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

Important announcement

Quiz # 02

Cost & Management Accounting



Dear Students

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.


  • You can start attempting the quiz at any time but within given date(s) by clicking the quick link for Quiz on VU-LMS as it will become enabled within the mentioned dates. As soon as the time will be over, it will automatically be disabled and will not be available to attempt it.
  • Quiz will be based on Multiple Choice Questions (MCQs). Covering video Lectures 1 to 24.  
  • Each question has a fixed time limit of 90 seconds. So you have to save your answer before 90 seconds. But due to unpredictable/unstable Internet speed, it is strongly recommended that you save your answer within 60 seconds to avoid any inconvenience. While attempting a question, keep an eye on the remaining time.
  • Attempting quiz is unidirectional. Once you have moved forward to the next question, you will not be able to go back to the previous one. Therefore before moving to the next question, make sure that you have selected the best option and saved your answer.
  • DO NOT press back button of your browser or refresh the page while attempting a question. Otherwise you will lose the chance of attempting the current question and a new question will be loaded.
  • DO NOT try to disable “Java Script” in your browser; otherwise you will not be able to attempt the quiz.
  •    If for any reason, you lose access to Internet (like power failure or disconnection of Internet); you will be able to attempt the quiz again but from the next question where you left in last attempt. But remember that you have to complete the quiz before expiry of the deadline.
  • If you failed to attempt the quiz in given time then no re-take or off line quiz will be held as compensation/replacement.

Note related to load shedding: Please be proactive

Dear students!

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.


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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.



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

Administrative 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




Dear Students,

Please share your quiz as well. 


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