MGT402 - Cost & Management Accounting
Quiz # 02
Solved by Afaaq
Question # 1 of 20 ( Start time: 10:48:48 AM ) 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
Question # 2 of 20 ( Start time: 10:49:18 AM ) Total Marks: 1
A store ledger card is similar to the ________ .
Select correct option:
Stock ledger
Bin card
Material card
Purchase requsition card
Question # 3 of 20 ( Start time: 10:49:41 AM ) Total Marks: 1
Cost accounting concepts include all of the following EXCEPT:
Select correct option:
Planning
Controlling
Sharing
Costing
Question # 4 of 20 ( Start time: 10:50:08 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
Question # 5 of 20 ( Start time: 10:50:37 AM ) Total Marks: 1
Which of the following cost has both features fixed and variable?
Select correct option:
Step fixed cost
Fixed cost
Variable cost
Semi variable cost
Question # 6 of 20 ( Start time: 10:52:01 AM ) Total Marks: 1
Net sales = Sales less:
Select correct option:
Sales returns
Sales discounts
Sales returns & allowances
Sales returns & allowances and sales discounts
Question # 7 of 20 ( Start time: 10:52:45 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
Question # 8 of 20 ( Start time: 10:53:20 AM ) Total Marks: 1
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
Question # 9 of 20 ( Start time: 10:53:48 AM ) Total Marks: 1
All of the following are terms used to denote Factory Overheads EXCEPT:
Select correct option:
Factory burden
Factory expenses
Manufacturing overhead
Conversion costs
Question # 10 of 20 ( Start time: 10:54:14 AM ) Total Marks: 1
Direct material opening inventory add net purchases is called
Select correct option:
Material consumed
Material available for use
Total material purchsed
Material ending inventory
Question # 11 of 20 ( Start time: 10:54:38 AM ) Total Marks: 1
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 # 12 of 20 ( Start time: 10:54:59 AM ) 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
Question # 13 of 20 ( Start time: 10:55:24 AM ) Total Marks: 1
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
Question # 14 of 20 ( Start time: 10:55:55 AM ) Total Marks: 1
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 # 15 of 20 ( Start time: 10:56:17 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
Question # 16 of 20 ( Start time: 10:57:06 AM ) Total Marks: 1
Under Periodic Inventory system Purchase of inventory is treared as:
Select correct option:
Assets
Expense
Income
Liability
Question # 17 of 20 ( Start time: 10:57:35 AM ) Total Marks: 1
The abbreviation LIFO is:
Select correct option:
Large integrated financial organization
Least interesting financial option
The last in first out method
None of the given options
Question # 18 of 20 ( Start time: 10:57:58 AM ) Total Marks: 1
Gross pay less deductions represents all except:
Select correct option:
Net pay
Take home pay
Total pay
Other income
Question # 19 of 20 ( Start time: 10:58:21 AM ) Total Marks: 1
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
Question # 20 of 20 ( Start time: 10:58:41 AM ) Total Marks: 1
EOQ is the order quantity that _________ over our planning horizon
Select correct option:
Minimizes total ordering costs
Minimizes total carrying costs
Minimizes total inventory costs
Minimize the required safety stock
Remember Me in Your Prayers
Best regard's
Ch. Muhammad Afaaq (Arrien)
MBA (Finance) Completed
Islamabad
Afaaq_Tariq@yahoo.com
0346-5329264
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