vu mgt402 Final Term - Quiz No.11
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: The component of Factory overhead are as follow:
Direct material + Indirect material + Direct expences
Indirect material + Indirect labor + Others indirect cost
Direct material + Indirect expences + Indirect labor
Direct labor + Indirect labor + Indirect expences
Question 2: __________ are future costs that effect the current management decision.
Sunk Cost
Standard Cost
Relevant Cost
Irrelevant Cost
Question 3: In which of the following center FOH cost NOT incurred?
Production Center
Service Center
General Cost Center
Head Office
Question 4: Which of the following would be considered a major aim of a job order costing system?
To determine the costs of producing each job or lot
To compute the cost per unit
To include separate records for each job to track the costs
All of the given options
Question 5: Which of the following is an example of Statutory deductions:
Deduction as Income Tax
Deduction as social security
Subscriptions to a trade union
None of the given
Question 6: Cost of goods sold can be calculated as follow:
Cost of goods manufactured Add Opening finished goods inventory Less Closing finished goods inventory
Cost of goods manufactured Less Opening finished goods inventory Less Closing finished goods inventory
Cost of goods manufactured Less Opening finished goods inventory Add Closing finished goods inventory
Cost of goods manufactured Add Opening finished goods inventory Add Closing finished goods inventory
Question 7: Which of the following best describes piece rate system?
The increased volume of production results in decreased cost of production
The increased volume of production in minimum time
Establishment of fair standard rates
Higher output is a result of efficient management
Question 8: Under/Over applied FOH cost can be adjusted in which of the following:
Entire Production
Cost of Good sold
Net Profit
All of given options
Question 9: A company has calculated that volume variance for a given month was unfavorable. This could have been caused by which of the following factors?
The number of rejected units was higher than normal
Machine breakdowns were higher than normal
Delays were experienced in the issuing of material to production
All of the given options
Question 10: Which of the following is the best characteristic of a by product:
Is produced from material that would otherwise be of no value
Has a lower selling price than the main product
Is created along with the main product, but its sales value does not cover its production cost
Usually produces a smaller amount of revenue than the main product
