ACCOUNTIG COST AND ECONOMIC COST

0
109
ACCOUNTIG COST AND ECONOMIC COST

Accounting cost and Economic cost for year 2022! Explore this fun guide!

You can prepare yourself with this interesting quiz guide on Accounting cost and Economic cost MCQs. This guide on Accounting cost and Economic cost is an amazing MCQs quiz guide and it is going to give you great insights for this topic if you would like to prepare for law exams. You can use this guide if you want to improve your knowledge about Accounting cost and Economic cost MCQs. You can explore this guide on Accounting cost and Economic cost if you have great interest in commerce exams and other competitive exams as well. You can download this guide for free of cost here.

  1. Accounting Cost equals
  2. (a) Explicit Cost
    (b) Implicit Cost
    (c) Both (a) and (b)
    (d) Neither (a) nor (b)

    (a) Explicit Cost

  3. Cost incurred in purchasing the Factor of Production is known as
  4. (a) Accounting Cost
    (b) Economic Cost
    (c) Marginal Cost
    (d) Implicit Cost

    (a) Accounting Cost

  5. Which of the following is an example of an Accounting Cost?
  6. (a) Interest paid to Bank on short—term loan taken
    (b) Cost incurred on the purchase of raw materials
    (c) Wages paid to Labourers
    (d) All the above

    (d) All the above

  7. Expenditure incurred on Wapes, Rent, Interest, etc. are included in
  8. (a) Accounting Cost
    (b) Opportunity Cost
    (c) F-ixed Cost
    (d) Direct Cost

    (a) Accounting Cost

  9. Economic Cost equals
  10. (a) Explicit Cost
    (b) Implicit Cost
    (c) Both (a) and (b)
    (d) Neither (a} nor (b)

    (c) Both (a) and (b)

  11. Economic Cost includes—
  12. (a) Accounting Cost + Explicit Cost
    (b) Accounting Cost + Implicit Cost
    (c) Fixed Cost + Variable Cost
    (d) Accounting Cost + Non—Accounting Cost

    (b) Accounting Cost + Implicit Cost

  13. Economic Cost includes —
  14. (a) Wages paid to Workers / Labourer’s
    (b) Rent for Land and Building used in business
    (c) Normal Rate of Profit in the business
    (d) All of tie above

    (d) All of tie above

  15. Which of the following are considered as EconomiC Cost?
  16. (a) Normal Return on money Capital invested
    (b) Wages oi Salary of the Entrepreneur
    (c) Interest on the Capital invested
    (d) All of the above

    (d) All of the above

  17. …………. . includes all payments paid to factors of Production and Opportunity Cost.
  18. (a) Implicit Costs
    (b) Explicit Costs
    (c) Economic Costs
    (d) Accounting Costs

    (c) Economic Costs

  19. Reward for Entrepreneurial Ability (i.e. Normal profit in the business) is included in —
  20. (a) Economic Cost
    (b) Accounting Cost
    (c) Explicit Cost
    (d) Undiscloseci Cost

    (a) Economic Cost

  21. Which of the following is true regarding Economic Cost and Accounting Cost?
  22. (a) Economic Cost = Accounting Cost
    (b) Economic Cost > Accounting Cost
    (c) Economic Cost < Accounting Cost
    (d) None of the above

    (b) Economic Cost > Accounting Cost

  23. The difference between Economic Cost and Accounting Cost is equal to
  24. (a) Explicit Cost
    (b) Implicit Cost
    (c) Both (a) and (b)
    (d) Neither (a) nor (b)

    (b) Implicit Cost

  25. Which of the following is true regarding Economic Cost and Accounting Cost?
  26. (a) Economic Cost less Accounting Cost = Explicit Cost
    (b) Economic Cost less Accounting Cost = Implicit Cost
    (c) Accounting Cost less Economic Cost = Explicit Cost
    (d) Accounting Cost less Economic Cost = Implicit Cost

    (b) Economic Cost less Accounting Cost = Implicit Cost

  27. When Total Revenue equals Accounting Costs, it means that the Firm —
  28. (a) Has No—Profit—No-Loss
    (b) Earns Normal Prorts
    (c) Earns more than Normal Profits( i. e. Super Normal Profits )
    (d) Incurs Losses in the accounting sense

    (a) Has No—Profit—No-Loss

  29. When Total Revenue is less than Accounting Cost it means that the Firm
  30. (a) Has No—Profit—No-Loss
    (b) Earns Normal Prorts
    (c) Earns more than normal profits (i. e. Super Normal Profits)
    (d) Incurs Losses

    (d) Incurs Losses

  31. When Total Revenue is less than Accounting means that the Firm incurs Losses
  32. (a) In the accounting sense
    (b) In the economicsense
    (c) Both (a) and (b)
    (d) Neither (a) nor (b)

    (c) Both (a) and (b)

  33. When Total Revenue equals means that the Firm —
  34. (a) Has No—Profit—No—Loss
    (b) Earns Normal Profits Economic Costs, it
    (c) Earns more than Normal Profits) Normal Profits (i.e. Super-
    (d) Incurs Losses in the accounting sense

    (b) Earns Normal Profits Economic Costs, it

  35. When Total Revenue exceeds Economic Costs it means that the Firm
  36. (a) Has No—Profit—No—Loss
    (b) Earns Normal Profits
    (c) Earns more than Normal Profits (i.e. Super— Normal Profits)
    (d) Incurs Losses

    (c) Earns more than Normal Profits (i.e. Super— Normal Profits)

  37. When Total Revenue is less than Economic Costs, it means that the Firm –
  38. (a) Incurs Losses in the economic sense
    (b) Earns Normal Profits
    (c) Earns more than Normal Profits (i.e. Super— Normal Profits)
    (d) Incurs Losses in the accounting sense

    (a) Incurs Losses in the economic sense

  39. Economic Profits are —
  40. (a) Difference between Total Revenue, and Total Implicit and Explicit Costs
    (b) Difference between Total Revenue and Economic Costs Total
    (c) Zero in a perfectly competitive industry lb t#9 long-run
    (d) All the above

    (d) All the above

  41. If there are Implicit Costs of Production –
  42. (a) Economic Profit will be equal to Profit.
    (b) Economic Profit will be less than Profit.
    (c) Economic Profits will be zero.
    (d) Economic Profit will be more Profit.

    (b) Economic Profit will be less than Profit.

  43. which of the following statements is false?
  44. (a) Economic Costs include the Opportunity Costs of the resourcesowned by the Firm
    (b) Amounting Costs include only Explicit Costs
    (c) Economic Profit will always be less than ACcounting Profit if resources owned and used by the Firm have any Opportunity Costs
    (d) Accounting Profit is equal to Total Revenue less implicit Costs

    (c) Economic Profit will always be less than ACcounting Profit if resources owned and used by the Firm have any Opportunity Costs

Related Posts:
Cover Topic

“accounting cost and economic cost formula”,”economic cost example”,”economic cost example questions”,”economic cost vs accounting cost”,”economic cost example questions”,”economic profit formula”

LEAVE A REPLY

Please enter your comment!
Please enter your name here