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Quiz # 04

Cost & Management Accounting (MGT402)

 

Dear Students!

 Quiz # 04 is be open on February 12, 2014 and last date to attempt quiz is February 14, 2014.

 

best of luck

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Replies to This Discussion

my quiz

2) A method by which the good used are priced out at average cost is known as
BCVO
AVCO
FIFO
LIFO


3) Contribution margin is the result of which of the following two variables
Sales and variable costs
Variable and fixed costs

4) According to IASB framework, financial statements exibit to its users the

5) Net income reported under direct costing will exceed net income reported under absobtion
costing for a given period if:
The fixed uverhead exceeds the variable everhead
Production equals sales for that period

6) In the process costing when Cost of Units transferred to the next department - II. What
would be the journal entry Passed?
WIP (Dept-II) a/c to WIP (Dept-I)
Finished WIP (to Dept-I)
WIP ( Dept-II) to FOH applied
WIP (Dept-I) to Payroll a/c

7) Which of the following is a mechanical device to record the exact time of the workers?
Clock card

8) The Environmental Filter Company is planning to sell air filter systems for Rs 2,500 per
unit. Variable costs are Rs.1,500 per unit and total fixed costs are Rs 1,000,000. What is the
value of sales necessary to break even
Rs 1,000,000
Rs 2,000,000
Rs 2,500,000

9) Which of the following is not an activity used by the managemant to epand the surplu cash?
Establishment of new project
Business expansion
Introduction of new product in new area
Investment in bank account

10) Cost of goods sold can be calculated as follows
Cost of goods manufactured add opening finished goods inventory less closing goods inventory
Cost of goods sold manufactures less openinh finished goods inventory less closing finished
goods inventory

11) Which of the following is true of the budgeting process?
The cash budget has an effect on all operating budgets
Operating budgets must be prepared before the cash budget can be prepared
Financial budgets must be prepared before operating budgets can be prepared
Budgets can be prepared in any order as long as they are all completed

12) Merrick Differential Piece Rate System
Worker is not penalized even if his performance does not exceed 80% of the High tast
Worker is not penalized even if his performance does not exceed 70% of the HIgh Task
Worker is not penalized even if his performance does not exceed 50% of the HIgh task

13) The term maximum Level Represents
The maximum stock level indicates the maximum quatity of an item of material which can be held
in stock at any time
The maximum stock level indicates the maximum quatity of an item of maerial which cannot be
held in stock at any time
The Average stock level indicates the maximum quatity of an item of material which can be held
in stock at any time
he available stock level indicates the maximum quantity of an item of maerial which can be
held in stock at any time

14) The danger Level can be calculated?
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


15) Gross pay includes which of the following items
Basic pay + Bonus pay
Overtime payment + shift allowances

16) Manufacturing entities classified the inventory in which of three kinds?
Material Inventory, WIP inventory, Finished Goods Inventory
Material inventory, purchsed good inventory, WIP inventory
material inventory, purchsed good inventory, Finished goods Inventory
WIP Invetory, Finished goods inventory, purchsed good Inventory

17) Which of the following would be considered a major aim of a job costing system?
To determine the costs of producing each job or lot
To compute the cost the cost per unit
To include seperate recordes for each job to track the costs
All of the given options

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

19) Which of the folowing is part of the prime cosy for manufacturing
Cost of transporting raw maerials from the suppliers premesis
Wages of factory workers engaged in machine maintanance
Depreciation of truck used for deliveriries to customers


20) 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
18 X 7 X 0.50 = rs 63
18 X 0.50 = Rs 9
18 X 7 = Rs 126
7 X 0.5 = Rs 3.5

thanks for sharing

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