In 'Job Costing', costs are accumulated for: MCQ with Answer and Explanation

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In 'Job Costing', costs are accumulated for:

A. Fixed assets

B. Each department

C. Entire factory

D. Each batch or specific order

Answer: Option D

Solution (By JKSSB Mock Tests)

Job costing collects costs for each job or order, useful in custom manufacturing.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

Social accounting is mandatory for:

A. No universal mandate, but some large entities voluntarily disclose

B. All banks

C. All public sector units

D. All companies

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Correct Answer: Option A

Explanation:
Social accounting is largely voluntary except for some mandated disclosures like CSR.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

What is the correct journal entry for depreciation charged on machinery?

A. Debit Depreciation A/c, Credit Cash A/c

B. Debit Machinery A/c, Credit Depreciation A/c

C. Debit Depreciation A/c, Credit Machinery A/c

D. Debit P&L A/c, Credit Machinery A/c

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Correct Answer: Option C

Explanation:
Depreciation is an expense (Debit), and it reduces the value of the asset, so Machinery Account is credited.

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Question #3

The 'Customs Act, 1962' levies duty on:

A. Goods manufactured in India

B. Services

C. Imported and exported goods

D. Income

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Correct Answer: Option C

Explanation:
Customs duty is on imports and exports.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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