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MGT402 Cost Quiz

Covering lecture 1-18

https://vustudents.ning.com/

 

Question # 1 of 15 ( Start time: 11:45:23 PM ) Total Marks: 1 

Which of the following is / are element / s of production payroll? 

Select correct option: 

 

Direct labor force wages 

Administrative wages 

Selling wages 

All of the given options  (Correct)

 

 

Question # 2 of 15 ( Start time: 11:46:47 PM ) Total Marks: 1 

The compnent of Factory overhead are as follow 

Select correct option: 

 

Direct material + Indirect material + Direct expences 

Indirect material + Indirect labor + Others indirect cost   (Correct)

Direct material + Indirect expences + Indirect labor 

Direct labor + Indirect labor + Indirect expences

11:47 AM 

 

 

Question # 3 of 15 ( Start time: 11:48:10 PM ) Total Marks: 1 

While deducting Income Tax from the gross pay of the employee, the employer acts as a (an) _________________for Income Tax Department. 

Select correct option: 

 

Agent of his own Company 

Paid tax collection agent 

Unpaid tax collection agent   (Correct)

None of the given options

 

 

 

Question # 4 of 15 ( Start time: 11:49:06 PM ) Total Marks: 1 

Loss by fire is an example of: 

Select correct option: 

 

Normal Loss   (Correct)

Abnormal Loss 

Incremental Loss 

Can not be determined

 

 

Question # 5 of 15 ( Start time: 11:50:27 PM ) Total Marks: 1 

What will be the impact of normal loss on the overall per unit cost? 

Select correct option: 

 

Per unit cost will increase   (Correct)

Per unit cost will decrease 

Per unit cost remain unchanged 

Normal loss has no relation to unit cost

  

 

Question # 6 of 15 ( Start time: 11:51:51 PM ) Total Marks: 1 

The flux method of labor turnover denotes: 

Select correct option: 

 

Workers appointed against the vacancy caused due to discharge or quitting of the organization 

Workers appointed in replacement of existing employees 

Workers employed under the expansion schemes of the company 

The total change in the composition of labor force   (Correct)

 

 

Question # 7 of 15 ( Start time: 11:52:29 PM ) Total Marks: 1 

Which of the following element must be taken into account while calculating total earnings of a worker under different incentive wage schemes? 

Select correct option: 

 

Rate per unit 

Units of production    (Correct)

Extra time taken by employee to complete the production 

Number of workers employed

 

 

Question # 8 of 15 ( Start time: 11:52:59 PM ) Total Marks: 1 

A worker is paid Rs. 0.50 per unit and he produces 18 units in 7 hours. Keeping in view the piece rate system, the total wages of the worker would be: 

Select correct option: 

 

18 x 7 x 0.50 = Rs. 63 

18 x 0.50 = Rs. 9    (Correct)

18 x 7 = Rs. 126 

7 x 0.5 = Rs. 3.5

 

 

 

Question # 9 of 15 ( Start time: 11:53:23 PM ) Total Marks: 1 

Merrick Differential system uses--------- rates. 

Select correct option: 

 

Two 

Three    (Correct)

Four 

Five

 

 

Question # 10 of 15 ( Start time: 11:53:49 PM ) Total Marks: 1 

Which of the following statement is correct regarding reasons of variance? 

Select correct option: 

 

Difference between capacity level over which overhead absorption rate is calculated & capacity level attained.    (Correct)

Difference between FOH cost budgeted or estimated over which overhead absorption rate and FOH actually incurred. 

Diffrence between the actual level which company achived and budget level which company determined. 

All of the given

 

 

Question # 11 of 15 ( Start time: 11:54:30 PM ) Total Marks: 1 

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    (Correct)

Establishment of fair standard rates 

Higher output is a result of efficient management

 

 

Question # 12 of 15 ( Start time: 11:55:16 PM ) Total Marks: 1 

The danger Level can be calculated ? 

Select correct option: 

 

Average consumption x Lead time to get urgent supplies 

Normal consumption x Lead time to get urgent supplies 

Maximum consumption x Lead time to get urgent supplies 

Minimum consumption x Lead time to get urgent supplies   (Correct)

 

 

Question # 13 of 15 ( Start time: 11:55:58 PM ) Total Marks: 1 

Weighted average cost per unit is calculated by which of the following formula? 

Select correct option: 

 

Cost of goods issued/number of units issued 

Total cost/total units              (Correct)

Cost of goods manufactured/closing units 

Cost of goods sold/total units

 

 

 

Question # 14 of 15 ( Start time: 11:56:46 PM ) Total Marks: 1 

Factory Over head cost includes 

Select correct option: 

 

Factory Rent 

Property Tax 

Salaries of Factory Clerk 

All of the given   (Correct)

 

 

Question # 15 of 15 ( Start time: 11:57:29 PM ) Total Marks: 1 

Store incharge after receiving the material as per the goods received note, places the material at its location and makes an entry in_______ . 

Select correct option: 

 

Bin Card 

Store Ledger Card     (Correct)

Stock Ledger 

None of the given options

 

 

 

 

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