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Thread: MGT402 Cost and Management Accounting Quiz May 17,2010

  1. #1
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    99 MGT402 Cost and Management Accounting Quiz May 17,2010

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  2. #2
    MY QUIZ....

    Quiz no. 2

    1.
    The abbreviation LIFO is:
    Select correct option:



    Large integrated financial organization

    Least interesting financial option

    The last in first out method

    None of the given options


    2.
    Costs which are constant for a relevant range of activity and rise to new constant level once that range exceeded is called:
    Select correct option:



    A fixed cost

    A variable cost

    A mixed cost

    A step cost


    3.
    A cost centre is
    Select correct option:



    A unit of product or service in relation to which costs are ascertained

    An amount of expenidure attributable to an activity

    A production or service location,function,activity or item of equipment for which costs are accumulated

    A centre for which an indvidual budget is drawn up


    4.
    Which of the following is sales force payroll incentive?
    Select correct option:



    Commission

    Shift allowance

    Over time payment

    Bonus


    5.
    All of the following are terms used to denote Factory Overheads EXCEPT:
    Select correct option:



    Factory burden

    Factory expenses

    Manufacturing overhead

    Conversion costs


    6.
    Which of the following is not true
    Select correct option:



    Managerial accounting information is prepared for internal users

    Preparation of Managerial accounting information is not a legal requirement

    There are specific standards of acceptability for managerial accounting

    The structure of managerial accounting practice is relatively flexible


    7.
    In which of the following would there be a difference between financial and managerial accounting?
    Select correct option:



    Users of the information

    Purpose of the information

    Flexibility of practices

    All of the given options


    8.
    Opportunity cost is the best example of:
    Select correct option:



    Sunk Cost

    Standard Cost

    Relevant Cost

    Irrelevant Cost


    9.
    If labor is satisfied with high wages it may ultimately lead to:
    Select correct option:



    Increased production and productivity

    Increased efficiency

    Reduced labor and overhead costs

    All of the given options


    10.
    The main purpose of cost accounting is to
    Select correct option:



    Maximize profits

    Help in inventory valuation

    Provide information to management for decision making

    Aid in the fixation of selling price


    11.
    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?
    Select correct option:



    Rs. 323,000

    Rs. 330,000

    Rs. 293,000

    None of the given options


    12.
    Which of the following cost is used in the calculation of cost per unit?
    Select correct option:



    Total production cost

    Cost of goods available for sales

    Cost of goods manufactured

    Cost of goods Sold


    13.
    Under Periodic Inventory system Purchase of inventory is treared as:
    Select correct option:



    Assets

    Expense

    Income

    Liability


    14.
    A high inventory turnover may indicate:
    Select correct option:



    An efficient use of the investment in inventory

    A high risk of stock-outs

    Stock position of store room

    All of the given options


    15.
    Which of the following is correct?
    Select correct option:



    Units sold=Opening finished goods units + Units produced – Closing finished goods units

    Units Sold = Units produced + Closing finished goods units - Opening finished goods units

    Units sold = Sales + Average units of finished goods inventory

    Units sold = Sales - Average units of finished goods inventory
    Last edited by saba; 05-19-2010 at 07:24 PM.

  3. #3
    ye krdia highlight........

  4. #4
    Senior Member viki's Avatar
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    Quote Originally Posted by saba View Post
    ye krdia highlight........
    hmmmm thats coooooooool
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