Quiz # 02
Cost & Management Accounting
This is to inform that quiz 02 will be opened on 28th June, 2016 and last date to attempt the quiz will be 30th June, 2016.
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As you know that Post Mid-Term semester activities have been started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.
Quiz No. 02, Jun 28 to Jun 30, 2016
Here goes my 2nd Quiz.
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.
Differential cost has the behavior of?
Variable/semi variable cost
All of the given options
Under/Over applied FOH cost can be adjusted in which of the following:
Cost of goods sold
*All of given options
Loss by fire is an example of:
Cannot be determined
Which of the following loss is expected in manufacturing process and represents a necessary cost of processing the marketable units?
Which of the following is / are element / s of production payroll?
Direct labor force 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:
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