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 MGT402 Quiz Cost & Management Accounting [7]

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PostSubject: MGT402 Quiz Cost & Management Accounting [7]   Mon Oct 17, 2011 6:27 am

Cost & Management Accounting


Question No: 1
Cost accountants are concerned about the ratios relating to the Profits and Manufacturing costs. These ratios might include:
► Gross Mark up rate
► Inventory turnover ratio
► Cost of goods sold to sales ratio
► All of the given options

Question No: 2
You made Rs. 10,000 loan to your cousin's company. At the end of one year, the company returned to you Rs. 10,850. The Rs. 850 is called which one of the following?
► Increases in loan
► Increases in dividends
► An 8.5% return on investment
► All of the given options

Question No: 3
[{Time Allowed – Actual Time taken x 100 x Basic Pay} + Basic Pay]
Time Allowed

Above mentioned formula is derivation of:

► Rowan Plan
► Halsey Premium Plan
► Halsey Weir Plan
► Merrick's differential system

Question No: 4
The chief financial officer is also known as the:
► Controller
► Staff accountant
► Auditor
► Finance director

Question No: 5
Which of the following is a cost that changes in proportion to changes in volume?

► Fixed cost
► Sunk cost
► Opportunity cost
► None of the given options
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Question No: 6
Costs that change in response to alternative courses of action are called:
► Relevant costs
► Differential costs
► Target costs
► Sunk costs

Question No: 7
Which of the following is a period cost?
► Direct materials
► Indirect materials
► Factory utilities
► Administrative expenses

Question No: 8
Which of the following costs would NOT be a period cost?

► Indirect materials
► Administrative salaries
► Advertising costs
► Selling costs

Question No: 9
Total production cost is combination of which of the following costs?
► Prime cost and Factory Overhead
► Conversion cost and Direct Material
► Direct material, Direct Labor and Factory Overhead
► All of the given options

Question No: 10
Which of the following method of inventory valuation is not recommended under IAS 02?
► LIFO
► FIFO
► Weighted Average
► Both LIFO & FIFO


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MGT402 Quiz Cost & Management Accounting [7]
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