MGT402 Cost & Management Accounting Online Quiz No 01 spring 2020 Solution Discussion 21-05-2020 (MGT402 Solved MCQs)

[+ M.Tariq Malik]

MGT402 Cost & Management Accounting Online Quiz No 01 spring 2020 Solution Discussion 21-05-2020 (MGT402 Solved MCQs)

MGT402 Cost & Management Accounting Quiz 1 Spring 2020 | 21-May-20 (solved)

---

 

MGT402 quiz 01, Question # 1:

Administrative cost of a shoe manufacturing company is the example of:

• Period cost
  
• Product cost
  
• Standard cost
  
• Activity based costing

 

MGT402 quiz 01, Question # 2:

Which of the following is helpful in preparing the final accounts?

• Cost sheets
  
• Cost of goods sold statement
  
• Cost of production Report
• Material requisition form

 

MGT402 quiz 01, Question # 3:

Direct material cost and indirect material cost, both costs, are part of which of the following cost?

• Prime cost
  
• Conversion cost
  
• Factory overhead cost
  
• None of the given options

 

MGT402 quiz 01, Question # 4:

Alpha company purchased a amchine worth Rs 200,000 in the last year. Now that machine can be used in a new project which company has received this year. Now the cost of that machine is to be called:

• Project cost
  
• Sunk cost
  
• Opportunity cost
  
• Relevant cost

 

MGT402 quiz 01, Question # 5:

If, Gross profit = Rs. 40,000

GP Margin = 25% of sales

What will be the value of cost of goods sold?

• Rs. 160,000
  
• Rs. 120,000
  
• Rs. 40,000
  
• Can not be determined

 

MGT402 quiz 01, Question # 6:

Which of the following is considered as product cost:

• Material cost
  
• Labor cost
  
• FOH cost
  
• All of the given options

 

MGT402 quiz 01, Question # 7:

Selling cost of a shoe manufacturing company is the example of:

• Period cost
  
• Product cost
  
• Standard cost
• Activity based costing

 

MGT402 quiz 01, Question # 8:

The components of Factory overhead are as follows:

• Direct material + Indirect material + Direct expences
  
• Indirect material + Indirect labor + Other indirect costs
  
• Direct material + Indirect expences + Indirect labor
  
• Direct labor + Indirect labor + Indirect expences

 

MGT402 quiz 01, Question # 9:

Direct material cost is part of which of the following cost?

• Prime cost
  
• Conversion cost
  
• Financial cost
  
• Factory overhead cost

 

MGT402 quiz 01, Question # 10:

Which of the following is not true

• Managerial accounting information is prepared for internal users
  
• Preparation of Managerial account information is not a legal requirement
  
• These are specific standards of acceptability for managerial accounting
  
• The structure of manageial accounting practice is relatively flexible

[Muhammad Bilal]

Answers

Question no 1 is period cost

Question no 2 is None of the given options