Mgt402 Quiz

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Quiz Start Time: 10:49 PM

TimeLeft 69

sec(s)

Question # 1 of 15 ( Start time: 10:49:11PM )

Total Marks: 1

If, COGS = Rs. 70,000 GP Margin = 30% of sales What will be the value of Sales?

Select correct option:

Rs. 200,000

Rs. 66,667

Rs. 100,000

Rs. 62,500

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89sec(s)


Total Marks: 1

Byer produced 20,000 units and their total factory cost was Rs. 450,000,other cost like propertytax on factory bulding was Rs. 10,000 included in that cost till year ended the cost of per unit
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would be:


Rs.22.5

Rs.23.5

Rs.24.5

Rs.26.5




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Total Marks: 1

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


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Question # 4 of 15 ( Start time: 10:52:16PM ) Total Marks: 1

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




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Total Marks: 1

In which of the following center FOH cost NOT incurred


Production Center

Service Center

General Cost Center

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Head Office




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Total Marks: 1

Gross pay less deductions represents all except:


Net pay

Take home pay

Total pay

Other income




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The FIFO inventory costing method (when using a perpetual inventory system) assumes that thecost of the earliest units purchased is allocated in which of the following ways?


First to be allocated to the ending inventory

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Last to be allocated to the cost of goods sold

Last to be allocated to the ending inventory

First to be allocated to the cost of good sold




Time

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Total Marks: 1

Taking steps for the fresh purchase of those stocks which have been exhausted and for whichrequisitions are to be honored in future is an easy explanation of:


Overstocking

Under stocking

Replenishment of stock

Acquisition of stock




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In which of the following would there be a difference between financial and managerialaccounting?

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Users of the information

Purpose of the information

Flexibility of practices

All of the given options




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Total Marks: 1

Cost of goods sold Rs. 30,000,opening Inventory Rs. 9,000,Closing inventory Rs. 7,800.What wasthe inventory turnover ratio?


3.57 times

3.67 times

3.85 times

5.36 times


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Which of the following would be considered to be an investment centre?


Managers have control over marketing

Management have a sales team

Management have a sales teamand are given a cred

Managers can purchase capital assets and are given




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Total Marks: 1

Which of the following statement measures the financial position of the entity on particular time?


Income Statement

Balance Sheet

Cash Flow Statement

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Statement of Retained Earning



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Total Marks: 1

While calculating the EOQ, number of orders is calculated by:


Multiplying the required units with cost per order

Dividing required unit by ordered quantity

Multiplying the required units with ordered quantity

Multiplying the ordered quantity with cost per order




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Merrick Differential Piece Rate System:


worker is not penalized even if his performance does


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Time

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86sec(s)


Total Marks: 1

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

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Total Marks: 1

According to IASB framework, Financial statements exhibit to its users the:


Financial position

Financial performance

Cash inflow and outflow analysis




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The Term Mimimum Level Represents.


This represents the quantity below which the stock o

This represents the quantity below which the stock o

This is the estimated time period in number of days oweeks or in months.

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This is the Lead time period in number of days or inweeks or in months.



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Total Marks: 1

If, COGS = Rs. 70,000 GP Margin = 30% of sales What will be the value of Sales?


Rs. 200,000

Rs. 66,667

Rs. 100,000

Rs. 62,500



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89sec(s)

Question # 5 of 15 ( Start time: 11:07:50

PM ) Total Marks: 1

Under Periodic Inventory system Purchase of inventory is treared as:


Assets

Expense

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Income

Liability



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Cost accounting concepts include all of the following EXCEPT:


Planning

Controlling

Sharing

Costing



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All of the following are terms used to denote Factory Overheads EXCEPT:


Factory burden

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Factory expenses

Manufacturing overhead

Conversion costs



Time

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Total Marks: 1

Period costs are


Expensed when the product is sold

Included in the cost of goods sold

Related to specific Period

Not expensed



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Which of the following is to be called product cost


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Labor cost

FOH cost




Time

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Total Marks: 1

A method by which the good used are priced out at average cost is known as:


BCVO

AVCO

c.FIFO

LIFO



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Which of the following is / are element / s of production payroll?


Direct labor force wages

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Administrative wages

Selling wages




Time

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sec(s)


Total Marks: 1

Which of the following is correct?


Units sold=Opening finished goods units + Units prod

Units Sold = Units produced + Closing finished goods

Units sold = Sales + Average units of finished goods

Units sold = Sales - Average units of finished goods i



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Gross pay includes which of the following items?


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Overtime payment + shift allowances

Rent and conveyance allowances




Time

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Total Marks: 1

Merrick Differential system uses----------- rates.


Two

Three

Four

Five





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Total Marks: 1

What will be the impact of normal loss on the overall per unit cost?


Per unit cost will increase

Per unit cost will decrease

Per unit cost remain unchanged

Normal loss has no relation to unit cost



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Total Marks: 1

FOH absorption rate is calculated by the way of


Estimated FOH Cost/Direct labor hours

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Estimated FOH Cost/No of units produced

Estimated FOH Cost/Prime Cost




Time

Left

90

sec(s)


Total Marks: 1

The journal entry of purchse of stock under periodic inventory system would be?


Inventory to Cash

Cash to Purchases

Purchses to Inventory

None of the given options


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Total Marks: 1

A method by which the good used are priced out at average cost is known as:


BCVO

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AVCO

c.FIFO

LIFO



Time

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89

sec(s)


Total Marks: 1

Cost accounting department prepares _____________ that helps the in preparing final accounts.


Cost sheets

Cost of goods sold statement

Cost of production Report

Material requisition form



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The Inventory Turn over ration is 5 times and numbers of days in a year is 365.Inventory holdingperiod in days would be


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73 days

50 days

10 days



Time

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Total Marks: 1

Opportunity cost is the best example of:


Sunk Cost

Standard Cost

Relevant Cost

Irrelevant Cost



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Direct material opening inventory add net purchases is called


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Material available for use

Total material purchsed

Material ending inventory



Time

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85

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Total Marks: 1

A method by which the first goods to be received are said to be the first to by sold


LIFO

AVCO

FIFO

WASH



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Total Marks: 1

From employer point of view, the total cost of wages and salaries is a combination of which of thefollowing?


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Gross wages and salaries+employee's provident fund

Gross wages and salaries + Income Tax deductions

Gross wages and salaries + pension scheme paymen



Time

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89

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Total Marks: 1

Which of the following costs is part of the prime cost for manufacturing company?


Cost of transporting raw materials fromthe suppliers

Wages of factory workers engaged in machine maint

Depreciation of truck used for deliveries to customer

Cost of indirect production materials



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Total Marks: 1

The cost of electricity bill of the factory is treated as:


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Variable cost

Step cost

Semi variable cost






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Mgt402 Quiz