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# MGT402 - Cost & Management Accounting Quiz No. 02 Solution and Discussion Spring 2013 Due Date 15-05-2013

1-Where the applied FOH cost is greater than the actual FOH cost it is:

Unfavorable variance

Favorable variance page 24

Normal variance

2-Budgeted varianceThe Term Maximum Level Represents:

The maximum stock level indicates the maximum quantity of an item of material which can be held in stock at any time. Page 51  quizz may aya

The maximum stock level indicates the maximum quantity of an item of material which cannot be held in stock at any time.

The Average stock level indicates the maximum quantity of an item of material which can be held in stock at any time.

The Available stock level indicates the maximum quantity of an item of material which can be held in stock at any time.

3-Which of the following cost is used in the calculation of cost per unit?

► Total production cost

► Cost of goods available for sales

► Cost of goods manufactured page 36

► Cost of goods Sold

4-The supervisor salary is treated as:

Direct labor cost

Indirect labor cost  page 69

Conversion cost

None of the given options

5-Which of the following is to be called product cost

Material cost

Labor cost

FOH cost

All of the given options  page 07

6-While transporting petrol, a little quantity will be evaporated; such kind of loss is termed as:

► Normal Loss.  Page 60

► Abnormal Loss.

► Incremental Loss.

►  Incremental abnormal loss.

7-Merrick Differential system uses----------- rates.

2

3 page 93

4

5

8-If, COGS = Rs. 50,000 GP Margin = 25% of sales What will be the value of Sales?

Rs. 200,000

Rs. 66,667

Rs. 62,500

None of the given options

9-While transporting petrol, a little quantity will be evaporated; such kind of loss is termed as:

► Normal Loss.  Page 60

► Abnormal Loss.

► Incremental Loss.

►  Incremental abnormal loss.

10- A high inventory turnover may indicate:

An efficient use of the investment in inventory

A high risk of stock-outs

Stock position of store room

All of the given options

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### Replies to This Discussion

jazaka ALLAh

mgt402 quiz:

The main purpose of cost accounting is to Costs which are constant for a relevant range of activity and rise to new constant level once that range exceeded is called:

EOQ is a point where:

Which of the following is to be called product cost An organistation sold units 4000 and have closing finished goods 3500 units and opening finished goods units were 1000.

The quantity of unit produced would be: Which of the following is indirect cost?

Which of the following is sales force payroll incentive?

By useing table method where---------------- is equal,that point is called Economic order quanity.

Which of the following element must be taken into account while calculating total earnings of a worker under different incentive wage schemes?

Reduction of labor turnover, accidents, spoilage, waste and absenteeism are the results of which of the following wage plan?

1-Where the applied FOH cost is greater than the actual FOH cost it is:

Unfavorable variance

Favorable variance page 24

Normal variance

2-Budgeted varianceThe Term Maximum Level Represents:

The maximum stock level indicates the maximum quantity of an item of material which can be held in stock at any time. Page 51  quizz may aya

The maximum stock level indicates the maximum quantity of an item of material which cannot be held in stock at any time.

The Average stock level indicates the maximum quantity of an item of material which can be held in stock at any time.

The Available stock level indicates the maximum quantity of an item of material which can be held in stock at any time.

3-Which of the following cost is used in the calculation of cost per unit?

► Total production cost

► Cost of goods available for sales

► Cost of goods manufactured page 36

► Cost of goods Sold

4-The supervisor salary is treated as:

Direct labor cost

Indirect labor cost  page 69

Conversion cost

None of the given options

5-Which of the following is to be called product cost

Material cost

Labor cost

FOH cost

All of the given options  page 07

6-While transporting petrol, a little quantity will be evaporated; such kind of loss is termed as:

► Normal Loss.  Page 60

► Abnormal Loss.

► Incremental Loss.

►  Incremental abnormal loss.

7-Merrick Differential system uses----------- rates.

2

3 page 93

4

5

8-If, COGS = Rs. 50,000 GP Margin = 25% of sales What will be the value of Sales?

Rs. 200,000

Rs. 66,667

Rs. 62,500

None of the given options

9-While transporting petrol, a little quantity will be evaporated; such kind of loss is termed as:

► Normal Loss.  Page 60

► Abnormal Loss.

► Incremental Loss.

►  Incremental abnormal loss.

10- A high inventory turnover may indicate:

An efficient use of the investment in inventory

A high risk of stock-outs

Stock position of store room

All of the given options

ambreen thanks for sharing

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