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

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


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Answers

Question no 1 is period cost

Question no 2 is None of the given options

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