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MGT402 Cost & Management Accounting Online Quiz No.3 Solution and Discussion Due Date 8th July, 2014.

Important announcement

Quiz # 03

Cost & Management Accounting



Dear Students,

This is to inform that quiz 03 will be opened on 4th July, 2014 and last date to attempt quiz will be 8th  July, 2014.


  • 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 15 to 26.  
  • 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 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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Please all students related this subject Share your online Quizzes here to help each other.thanks


Please share the question and their answers of this quiz if anyone has done.

For sample QUiz check the Attachment !! 


my today quiz was all from this file.. 1 quiz was new... which was this :

A company produces two chemicals in a joint process. Chemical A can be sold at split off while chemical B currently cost Rs. 2 per gallon for disposal. If chemical B is further processed, it would cost Rs. 5 per gallon. At what sales price would the company be in different between disposing of chemical B at split off and further processing the chemical?

  1. Rs.3
  2. Rs.5
  3. Rs.4
  4. Rs.7

Question # 1 of 10 ( Start time: 10:27:39 PM )     Total Marks: 1
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

Question # 2 of 10 ( Start time: 10:29:01 PM )     Total Marks: 1
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

Question # 3 of 10 ( Start time: 10:30:33 PM )     Total Marks: 1
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

Question # 4 of 10 ( Start time: 10:32:07 PM )     Total Marks: 1
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

Question # 5 of 10 ( Start time: 10:33:51 PM )     Total Marks: 1
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
    Hybrid process
   Cannot be determined with so little information

Question # 6 of 10 ( Start time: 10:35:34 PM )     Total Marks: 1
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

Question # 7 of 10 ( Start time: 10:37:09 PM )     Total Marks: 1
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
Question # 8 of 10 ( Start time: 10:38:45 PM )     Total Marks: 1
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

Question # 9 of 10 ( Start time: 10:39:50 PM )     Total Marks: 1
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

Question # 10 of 10 ( Start time: 10:41:37 PM )     Total Marks: 1
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:
    Overhead was under-applied by Rs.6,200
    Overhead was over-applied by Rs.6,200
    Overhead was under-applied by Rs.7,200
    Overhead was over-applied by Rs.7,200


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