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Question # 1 of 15 ( Start time: 11:22:06 AM )

 

If, COGS = Rs. 50,000 GP Margin = 25% of sales What will be the value of Sales?

 

Select correct option:

Rs. 200,000

Rs. 66,667

Rs. 62,500

None of the given options

 

 

 

Question # 2 of 15 ( Start time: 11:23:08 AM )

 

 

Cost accounting concepts include all of the following EXCEPT:

 

Select correct option:

Planning

Controlling

Sharing

Costing

 

 

Question # 3 of 15 ( Start time: 11:24:35 AM )

 

 

Opening WIP 3500 units that was 70%completed. completed during the month was19,000 units.Closing WIP 6500 units that was 30%completed. How many units were started during January?

 

Select correct option:

19,000 units

22,000 units

16,000 units

25,500 units

 

 

Question # 4 of 15 ( Start time: 11:25:45 AM )

 

  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

Establishment of fair standard rates

Higher output is a result of efficient management

 

Question # 5 of 15 ( Start time: 11:26:52 AM )

 

 

Cost of goods sold Rs. 30,000, opening Inventory Rs. 9,000,Closing inventory Rs. 7,800.What was the inventory turnover ratio?

 

Select correct option:

3.57 times

3.67 times

3.85 times

5.36 times

 

 

Question # 6 of 15 ( Start time: 11:28:12 AM )

 

 

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

Select correct option:

Three

Two

Four

Five

 

 

Question # 7 of 15 ( Start time: 11:29:07 AM )

 

 

When prices are rising over time, which of the following inventory costing methods will result in the lowest gross margin/profits?

 

Select correct option:

FIFO

LIFO

Weighted Average

Cannot be determined

 

 

Question # 8 of 15 ( Start time: 11:30:09 AM )

 

Annual requirement is 7800 units; consumption per week is 150 units. Unit price Rs 5, order cost Rs 10 per order. Carrying cost Rs 1 per unit and lead time is 3 week, The Economic order quantity would be:

 

Select correct option:

395 units

300 units

250 units

150 units

 

 

Question # 9 of 15 ( Start time: 11:30:53 AM )

 

 

Period costs are

Select correct option:

 

Expensed when the product is sold

Included in the cost of goods sold

Related to specific Period

Not expensed

 

 

Question # 10 of 15 ( Start time: 11:31:34 AM )

 

 

Loss by fire is an example of:

Select correct option:

Normal Loss

Abnormal Loss

Incremental Loss

Can not be determined

 

Question # 11 of 15 ( Start time: 11:32:10 AM )

 

 

Examples of industries that would use process costing include all of the following

EXCEPT:

 

Select correct option:

Beverages

Food

Hospitality

Petroleum

 

Question # 12 of 15 ( Start time: 11:33:34 AM )

 

 

 

Sales are Rs. 450,000. Beginning finished goods were Rs. 23,000. Ending finished goods are Rs. 30,000. The cost of goods sold is Rs. 300,000. What is the cost of goods manufactured?

 

Select correct option:

Rs. 323,000

Rs. 330,000

Rs. 293,000

None of the given options

 

 

Question # 13 of 15 ( Start time: 11:34:40 AM )

 

 

 

Net sales = Sales less:

Select correct option:

Sales returns

Sales discounts

Sales returns & allowances

Sales returns & allowances and sales discounts

 

 

Question # 14 of 15 ( Start time: 11:35:03 AM )

 

 

 

Which of the following is to be called product cost

 

Select correct option:

Material cost

Labor cost

FOH cost

All of the given options

 

 

Question # 15 of 15 ( Start time: 11:35:40 AM )

 

 

 

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

 

 

 

Question # 1 of 15 ( Start time: 11:22:17 AM )

 

 

A spending variance for factory overhead is the difference between actual factory overhead cost and factory overhead cost that should have been incurred for actual hours worked and results from:

 

Select correct option:

Price difference of FOH costs

Quantity differences of FOH costs

Price and quantity differences for FOH costs

Difference caused by production volume var

 

Question # 2 of 15 ( Start time: 11:23:15 AM )

 

 

In which of the following way the last month closing inventory figure will be treated?

 

Select correct option:

As opening inventory of next month

Will not be carried forward

 

 

 

Question # 3 of 15 ( Start time: 11:24:32 AM )

 

The cost of electricity bill of the factory is treated as:

Select correct option:

Fixed cost

Variable cost

Step cost

Semi variable cost

 

 

Question # 4 of 15 ( Start time: 11:25:37 AM )

 

 

Cost accounting concepts include all of the following EXCEPT:

Select correct option:

Planning

Controlling

Sharing

Costing

 

 

 

Question # 5 of 15 ( Start time: 11:26:54 AM )

 

 

Which of the following is/are reasons of abnormal loss?

Select correct option:

Defective material used

Machine breakdown

Poor workmanships

All of the given

 

 

Question # 6 of 15 ( Start time: 11:28:13 AM )

 

 

Planning for future growth is called:

 

Select correct option:

Capital budgeting

Working capital management

Financial forecasting

Budgeting

 

 

Question # 7 of 15 ( Start time: 11:29:10 AM )

 

 

Cost of Goods sold budget include(s) all of the following EXCEPT:

Select correct option:

 

Selling & distribution expenses budget

General & Administrative expenses budget

Production cost budget

Cash budget

 

 

Question # 8 of 15 ( Start time: 11:30:13 AM )

 

Costs which are constant for a relevant range of activity and rise to new constant level once that range exceeded is called:

 

Select correct option:

A fixed cost

A variable cost

A mixed cost

A step cost

 

 

Question # 9 of 15 ( Start time: 11:31:03 AM )

 

 

The appropriate journal entry to transfer the cost of completed units from the Work in Process account would involve a credit to Work in Process and a debit to which of the following accounts?

 

Select correct option:

Income Summary

Raw Materials Inventory

Finished Goods

Manufacturing Summary

 

 

Question # 10 of 15 ( Start time: 11:31:36 AM )

 

 

Consider the following data for the month of May: Sales 150 units, Opening units 120 units, Closing 80 units Based on the data, production in May will have to be?

 

Select correct option:

190

120

130

 

 

Question # 11 of 15 ( Start time: 11:32:37 AM )

 

 

The Process of cost apportionment is carried out so that:

Select correct option:

Cost may be controlled

Cost unit gather overheads as they pass through cost centers

Whole items of cost can be charged to cost centers

Common costs are shared among cost centers

 

 

Question # 12 of 15 (Start time: 11:33:59 AM)

 

 

Examples of industries that would use process costing include all of the following

EXCEPT:

 

Select correct option:

Beverages

Food

Hospitality

Petroleum

 

 

Question # 13 of 15 ( Start time: 11:34:40 AM )

 

 

The journal entry of purchse of stock under periodic inventory system would be?

 

Select correct option:

Inventory to Cash

Cash to Purchases

Purchses to Inventory

None of the given options

 

 

Question # 14 of 15 ( Start time: 11:35:23 AM )

 

 

EOQ is a point where:

 

Select correct option:

Ordering cost is equal to carrying cost

Ordering cost is higher than carrying cost

Ordering cost is lesser than the carrying cost

Total cost is maximum

 

 

Question # 15 of 15 ( Start time: 11:36:08 AM )

 

The supervisor salary is treated as:

 

Select correct option:

Direct labor cost

Indirect labor cost

Conversion cost

None of the given options

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