantity variance

Material yield variance

10 / 25

One of the most important tools of cost planning is:

Cost sheet

Unit cost

Direct cost

Budget

11 / 25

Idle time a variance is a sub-variance of:

Overhead efficiency variance

Labour cost variance

Labour time variance

Labour efficiency variance

12 / 25

A budget that gives a summary of all the functional budgets and projected profit and loss account is known as:

Capital budget

Flexible budget

Master budget

None of the above

13 / 25

Which of the following variances is always favourable:

Overhead volume variances

Calendar variance

Sales value mix variance

None of these

14 / 25

Which of the following variances is always adverse:

Sales margin mix variance

Fixed overhead capacity variance

Calendar variance

Idle time variance

15 / 25

Standard costing can be used along with:

Marginal costing

Job and process costing

Absorption costing

All of the above

16 / 25

A ......... is a planned result that an enterprise aims to attain.

Forecast

Budget

Marginal cost

None of these

17 / 25

Overhead Budget Variance is a sub-variance of:

Overhead volume variance

Overhead efficiency variance

Overhead cost variance

None of these

18 / 25

The type of variance not computed for factory overhead is:

Controllable

Equivalent production

Volume

Idle capacity

19 / 25

The budget that is set first and all the other budgets are subordinate to it is:

Cash budget

Master budget

Budget for the key factor

Sales budget

20 / 25

In evaluation deviations of actual from standard cost, the probable technique used is:

Variable regression

Trend analysis

Variance analysis

Linear progression

21 / 25

The fixed variable cost classification has a special significance in the preparation of:

Flexible budget

Master budget

Cash budget

Capital budget

22 / 25

Calendar variance is sub-variance of:

Expenditure variance

Efficiency variance

Variable overhead cost variance

Volume variance

23 / 25

If a company wishes to establish a factory overhead budget system in which estimated costs can be derived directly from estimates of activity levels, it should prepare a:

Flexible budget

Master budget

Cash budget

Fixed budget

24 / 25

Total sales margin variance is the difference between:

Actual profit and standard profit

Actual profit and budgeted profit

Actual sales and budgeted sales

None of these

25 / 25

Overhead cost variance may be analysed into:

Two variances

Four variances

Three variances

Any of the above

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