vu mgt402 Final Term - Quiz No.13
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 journal entry of purchase of stock under periodic inventory system would be?
Inventory to Cash
Cash to Purchases
Purchases to Inventory
None of the given options
Question 3: Which of the following is/are reported in production cost report?
The costs charged to the department
How the costs were assigned to the output?
The equivalent units of production by the department
All of the given options
Question 4: Which of the following is considered as basic systems of remunerating labor?
Time rate system
Piece rate system
Halsey Premium plan
Both time rate and piece rate system
Question 5: If a predetermined FOH rate is not applied and the volume of production is reduced from the planned capacity level, the cost per unit expected to:
Remain unchanged for fixed cost and increase for variable cost
Increase for fixed cost and remain unchanged for variable cost
Increase for fixed cost and decrease for variable cost
Decrease for both fixed and variable costs
Question 7: Which of the following statement measures the financial position of the entity on particular time?
Income statement
Balance sheet
Cash Flow statement
Statement of Retained earning
Question 8: An organization sold units 4000 and have closing finished goods 3500 units and opening finished goods units were 1000. The quantity of unit produced would be:
7500 units
6500 units
4500 units
8500 units.
Question 9: Which of the following cost is used in the calculation of cost per unit?
Total production cost
Cost of goods available for sales
Cost of goods manufactured
Cost of goods Sold
Question 10: Cost of goods sold Rs. 30,000,opening Inventory Rs. 9,000,Closing inventory Rs. 7,800.What was the inventory turnover ratio?
3.57 times
3.67 times
3.85 times
5.36 times
