MGT402 Online Quiz No 02 Solution & Discussion Last Date:12-12-2014

MGT402 - Cost & Management Accounting Online Quiz 2 Solution Fall 2014 of Virtual University (VU)

Quiz 2 will be opened at 10th December, 2014 and last date to attempt quiz is 12th December, 2014.

Instructions

  • · 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). 

  • · 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.

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Replies to This Discussion

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.
Thanks. 

my today attempted quiz

Q: 01 Gross pay includes which of the following items?

Select correct option:

Basic pay + bonus pay

Overtime payment + shift allowances

Rent and conveyance allowances

All of the given options

 

Q: 02 Which of the following is sales force payroll incentive?

Select correct option:

Commission

Shift allowance

Over time payment

Bonus

 

Q: 03 A standard rates is paid to the employee when he completed his job:

Select correct option:

In time less than the standard

In standard time

In time more than standard

Both in standard time and more than the standard time

 

Q: 04 The components of the prime cost are:

Select correct option:

Direct Material + Direct Labor + Other Direct Cost

Direct Labor + Other Direct Cost + FOH

Direct Labor + FOH

None of the given options

 

Q: 05 Which of the following cost is used in the calculation of cost per unit?

Select correct option:

Total production cost

Cost of goods available for sales

Cost of goods manufactured

Cost of goods Sold

 

Q: 06 Which of the following is/are reasons of abnormal loss?

Select correct option:

Defective material used

Machine breakdown

Poor workmanship

All of the given

 

Q: 07 If labor is satisfied with high wages it may ultimately lead to:

Select correct option:

Increased production and productivity

Increased efficiency

Reduced labor and overhead costs

All of the given options

 

Q: 08 Taylor's Differential Piece Rate Plan uses-----------piece rates.

Select correct option:

Three

Two

Four

Five

 

Q: 09 Which of the following best describes piece rate system?

Select correct option:

The increased volume of production results in decreased cost of production

The increased volume of production in minimum time

Establishment of fair standard rates

Higher output is a result of efficient management

 

Q: 10 Gross pay less deduction represents all except:

Select correct option:

Net pay

Take home pay

Total pay

Other income

 

Q: 11 All of the following are terms used to denote Factory Overheads EXCEPT:

Select correct option:

Factory burden

Factory expenses

Manufacturing overhead

Conversion costs

 

Q: 12 A store ledger card is similar to the ________ .

Select correct option:

Stock ledger

Bin card

Material card

Purchase requisition card

 

Q: 13 __________ is the time worked over and above the employee's basic working week.

Select correct option:

Flex time

Overtime

Shift allowance

Commission

 

Q: 14 In cost Accounting, abnormal loss is charged to:

Select correct option:

Factory overhead control account

Work in process account

Income Statement

Entire production

 

Q: 15 Which of the following is an example of statutory deductions?

Select correct option:

Deduction as Income Tax

Deduction as social security

Subscriptions to a trade union

None of the given

 

Q : 16 All of the following are terms used to denote Factory Overheads EXCEPT:

Select correct option:

Factory burden

Factory expenses

Manufacturing overhead

Conversion costs

 

Q: 17 Which of the following is called Non Statutory deductions?

Select correct option:

Subscriptions to a trade union

Contributions by the employee to a pension scheme

Contributions by the employer to a pension scheme

All of the given

 

Q: 18 All of the following are essential requirements of a good wage system

EXCEPT:

Select correct option:

Reduced overhead costs

Reduced per unit variable cost

Increased production

Increased operating cost

 

02 numerical Question is missing by me

 

 

Thanks lot 4 this favour.......

thnx bhai

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