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MGT402 Online Quiz #01 Start Date: 11-11-2013 End Date:13-11-2013

Important Announcement

Quiz # 01

Cost & Management Accounting (MGT402)

Dear Students!

This is to inform that Quiz # 01 will be opened on November 11, 2013 and last date to attempt quiz will be November 13, 2013.

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

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Assalamoalakum

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Question # 1 of 20

Buyer produced 20,000 units and their total factory cost was Rs. 450,000, other cost like property tax on factory building was Rs. 10,000 included in that cost till year ended the cost of per unit would be:

• Rs.22.5
• Rs.23.5
• Rs.24.5
• Rs.26.5

Question # 2 of 20

Which of the following is correct?

• Units sold=Opening finished goods units + Units produced – Closing finished goods units
• Units Sold = Units produced + Closing finished goods units - Opening finished goods units
• Units sold = Sales + Average units of finished goods inventory
• Units sold = Sales - Average units of finished goods inventory

Question # 3 of 20

Which of the following cost has both features fixed and variable?

• Step fixed cost
• Fixed cost
• Variable cost
• Semi variable cost

Question # 4 of 20

A cost unit is

• The cost per hour of operating a machine
• The cost per unit of electricity consumed
• A unit of product or services in relation to which costs are ascertained
• A measure of work output in a standard hour

Question # 5 of 20

If opening inventory of material is Rs.20,000 and closing inventory is Rs. 40,000.the Average inventory amount will be:

• Rs. 40,000
• Rs. 30,000
• Rs. 20,000
• Rs. 10,000

Question # 6 of 20

If, COGS = Rs. 70,000 GP Margin = 30% of sales What will be the value of Sales?

• Rs. 200,000
• Rs. 66,667
• Rs. 100,000
• Rs. 62,500

Question # 7 of 20

The Inventory Turn over ration is 5 times and numbers of days in a year is 365.Inventory holding period in days would be

• 100 days
• 73 days
• 50 days
• 10 days

Question # 8 of 20

The components of the prime cost are:

• Direct Material + Direct Labor + Other Direct Cost
• Direct Labor + Other Direct Cost + FOH
• Direct Labor + FOH
• None of the given options

Question # 9 of 20

In which of the following would there be a difference between financial and managerial accounting?

• Users of the information
• Purpose of the information
• Flexibility of practices
• All of the given options

Question # 10 of 20

Cost of goods sold can be calculated as follow

• Cost of goods manufactured

Less Closing finished goods inventory

• Cost of goods manufactured

Less Opening finished goods inventory

Less Closing finished goods inventory

• Cost of goods manufactured

Less Opening finished goods inventory

• Cost of goods manufactured

Question # 11 of 20

According to IASB framework, Financial statements exhibit to its users the:

• Financial position
• Financial performance
• Cash inflow and outflow analysis
• All of the given options

Question # 12 of 20

Which of the following is true for total factory cost?

• Total factory cost = prime cost + FOH
• Total factory cost = prime cost + conversion cost + FOH
• Total factory cost = conversion cost + FOH
• Total factory cost = prime cost + conversion cost

Question # 13 of 20

If, Sales = Rs. 800,000 appli Markup = 25% of cost What would be the value of Gross profit?

• Rs. 200,000
• Rs. 160,000
• Rs. 480,000
• Rs. 640,000

Question # 14 of 20

The compnent of Factory overhead are as follow

• Direct material + Indirect material + Direct expences
• Indirect material + Indirect labor + Others indirect cost
• Direct material + Indirect expences + Indirect labor
• Direct labor + Indirect labor + Indirect expences

Question # 15 of 20

Which of the following costs is part of the prime cost for manufacturing company?

• Cost of transporting raw materials from the suppliers premises
• Wages of factory workers engaged in machine maintenance
• Depreciation of truck used for deliveries to customers
• Cost of indirect production materials

Question # 16 of 20

Cost of finished goods inventory is calculated by:

• Multiplying units of finished goods inventory with the cost per unit
• Dividing units of finished goods inventory with the cost per unit
• Dividing per unit cost with finished goods inventory
• Deducting total cost from finished goods inventory

Question # 17 of 20

Which of the following items of expense are to be add in FOH cost

• Rent of factory + Head office rent + salaries to factory watchman
• Rent of factory + factory lighting bill + Directors salaries
• Rent of factory + factory lighting bill + Factory employees salaries
• Head office rent + Factory property tax + Factory small tools

Question # 18 of 20

Closing work in process Inventory of last year:

• Is treated as Opening inventory for current year
• Is not carried forward to next year
• Become expense in the next year
• Charge to Profit & Loss account

Question # 19 of 20

A cost centre is

• A unit of product or service in relation to which costs are ascertained
• An amount of expenditure attributable to an activity
• A production or service location, unction, activity or item of equipment for which costs are accumulated
• A centre for which an individual budget is drawn up

Question # 20 of 20

In furniture manufacturing use of nail, pins, glue, and polish which use to increase its esteem value that cost is treated as:

• Direct material cost
• Indirect material cost
• FOH cost
• Prime cost

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