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MC090410137 : Muhammad Soban Badar
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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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
89sec(s)
Question # 2 of 15 ( Start time: 10:50:23PM )
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:
Select correct option:
Rs.22.5
Rs.23.5
Rs.24.5
Rs.26.5
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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
77sec(s)
Question # 3 of 15 ( Start time: 10:51:40PM )
Total Marks: 1
Inventory turnover ratio can be calculated as follow?
Select correct option:
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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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
90sec(s)
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.
Select correct option:
Agent of his own Company
Paid tax collection agent
Unpaid tax collection agent
None of the given options
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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
89sec(s)
Question # 5 of 15 ( Start time: 10:53:17PM )
Total Marks: 1
In which of the following center FOH cost NOT incurred
Select correct option:
Production Center
Service Center
General Cost Center
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Head Office
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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
89sec(s)
Question # 6 of 15 ( Start time: 10:54:36PM )
Total Marks: 1
Gross pay less deductions represents all except:
Select correct option:
Net pay
Take home pay
Total pay
Other income
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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
89sec(s)
Question # 7 of 15 ( Start time: 10:56:01PM )
Total Marks: 1
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?
Select correct option:
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
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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
Time
Left
90
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Question # 8 of 15 ( Start time: 10:56:38PM )
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:
Select correct option:
Overstocking
Under stocking
Replenishment of stock
Acquisition of stock
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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
89sec(s)
Question # 9 of 15 ( Start time: 10:57:01PM )
Total Marks: 1
In which of the following would there be a difference between financial and managerialaccounting?
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Select correct option:
Users of the information
Purpose of the information
Flexibility of practices
All of the given options
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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
32sec(s)
Question # 10 of 15 ( Start time: 10:57:29PM )
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?
Select correct option:
3.57 times
3.67 times
3.85 times
5.36 times
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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
89sec(s)
Question # 11 of 15 ( Start time: 10:58:35PM ) Total Marks: 1
Which of the following would be considered to be an investment centre?
Select correct option:
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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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
90sec(s)
Question # 12 of 15 ( Start time: 10:59:01PM )
Total Marks: 1
Which of the following statement measures the financial position of the entity on particular time?
Select correct option:
Income Statement
Balance Sheet
Cash Flow Statement
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Statement of Retained Earning
MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
89sec(s)
Question # 13 of 15 ( Start time: 11:00:01PM )
Total Marks: 1
While calculating the EOQ, number of orders is calculated by:
Select correct option:
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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MC090410137 : Muhammad Soban Badar
Quiz Start Time: 10:49 PM
TimeLeft
89sec(s)
Question # 15 of 15 ( Start time: 11:00:31PM ) Total Marks: 1
Merrick Differential Piece Rate System:
Select correct option:
worker is not penalized even if his performance does
worker is not penalized even if his performance does
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worker is not penalized even if his performance does
worker is not penalized even if his performance does
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VU And COMPANY.(http://groups.google.com.pk/group/vu-and-company?hl=en)Muhammad Soban
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Quiz Start Time: 11:05 PM
Time
Left
86sec(s)
Question # 1 of 15 ( Start time: 11:05:28PM )
Total Marks: 1
Weighted average cost per unit is calculated by which of the following formula?
Select correct option:
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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Quiz Start Time: 11:05 PM
TimeLeft
89sec(s)
Question # 2 of 15 ( Start time: 11:06:48PM )
Total Marks: 1
According to IASB framework, Financial statements exhibit to its users the:
Select correct option:
Financial position
Financial performance
Cash inflow and outflow analysis
All of the given options
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Quiz Start Time: 11:05 PM
TimeLeft
89sec(s)
Question # 3 of 15 ( Start time: 11:07:23PM )
Total Marks: 1
The Term Mimimum Level Represents.
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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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Quiz Start Time: 11:05 PM
TimeLeft
89sec(s)
Question # 4 of 15 ( Start time: 11:07:43PM )
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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Quiz Start Time: 11:05 PM
TimeLeft
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:
Select correct option:
Assets
Expense
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Income
Liability
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Quiz Start Time: 11:05 PM
TimeLeft
89sec(s)
Question # 6 of 15 ( Start time: 11:08:16PM )
Total Marks: 1
Cost accounting concepts include all of the following EXCEPT:
Select correct option:
Planning
Controlling
Sharing
Costing
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Quiz Start Time: 11:05 PM
TimeLeft
89sec(s)
Question # 7 of 15 ( Start time: 11:09:35PM )
Total Marks: 1
All of the following are terms used to denote Factory Overheads EXCEPT:
Select correct option:
Factory burden
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Factory expenses
Manufacturing overhead
Conversion costs
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Quiz Start Time: 11:05 PM
Time
Left
89
sec(s)
Question # 8 of 15 ( Start time: 11:11:07PM )
Total Marks: 1
Period costs are
Select correct option:
Expensed when the product is sold
Included in the cost of goods sold
Related to specific Period
Not expensed
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Quiz Start Time: 11:05 PM
TimeLeft
89sec(s)
Question # 9 of 15 ( Start time: 11:11:37PM )
Total Marks: 1
Which of the following is to be called product cost
Select correct option:
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Labor cost
FOH cost
All of the given options
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Quiz Start Time: 11:05 PM
Time
Left
89
sec(s)
Question # 10 of 15 ( Start time: 11:12:53PM )
Total Marks: 1
A method by which the good used are priced out at average cost is known as:
Select correct option:
BCVO
AVCO
c.FIFO
LIFO
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Quiz Start Time: 11:05 PM
TimeLeft
89sec(s)
Question # 12 of 15 ( Start time: 11:15:26PM )
Total Marks: 1
Which of the following is / are element / s of production payroll?
Select correct option:
Direct labor force wages
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Administrative wages
Selling wages
All of the given options
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Quiz Start Time: 11:05 PM
Time
Left
89
sec(s)
Question # 13 of 15 ( Start time: 11:16:05PM )
Total Marks: 1
Which of the following is correct?
Select correct option:
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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Quiz Start Time: 11:05 PM
TimeLeft
88sec(s)
Question # 14 of 15 ( Start time: 11:17:33PM )
Total Marks: 1
Gross pay includes which of the following items?
Select correct option:
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Overtime payment + shift allowances
Rent and conveyance allowances
All of the given options
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Quiz Start Time: 11:05 PM
Time
Left
89
sec(s)
Question # 15 of 15 ( Start time: 11:18:30PM )
Total Marks: 1
Merrick Differential system uses----------- rates.
Select correct option:
Two
Three
Four
Five
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VU And COMPANY.(http://groups.google.com.pk/group/vu-and-company?hl=en)Muhammad Soban
0333-7637637
Quiz Start Time: 11:21 PM
TimeLeft
88sec(s)
Question # 1 of 15 ( Start time: 11:21:23PM )
Total Marks: 1
What will be the impact of normal loss on the overall per unit cost?
Select correct option:
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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Quiz Start Time: 11:21 PM
TimeLeft
89sec(s)
Question # 2 of 15 ( Start time: 11:22:48PM )
Total Marks: 1
FOH absorption rate is calculated by the way of
Select correct option:
Estimated FOH Cost/Direct labor hours
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Estimated FOH Cost/No of units produced
Estimated FOH Cost/Prime Cost
All of the given options
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Quiz Start Time: 11:21 PM
Time
Left
90
sec(s)
Question # 3 of 15 ( Start time: 11:23:03PM )
Total Marks: 1
The journal entry of purchse of stock under periodic inventory system would be?
Select correct option:
Inventory to Cash
Cash to Purchases
Purchses to Inventory
None of the given options
Quiz Start Time: 11:21 PM
TimeLeft
87sec(s)
Question # 4 of 15 ( Start time: 11:23:22PM )
Total Marks: 1
A method by which the good used are priced out at average cost is known as:
Select correct option:
BCVO
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AVCO
c.FIFO
LIFO
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Quiz Start Time: 11:21 PM
Time
Left
89
sec(s)
Question # 6 of 15 ( Start time: 11:24:56PM )
Total Marks: 1
Cost accounting department prepares _____________ that helps the in preparing final accounts.
Select correct option:
Cost sheets
Cost of goods sold statement
Cost of production Report
Material requisition form
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Quiz Start Time: 11:21 PM
TimeLeft
90sec(s)
Question # 7 of 15 ( Start time: 11:25:17PM )
Total Marks: 1
The Inventory Turn over ration is 5 times and numbers of days in a year is 365.Inventory holdingperiod in days would be
Select correct option:
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73 days
50 days
10 days
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Quiz Start Time: 11:21 PM
Time
Left
82
sec(s)
Question # 8 of 15 ( Start time: 11:26:04PM )
Total Marks: 1
Opportunity cost is the best example of:
Select correct option:
Sunk Cost
Standard Cost
Relevant Cost
Irrelevant Cost
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Quiz Start Time: 11:21 PM
TimeLeft
89sec(s)
Question # 9 of 15 ( Start time: 11:27:07PM )
Total Marks: 1
Direct material opening inventory add net purchases is called
Select correct option:
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Material available for use
Total material purchsed
Material ending inventory
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Quiz Start Time: 11:21 PM
Time
Left
85
sec(s)
Question # 10 of 15 ( Start time: 11:27:28PM )
Total Marks: 1
A method by which the first goods to be received are said to be the first to by sold
Select correct option:
LIFO
AVCO
FIFO
WASH
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Quiz Start Time: 11:21 PM
TimeLeft
89sec(s)
Question # 11 of 15 ( Start time: 11:27:40PM )
Total Marks: 1
From employer point of view, the total cost of wages and salaries is a combination of which of thefollowing?
Select correct option:
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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
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Quiz Start Time: 11:21 PM
Time
Left
89
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Question # 12 of 15 ( Start time: 11:28:01PM )
Total Marks: 1
Which of the following costs is part of the prime cost for manufacturing company?
Select correct option:
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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Quiz Start Time: 11:21 PM
TimeLeft
89sec(s)
Question # 13 of 15 ( Start time: 11:29:27PM )
Total Marks: 1
The cost of electricity bill of the factory is treated as:
Select correct option:
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Variable cost
Step cost
Semi variable cost
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VU And COMPANY.(http://groups.google.com.pk/group/vu-and-company?hl=en)Muhammad Soban
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