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[vu-students] mgt 402 current quiz # 02 solved by afaaq


MGT402 - Cost & Management Accounting

Quiz # 02

Solved by Afaaq

Afaaqtariq233@gmail.com

 

 

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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