vu mgt402 Final Term - Quiz No.7
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: Sales are Rs. 450,000. Beginning finished goods were Rs. 23,000. Ending finished goods are Rs. 30,000. The cost of goods sold is Rs. 300,000. What is the cost of goods manufactured?
Rs. 323,000
Rs. 330,000
Rs. 293,000
None of the given options
Question 2: The term Mimimum Level represents:
This represents the quantity below which the stock of any item should not be allowed to fall
This represents the quantity below which the stock of any item should be allowed to fall
This is the estimated time period in number of days or in weeks or in months.
This is the Lead time period in number of days or in weeks or in months.
Question 3: Which of the following is called Non Statutory deductions:
Subscriptions to a trade union
Contributions by the employee to a pension scheme
Contributions by the employer to a pension scheme
All of the given
Question 4: Which of the following is to be called product cost?
Material cost
Labor cost
FOH cost
All of the given options
Question 5: By using table method where __________ is equal, that point is called Economic order quantity.
Ordering cost
Carrying cost
Ordering and carrying cost
Per unit order cost
Question 6: In cost Accounting, abnormal loss is charged to:
Factory overhead control account
Work in process account
Income Statement
Entire production
Question 7: Which of the following is/are reasons of abnormal loss?
Defective material used
Machine breakdown
Poor workmanships
All of the given
Question 8: Where the applied FOH cost is less than the actual FOH cost it is:
Unfavorable variance
Favourable variance
Normal variance
Budgeted variance
Question 9: Which of the following statements concerning job order costing systems is incorrect?
Cost drivers are those items which cause actual overhead to exceed applied overhead
Job order costing systems are appropriate to both manufacturing and service businesses
Traditionally, direct labor has been a very popular overhead application base
In a service business, indirect costs of providing a service are treated as overhead and applied in a manner similar to that for factory overhead
Question 10: Where the applied FOH cost is greater than the actual FOH cost it is:
Unfavorable variance
Favorable variance
Normal variance
Budgeted variance
