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# Cost & Management Accounting (MGT402) Quiz # 03

Cost & Management Accounting (MGT402)

Quiz # 03 will be opened on February 2, 2015 and last date to attempt the quiz will be February 3, 2015.

Quiz will be based on Multiple Choice Questions (MCQs) covering audio Lectures 20 to 26

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### Replies to This Discussion

Which of the following best describe a by product?
Select correct option:
A product that usually produces a large amount of revenue as compared to the main product revenue
A product that is produced from raw material that would otherwise be scraped
A product that has always higher selling price per unit than the main product
A product created with the main product where sales value does not cover its cost of production

In the operations of a plastic toy manufacturer, the cost per equivalent unit is calculated as Rs. 1.60. The equivalent units of output are 50,000. The closing stock is 10,000 units, 40% complete. What will be the value of closing stock?
Select correct option:
Rs. 9,600
Rs. 80,000
Rs. 16,000
Rs. 6,400

Which of the following is the best characteristic of a by product:
Select correct option:

Is produced from material that would otherwise be of no value
Has a lower selling price than the main product
Is created along with the main product, but its sales value does not cover its production cost
Usually produces a larger amount of revenue than the main product

In comparing common cost and joint cost:
Select correct option:
The terms can be correctly used interchangeably
Both have the same objective of assigning production cost to cost center
They differ since common cost products or services have been obtained separately
Common cost is sometime used as Joint cost

If computational and record-keeping costs are same under both FIFO and weighted average, which of the following method will generally be preferred?

Select correct option:
Weighted Average
FIFO
Hybrid process
Cannot be determined with so little information

A chemical process has normal wastage of 10% of input. In a period, 2,500 Kg of material were input and there was abnormal loss of 75 Kg. What quantity of good production was achieved?
Select correct option:
2,175 kg
2,250 kg
2,425 kg
2,500 kg

The Process of cost apportionment is carried out so that:
Select correct option:
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

The appropriate journal entry to transfer the cost of completed units from the Work in Process account would involve a credit to Work in Process and a debit to which of the following accounts?
Select correct option:
Income Summary
Raw Materials Inventory
Finished Goods
Manufacturing Summary

Which of the following is NOT true about job order cost sheets?
Select correct option:
Job cost sheets contain direct material costs

Job cost sheets contain actual amounts of factory overhead
Job cost sheet does not contain conversion cost
Job cost sheets contain direct labor costs

FOH applied rate of Rs. 5.60 per machine hour. During the year the FOH to Rs.275,000 and 48,000 machine hours were used. Which one of following statement is correct?
Select correct option:

MY today Quiz

Opening WIP 3500 units that was 70%completed. Completed during the month was19,000 units. Closing WIP 6500 units that was 30%completed. How many units were started during January?

Select correct option:

19,000 units

22,000 units

16,000 units

25,500 units

Which of the following is/are reasons of abnormal loss?

Select correct option:

Defective material used

Machine breakdown

Poor workmanships

All of the given

During the month 12,500 units were completed, 1,500 units remained in work

in process at 25 percent completed. How many equivalent units are produced?

Select correct option:

12,125 units

12,500 units

12,875 units

14,250 units

A chemical process has normal wastage of 10% of input. In a period, 2,500

Kg of material were input and there was abnormal loss of 75 Kg. What quantity of good production was achieved?

Select correct option:

2,175 kg

2,250 kg

2,425 kg

2,500 kg

In the operations of a plastic toy manufacturer, the cost per equivalent unit is calculated as Rs. 1.60. The equivalent units of output are 50,000. The closing stock is 10,000 units, 40% complete. What will be the value of closing stock?

Select correct option:

Rs. 9,600

Rs. 80,000

Rs. 16,000

Rs. 6,400

When two products are manufactured during a common process, the factor that determine whether the products are joint product or one main product and one is by product is the:

Select correct option:

Potential marketability for each product

Amount of work expended in the production of each product

Relative total sales value of each product

Management policy

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

Select correct option:

Operating loss

Abnormal loss

Normal loss

Extraordinary loss

In comparing common cost and joint cost:

Select correct option:

The terms can be correctly used interchangeably

Both have the same objective of assigning production cost to cost center

They differ since common cost products or services have been obtained separately

Common cost is sometime used as Joint cost

Which of the following is the best characteristic of a by product:

Select correct option:

Is produced from material that would otherwise be of no value

Has a lower selling price than the main product

Is created along with the main product, but its sales value does not cover its production cost

Usually produces a smaller amount of revenue than the main product

A chemical process has normal wastage of 5% of input. In a period, 3,500 Kg of material were input and there was no abnormal loss. What quantity of good production was achieved?

Select correct option:

2,175 Kg

2,250 Kg

3,325 Kg

4,425 Kg

Dear all please, share yours quizzes here to help others

Fixed cost

Rent of shop              7500

Installment p/m          3750

Deprecation               1500

Monthly electric bill   10000 (not sure in question)

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