vu mgt402 Final Term - Quiz No.1
vu mgt402 Cost & Management Accounting Quiz
This quiz belongs to book/course code vu mgt402 Cost & Management Accounting of vu organization. We have 14 quizzes available related to the book/course Cost & Management Accounting. This quiz has a total of 10 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. 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: Selling cost of a shoe manufacturing company is the example of:
Period cost
Product cost
Standard cost
Activity based costing
Question 2: Inventory turnover Ratio = 10 times
Rs. 350,000
Rs. 70,000
Rs. 10,000
Rs. 35,000
Question 4: Which of the given Inventory valuation method reports higher net income?
First in First Out
Weighted Average
Last in First Out
Average Cost
Question 5: Capacity variance will be favorable if:
Applied factory overhead cost > Estimated factory overhead cost
Applied factory overhead cost < Estimated factory overhead cost
Estimated factory overhead cost > Actual factory overhead cost
Estimated factory overhead cost < Actual factory overhead cost
Question 6: FOH applied rate of Rs. 5.60 per machine hour. During the year the FOH to Rs.275,000 and 48,000 machine hours were used. Which one of following statement is correct?
Overhead was under-applied by Rs.6,200
Overhead was over-applied by Rs.6,200
Overhead was under-applied by Rs.7,200
Overhead was over-applied by Rs.7,200
Question 7: All of the following are terms used to denote Factory Overheads EXCEPT:
Factory burden
Factory expenses
Manufacturing overhead
Conversion costs
Question 8: The Economic order quantity can be calculated by:
Formula Method
Table Method
Graph Method
All of the given
Question 9: Opportunity cost is the best example of:
Sunk Cost
Standard Cost
Relevant Cost
Irrelevant Cost
Question 10: Costs which are constant for a relevant range of activity and rise to new constant level once that range exceeded is called:
A fixed cost
A variable cost
A mixed cost
A step cost
