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Cost and Mangement Accounting(mgt402).....quiz no 2 ......(start date : 28 june,2016....end date: 30 june,2016)....Marks :10

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Quiz No. 02, Jun 28 to Jun 30, 2016

Here goes my 2nd Quiz.

By Juste

I have only saved the MCQ'S and my answers, didn't saved other options. Verify all answers yourself. Please share your quizzes as well.

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Differential cost has the behavior of?

*Fixed cost

Step cost

Variable/semi variable cost

All of the given options

Under/Over applied FOH cost can be adjusted in which of the following:

Entire Production

Cost of goods sold

Net Profit

*All of given options

Loss by fire is an example of:

Normal Loss

*Abnormal Loss

Incremental Loss

Cannot be determined

Which of the following loss is expected in manufacturing process and represents a necessary cost of processing the marketable units?

Operating loss

Abnormal loss

*Normal loss

Extraordinary loss

Which of the following is / are element / s of production payroll?

Direct labor force wages

Selling wages

*All of the given options

The Process of cost apportionment is carried out so that:

Cost may be controlled

Cost unit gather overheads as they pass through cost centers

Whole items of cost can be charged to cost centers

*Common costs are shared among cost centers

At the end of the accounting period, a production department manager submits a production report that shows all of the following EXCEPT:

Number of units in the beginning work in process

*Number of units sold

Number of units in the ending work in process and their estimated stage of completion

Number of units completed

The components of Factory overhead are as follows:

Direct material + Indirect material + Direct expenses

*Indirect material + Indirect labor + Others indirect cost

Direct material + Indirect expenses + Indirect labor

Direct labor + Indirect labor + Indirect expenses

Cost of goods sold can be calculated as follow

*Cost of goods manufactured Add Opening finished goods inventory Less Closing finished goods inventory

Cost of goods manufactured Less Opening finished goods inventory Less Closing finished goods inventory

Cost of goods manufactured Less Opening finished goods inventory Add Closing finished goods inventory

Cost of goods manufactured Add Opening finished goods inventory Add Closing finished goods inventory

The main difference between the profit center and investment center is:

Decision making

Revenue generation

Cost incurrence

*Investment

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