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Cost and Management Accounting. Mgt-402

Quiz No: 3

 

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 1 of 20 ( Start time: 10:31:26 AM )             Total Marks: 1

An organistation sold units 4000 and have closing finished goods 3500 units and opening finished goods units were 1000.The quantity of unit produced would be:

Select correct option:

            7500 units

            6500 units

            4500 units

            8500 units

 

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 2 of 20 ( Start time: 10:32:12 AM )             Total Marks: 1

FOH absorption rate is calculated by the way of

Select correct option:

            Estimated FOH Cost/Direct labor hours

            Estimated FOH Cost/No of units produced

            Estimated FOH Cost/Prime Cost

            All of the given options

 

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 3 of 20 ( Start time: 10:32:44 AM )             Total Marks: 1

Loss by fire is an example of:

Select correct option:

            Normal Loss

            Abnormal Loss

            Incremental Loss

            Can not be determined

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 4 of 20 ( Start time: 10:33:18 AM )             Total Marks: 1

Which of the following is/are not associated with ordering costs?

Select correct option:

            Interest

            Insurance

            Opportunity costs

            All of the given options

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 5 of 20 ( Start time: 10:34:13 AM )             Total Marks: 1

The difference between unit product costs under absorption costing as compared to variable costing is:

Select correct option:

            Direct materials and direct labor

            Fixed and variable portions of manufacturing overhead

            Fixed manufacturing overhead only

            Variable manufacturing overhead only

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 6 of 20 ( Start time: 10:35:38 AM )             Total Marks: 1

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 costs

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 7 of 20 ( Start time: 10:36:13 AM )             Total Marks: 1

If a predetermined FOH rate is not applied and the volume of production is reduced from the planned capacity level, the cost per unit expected to:

Select correct option:

            Remain unchanged for fixed cost and increase for variable cost

            Increase for fixed cost and remain unchanged for variable cost

            Increase for fixed cost and decrease for variable cost

            Decrease for both fixed and variable costs

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 8 of 20 ( Start time: 10:37:00 AM )             Total Marks: 1

Which of the following cost is not changed with the change in production level?

Select correct option:

            Prime cost

            Fixed cost

            Conversion cost

            Variable cost

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 9 of 20 ( Start time: 10:37:25 AM )             Total Marks: 1

While constructing a Break even chart, the gap between sales line and variable cost line shows which of the following?

Select correct option:

            Fixed cost

            Break even point

            Contribution margin

            Variable cost

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 10 of 20 ( Start time: 10:37:49 AM )           Total Marks: 1

Which of the following is a point of differentiation between blanket rates and department rates?

Select correct option:

            Blanket rate is a single overhead rate established for the entire factory, while Department rates are separate overhead rates for all departments of factory through which the products pass

            Blanket rate is a single overhead rate established for the entire factory

            Department rates are separate overhead rates for all departments of factory through which the products pass

            Blanket rates are separate overhead rates for all departments of factory through which the product passes

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 11 of 20 ( Start time: 10:38:54 AM )           Total Marks: 1

Railway Product Ltd makes one product that sells for Rs. 72 per unit. Fixed costs are Rs. 81,000 per month & contribution to sales ratio is 37.5%. In a period when actual sales were Rs. 684,000 the company's unit margin of safety was:

Select correct option:

            4,000 units

            6,500 units

            5,500 units

            4,800 units

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 12 of 20 ( Start time: 10:39:33 AM )           Total Marks: 1

Generally, the danger level of stock is fixed ________ the minimum level.

Select correct option:

            Below

            Above

            Equal

            Danger level has no relation to minimum level

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 13 of 20 ( Start time: 10:39:53 AM )           Total Marks: 1

If, Sales = Rs. 800,000 appli Markup = 25% of cost What would be the value of Gross profit?

Select correct option:

            Rs. 200,000

            Rs. 160,000

            Rs. 480,000

            Rs. 640,000

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 14 of 20 ( Start time: 10:41:20 AM )           Total Marks: 1

Net sales = Sales less:

Select correct option:

            Sales returns

            Sales discounts

            Sales returns & allowances

            Sales returns & allowances and sales discounts

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 15 of 20 ( Start time: 10:42:45 AM )           Total Marks: 1

If, Gross profit = Rs. 40,000 GP Margin = 25% of sales What will be the value of cost of goods sold?

Select correct option:

            Rs. 160,000

            Rs. 120,000

            Rs. 40,000

            Can not be determined

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 16 of 20 ( Start time: 10:43:54 AM )           Total Marks: 1

While transporting petrol, a little quantity will be evaporated; such kind of loss is termed as:

Select correct option:

            Normal Loss

            Abnormal Loss

            It is incremental loss

            It can not be abnormal loss

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 17 of 20 ( Start time: 10:44:33 AM )           Total Marks: 1

When 10,000 ending units of work-in-process are 30% completed as to conversion, it means:

Select correct option:

            30% of the units are completed

            70% of the units are completed

            Each unit has been completed to 70% of its final stage

            Each of the unit is 30% completed

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 18 of 20 ( Start time: 10:45:11 AM )           Total Marks: 1

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

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 19 of 20 ( Start time: 10:45:44 AM )           Total Marks: 1

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

Select correct option:

            Beverages

            Food

            Hospitality

            Petroleum

Quiz Start Time: 10:31 AM      

Time Left          89

sec(s)  

Question # 20 of 20 ( Start time: 10:46:18 AM )           Total Marks: 1

Consider the following data for the month of April: Closing stock 80 units,Production 280 units,Sales 330 units Based on the data, the opening stock for April will have to be:

Select correct option:

            50 units

            410 units

            70 units

            130 units

One more solve quiz

MGT402_Solved_Quiz_Fall_2012

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