vu mgt402 Final Term - Quiz No.3
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: Which of the following element must be taken into account while calculating total earnings of a worker under different incentive wage schemes?
Rate per unit
Units of production
Extra time taken by employee to complete the production
Number of workers employed
Question 2: Examples of industries that would use process costing include all of the following EXCEPT:
Beverages
Food
Hospitality
Petroleum
Question 3: While transporting petrol, a little quantity will be evaporated; such kind of loss is termed as:
Normal Loss
Abnormal Loss
It is incremental loss
It can not be abnormal loss
Question 4: Which of the following is sales force payroll incentive?
Commission
Shift allowance
Over time payment
Bonus
Question 5: Cost of Goods Manufactured can be calculated as follow:
Total factory Cost Add Opening Work in process inventory Less Closing Work in process inventory
Total factory Cost Less Opening Work in process inventory Add Closing Work in process inventory
Total factory Cost Less Opening Work in process inventory Less Closing Work in process inventory
Total factory Cost Add Opening Work in process inventory Add Closing Work in process inventory
Question 6: Net sales = Sales less:
Sales returns
Sales discounts
Sales returns & allowances
Sales returns & allowances and sales discounts
Question 7: Net Income before Interest and tax is also called:
Operating Income/Profit
Gross Profit
Marginal Income
Other Income
Question 8: Amount of net purchase can be calculated as follow:
Purchase of direct material add trade discount less purchase return add carriage inward less other material handling cost
Purchase of direct material less trade discount l add purchase return add carriage inward less other material handling cost
Purchase of direct material less trade discount less purchase return less carriage inward add other material handling cost
Purchase of direct material less trade discount less purchase return add carriage inward add other material handling cost
Question 9: When 10,000 ending units of work-in-process are 30% completed as to conversion, it means:
30% of the units are completed
70% of the units are completed
Each unit has been completed to 70% of its final stage
Each of the unit is 30% completed
Question 10: A standard rate is paid to the employee when he completed his job:
In time less than the standard
In standard time
In time more than standard
Both in standard time and more than the standard time
