vu mgt101 Lecture No.16 - Quiz No.1
vu mgt101 Financial Accounting Quiz
This quiz belongs to book/course code vu mgt101 Financial Accounting of vu organization. We have 99 quizzes available related to the book/course Financial Accounting. This quiz has a total of 10 multiple choice questions (MCQs) to prepare and belongs to topic Lecture No.16. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
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Question 1: Prime/Basic Cost =
Labor cost + factory overhead
Cost of Direct Material Consumed - Direct Labor cost
Cost of Direct Material Consumed + Direct Labor cost
Labor cost - factory overhead
Question 2: __________ method is based on the assumption that the recently purchased merchandise is issued first.
First in first out (FIFO)
Valuation of Stock
Last in first out (LIFO)
Weighted average
Question 3: __________ is widely used method for determining values of cost of goods sold and closing stock.
First in first out (FIFO)
Valuation of Stock
Last in first out (LIFO)
Weighted average
Question 4: it is the cost incurred to convert raw material to finished goods.
Basic Cost
Cost of goods
factory cost
Conversion cost
Question 5: is total factory cost plus opening stock of work in process less closing stock of work in process.
Cost of material consumed
Over Heads Costs----
Total factory cost
Cost of goods manufactured
Question 6: method is based on the assumption that the first merchandise purchased is the first merchandised issued.
First in first out (FIFO)
Valuation of Stock
Last in first out (LIFO)
Weighted average
Question 7: the average cost of all units in inventory, is computed after every purchase.
First in first out (FIFO)
Valuation of Stock
Last in first out (LIFO)
Weighted average
Question 8: is the cost of goods manufactured plus opening stock of finished goods less closing stock of finished goods
Cost of goods sold
Over Heads Costs----
Total factory cost
Cost of goods manufactured
Question 9: __________ is used to keep the record of what has come in stock and what has gone out of it
Stock Card
Debit Card
Credit Card
None of the given
Question 10: Any manufacturing organization purchases different material through out the year.
First in first out (FIFO)
Valuation of Stock
Last in first out (LIFO)
Weighted average
