vu mgt402 Final Term - Quiz No.4
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 2: Weighted average cost per unit is calculated by which of the following formula?
Cost of goods issued/number of units issued
Total cost/total units
Cost of goods manufactured/closing units
Cost of goods sold/total units
Question 3: Gross pay includes which of the following items?
Basic pay + bonus pay
Overtime payment + shift allowances
Rent and conveyance allowances
All of the given options
Question 4: Inventory turnover ratio can be calculated as follow?
Cost of goods sold/Average inventory
Gross profit/Average inventory
Cost of goods sold/sale
Cost of goods sold/Gross profit
Question 5: While deducting Income Tax from the gross pay of the employee, the employer acts as a (an) __________ for Income Tax Department.
Agent of his own Company
Paid tax collection agent
Unpaid tax collection agent
None of the given options
Question 6: The components of the prime cost are:
Direct Material + Direct Labor + Other Direct Cost
Direct Labor + Other Direct Cost + FOH
Direct Labor + FOH
None of the given options
Question 7: All Indirect cost is charged/record in the head of __________
Prime cost
FOH cost
Direct labor cost
None of the given options
Question 8: The Process of cost apportionment is carried out so that:
Cost may be controlled
Cost unit gather overheads as they pass through cost centers
Whole items of cost can be charged to cost centers
Common costs are shared among cost centers
Question 9: If, Sales = Rs. 600,000 Markup = 20% of cost What would be the value of Gross profit?
Rs. 200,000
Rs. 100,000
Rs. 580,000
Rs. 740,000
Question 10: __________ is the time worked over and above the employee's basic working week.
Flex time
Overtime
Shift allowance
Commission
