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 MGT402 Quiz Cost & Management Accounting [2]

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PostSubject: MGT402 Quiz Cost & Management Accounting [2]   Sun Oct 16, 2011 1:40 pm

Cost & Management Accounting
Quiz


Question No: 1
Capacity Variance / Volume Variance arises due to

► Difference between Absorbed factory overhead and budgeted factory for capacity attained
► Difference between Absorbed factory overhead and absorption rate
► Difference between Budgeted factory overhead for capacity attained and FOH actually incurred
► None of the given options

Question No: 2
The difference over the period of time between actual and applied FOH will usually be minimal when the predetermined overhead rate is based on:
► Normal capacity
► Designed capacity
► Direct Labor hours
► Machine hours

Question No: 3
The cost that is subject to actual payment or will be paid for in future is called:

► Fixed cost
► Step cost
► Explicit cost
► Imputed cost

Question No: 4
Under perpetual Inventory system the Inventory is treated as:
► Assets
► Liability
► Income
► Expense

Question No: 5
During the year 60,000 units put in to process.55, 000 units were completed. Closing WIP were 25,000 units, 40% completed. How much the equivalent units of output would be produced?

► 25,000 units
► 10,000 units
► 65,000 units
► 80,000 units

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Question No: 6 ( Marks: 1 ) - Please choose one
The components of total factory cost are:

► Direct Material + Direct Labor
► Direct Labor + FOH
► Prime Cost only
► Prime Cost + FOH

Question No: 7
The FIFO inventory costing method (when using a perpetual inventory system) assumes that the cost of the earliest units purchased is allocated in which of the following ways?
► First to be allocated to the ending inventory
► 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

Question No: 8
Depreciation based on the number of units produced would be classified as:
► Out of pocket cost
► Differential cost
► Variable cost
► Fixed cost

Question No: 9
Cost of material consumed under LIFO costing method is Rs. 6,000. Conversion Cost is Rs. 16,500. 1,000 units of the product were manufactured out of which 800 @ Rs. 30 units sold. There were no beginning and ending inventories of work in process and finished goods.
Required: Calculate per unit cost with the help of given information.
► Rs. 22.50
► Rs.16.50
► Rs. 6.00
► Rs. 28.13

Question No: 10
Who issues the Material Requisition form?
► Store incharge
► Work station incharge
► Supplier
► Manager

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MGT402 Quiz Cost & Management Accounting [2]
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