vu mgt101 Lecture No.16 - Quiz No.2
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 6 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: Conversion 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: __________ is the cost of material consumed plus labor and over heads. In other words it is the total cost incurred in the factory.
Cost of material consumed
Over Heads Costs----
Total factory cost
Cost of goods manufactured
Question 3: In __________ method, oldest available purchase costs are transferred to cost of goods sold
First in first out (FIFO)
Valuation of Stock
Last in first out (LIFO)
Weighted average
Question 4: is the cost of material used for consumption that has been put in the production process.
Cost of material consumed
Over Heads Costs----
Total factory cost
Cost of goods manufactured
Question 5: __________ are the other costs incurred in relation of manufacturing of goods.
Cost of material consumed
Over Heads Costs----
Total factory cost
Cost of goods manufactured
Question 6: Opening stock of raw material = 100,000,
Closing stock of raw material = 85,000,
Purchases of raw material during the period = 200, 000,
Cost of Material Consumed
Closing stock of raw material = 85,000,
Purchases of raw material during the period = 200, 000,
Cost of Material Consumed
Rs. 205,000
Rs. 215,000
Rs. 220,000
Rs. 225,000
