vu mgt402 Final Term - Quiz No.10
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: Taylor's Differential Piece Rate Plan uses __________ piece rates.
Three
Two
Four
Five
Question 2: Merrick Differential system uses __________ rates.
Two
Three
Four
Five
Question 3: The abbreviation LIFO is:
Large integrated financial organization
Least interesting financial option
The last in first out method
None of the given options
Question 4: Closing work in process Inventory of last year:
Is treated as Opening inventory for current year
Is not carried forward to next year
Become expense in the next year
Charge to Profit & Loss account
Question 5: Which of the following statements is/are correct?
A by-product is a product produced at the same time as other products which has a relatively low volume compared with the other products.
Since a by-product is a saleable item it should be separately costed in the process account,and should absorb some of the process costs.
Cost incurred prior to the point of separation are known as common or joint costs.
A by-product is a product produced at the same time as other products which has a relatively high volume compared with the other products.
Question 7: The FIFO inventory costing method (when using a perpetual inventory system) assumes that the cost of the earliest units purchased is allocated in which of the following ways?
First to be allocated to the ending inventory
Last to be allocated to the cost of goods sold
Last to be allocated to the ending inventory
First to be allocated to the cost of good sold
Question 8: A cost unit is __________
The cost per hour of operating a machine
The cost per unit of electricity consumed
A unit of product or services in relation to which costs are ascertained
A measure of work output in a standard hour
Question 9: All of the following are essential requirements of a good wage system EXCEPT:
Reduced overhead costs
Reduced per unit variable cost
Increased production
Increased operating costs
Question 10: According to IASB framework, Financial statements exhibit to its users the:
Financial position
Financial performance
Cash inflow and outflow analysis
All of the given options
