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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
• 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

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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### Replies to This Discussion

Question no 1 is period cost

Question no 2 is None of the given options

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