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Important announcement

Quiz # 01

Cost & Management Accounting

(MGT402)

 

Dear Students

This is to inform that quiz 01 is opened on 12th May, 2014 and last date to attempt quiz will be 14th May, 2014.

Instructions:

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  • Quiz will be based on Multiple Choice Questions (MCQs). Covering video Lectures 1 to 8.  
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Replies to This Discussion

MS word.

pretty angel apne kes gdb ka solution upload kiya hy?

it's MGT201 first GDB solution. but I'm sorry in saying its not correct 

TODAY'S QUIZ

Question # 1 of 10 ( Start time: 11:02:12 PM )     Total Marks: 1
In order to ensure efficient functioning of the stores department and steady flow of materials to the production departments, the restocking of stores is duty of:
Select correct option:
    Managers
        Storekeeper
    Production In charge
    Sales supervisor
Question # 2 of 10 ( Start time: 11:03:38 PM )     Total Marks: 1
According to IASB framework, Financial statements exhibit to its users the:
Select correct option:
    Financial position
    Financial performance
    Cash inflow and outflow analysis
        All of the given options+

Question # 3 of 10 ( Start time: 11:03:59 PM )     Total Marks: 1
The Term Maximum Level Represents:
Select correct option:
    +    The maximum stock level indicates the maximum quantity of an item of material which can be held in stock at any time.
    The maximum stock level indicates the maximum quantity of an item of material which cannot be held in stock at any time.
    The Average stock level indicates the maximum quantity of an item of material which can be held in stock at any time.
    The Available stock level indicates the maximum quantity of an item of material which can be held in stock at any time.
Question # 4 of 10 ( Start time: 11:04:25 PM )     Total Marks: 1
In furniture manufacturing use of nail, pins, glue, and polish which use to increase its esteem value that cost is treated as:
Select correct option:
    Direct material cost
        Indirect material cost+
    FOH cost
    Prime cost
Question # 5 of 10 ( Start time: 11:05:09 PM )     Total Marks: 1
The Inventory Turn over ration is 5 times and numbers of days in a year is 365.Inventory holding period in days would be
Select correct option:
    100 days
        73 days
    50 days
    10 days
Question # 6 of 10 ( Start time: 11:06:34 PM )     Total Marks: 1
Which of the following is indirect cost?
Select correct option:
    The depreciation of machinery
    The overtime premium incurred at the specific request of a customer
        The hire of tools for a specific job
    All of the given options
Question # 7 of 10 ( Start time: 11:07:49 PM )     Total Marks: 1
Inventory turnover ratio can be calculated as follow?
Select correct option:
        Cost of goods sold/Average inventory+
    Gross profit/Average inventory
    Cost of goods sold/sale
    Cost of goods sold/Gross profit
Question # 8 of 10 ( Start time: 11:08:17 PM )     Total Marks: 1
Which of the following is an example of semi variable cost?
Select correct option:
    Salary of supervisor
    Rent of a building
        Post paid mobile connection
    None of the given options
Question # 9 of 10 ( Start time: 11:09:47 PM )     Total Marks: 1
Where the applied FOH cost is less than the actual FOH cost it is:
Select correct option:
        Unfavorable variance+
    Favorable variance
    Normal variance
    Budgeted variance
Question # 10 of 10 ( Start time: 11:10:36 PM )     Total Marks: 1
A method by which the good used are priced out at average cost is known as:
Select correct option:
    BCVO
        AVCO+
    c.FIFO
    LIFO

my quiz no.1 mgt402 date 14-05-2014

Mgt402

Quiz no.1

14-05-2014

Made By Adnan Butt

Adnan_butt2001@yahoo.com

 

Quiz-1 The abbreviation LIFO is:

Large integrated financial organization

Least interesting financial option

The last in first out method

None of the given options

Q-2 In order to ensure efficient functioning of the stores department and steady flow of materials to the production departments, the restocking of stores is duty of:

Select correct option:

Managers

Storekeeper page 50

Production In charge

Sales supervisor

Q-3 Under LIFO method the value of issues is close to:

Select correct option:

Second hand price

Current market price

Historical cost

All of given options

Q-4 Where the applied FOH cost is greater than the actual FOH cost it is:

Select correct option:

Unfavorable variance

Favorable variance

Normal variance

Budgeted variance

Q-5______ are future costs that effect the current management decision.

Select correct option:

Sunk Cost

Standard Cost

Relevant Cost

Irrelevant Cost

Q-6 Where the applied FOH cost is less than the actual FOH cost it is:

Select correct option:

Unfavorable variance

Favorable variance

Normal variance

Budgeted variance

Q-7 Cost of finished goods inventory is calculated by:

Select correct option:

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

Q-8 Which of the following would be considered to be an investment centre?

Select correct option:

Managers have control over marketing

Management have a sales team

Management have a sales team and are given a credit control function

Managers can purchase capital assets and are given a credit control function

Q-10 Cost accounting concepts include all of the following EXCEPT

Select correct option:

Planning

Controlling

Sharing

Costing

Q-9 A method by which the first goods to be received are said to be the first to by sold

Select correct option:

LIFO

AVCO

FIFO

WASH

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