Cost and Managment Accounting Mcqs Essays

Cost and Managment Accounting Mcqs Essays Cost and Managment Accounting Mcqs Essay Cost and Managment Accounting Mcqs Essay Fixed expense per unit diminishes when: a. Creation volume increments. b. Creation volume diminishes. c. Variable expense per unit diminishes. d. Variable expense per unit increments. 2). Prime expense + Factory overhead expense is: a. Change cost. b. Creation cost. c. Complete expense. d. None of given choice. 3). Discover the estimation of buys if Raw material expended Rs. 90,000; Opening and shutting load of crude material is Rs. 50,000 and 30,000 individually. a. Rs. 10,000 b. Rs. 20,000 c. Rs. 70,000 d. Rs. 1,60,000 4). Whenever Cost of products sold = Rs. 40,000 GP Margin = 20% of deals Calculate the Gross overall revenue. a. Rs. 32,000 b. Rs. 48,000 c. Rs. 8,000 d. Rs. 10,000 5). ______________ strategy accept that the merchandise got most as of late in the stores or created as of late are the initial ones to be conveyed to the demanding division. a. FIFO b. Weighted normal strategy c. Latest value strategy d. LIFO Fill in the spaces: (5 x 1) 1). Roundabout cost that is brought about in delivering item or administrations yet which can not followed in full. 2 Sunk expense is the cost that caused or consumed in the past which can not be recovered. 3). Transformation cost = Direct Labor + FOH 4). Whenever cost of products sold Rs. 20,000 and Sales Rs. 50,000 at that point Gross Markup Rate is 150% 5). Under Perpetual framework, a total and ceaseless record of development of each stock thing is kept up. 1. Cost of creation report is a _________________. a. Fiscal summary b. Creation process report c. Request sheet d. None of given choice. 2. There are ___________ parts of cost of creation report. a. 4 b. 5 c. 6 ( sixth is worried about count of misfortune) d. 7 3. Which one of the association follows the expense of creation report _________________? . Material unit b. Contracted bookkeeper firm c. Poultry framing d. None of the given alternative. 4. _____________________ part of cost of creation report clarifies the expense acquired during the procedure. a. Amount plan b. Cost represented as follow c. Cost charge to the division d. None of given alternative Solve the inquiry 5 to 7. In the event that units put in the process 7,000, units finished and move out 5,000. Units still in process (100% Material, half Conversion cost). 500 units were lost. Cost brought about during the procedure Material and Labor Rs. 50,000 and 60,000. 5. Locate the quantity of units that will show up in amount plan a. 5,750 b. 7,000 c. 5,000 d. 6,500 6. Discover the estimation of per unit cost of both material and change cost a. Material 7. 69; Conversion cost 10. 43 b. Material 7. 14; Conversion cost 10. 43 c. Material 7. 14; Conversion cost 9. 23 d. None of given choice 7. Discover the estimation of cost moved to next division: a. Rs. 57,500 b. Rs. 50,000 c. Rs. 70,000 d. None of given alternative. 8. If there should be an occurrence of second office discover the expansion of per unit cost in the event of unit lost. Cost got from past division is Rs. ,40,000. a. 1. 43 b. (2. 13) c. 1. 54 d. 1. 67 9. Opening work in process stock can be determined under a. FIFO and Average costing b. LIFO and Average costing c. FIFO and LIFO costing d. None of given choice 10 _________________ needs further handling to improve its attractiveness. a. Result b. Joint Product c. Expanded item d. None of the given alternative Choose perhaps the best dec ision. 1. Jan 1; completed merchandise stock of Manuel Company was $3, 00,000. During the year Manuel’s cost of products sold was $19, 00,000, deals were $2, 000,000 with a 20% gross benefit. Compute cost doled out to the December 31; completed products stock. a. $ 4,00,000 b. $ 6,00,000 c. $ 16,00,000 d. None of given alternatives 2. The primary motivation behind cost bookkeeping is to: a. Boost benefits. b. Help in stock valuation c. Give data to the executives to dynamic d. Help in the obsession of selling value 3. The mix of direct material and direct work is a. Absolute creation Cost b. Prime Cost c. Transformation Cost d. Complete assembling Cost 4. The expense used in the past that can't be recovered on item or administration a. Important Cost b. Sunk Cost c. Item Cost d. Unimportant Cost 5. When an assembling procedure requires for the most part human work and there are broadly differing wage rates among laborers, what is presumably the most proper premise of applying manufacturing plant expenses to work in process? a. Machine hours b. Cost of materials utilized c. Direct work hours d. Direct work dollars 6. A normal production line overhead expense is: a. conveyance b. inner review c. remuneration of plant director d. structure 7. An industry that would in all probability use process costing methodology is: a. tires b. home development c. printing d. airplane . 8. Complete the accompanying table | |Per unit |Total | |Fixed cost |Increase |Constant | |Variable expense | |Total cost |Increase |Decrease | a. Steady, Decrease b. Lessening, Decrease c. Increment, Increase d. Increment, Decrease 9. The Kennedy Corporation utilizes Raw Material Z in an assembling procedure. Data as to balances close by, buys and demands of Raw Material Z is given beneath: Jan. 1 Balance: 200 lbs. @ $1. 50 08 Received 500 lbs. @ $1. 55 18 Issued 100 lbs. 25 Issued 260 lbs. 30 Received 150 lbs. @ $1. 60 If a ceaseless stock record of Raw Material Z is kept up on a FIFO premise, it will show a month end stock of: a. $240 b. $784 c. $759 d. $767 10. An inconvenience of a time-based compensation plan is that it: a. Gives no motivator to workers to accomplish and keep up an elevated level of creation. b. Is barely ever utilized and is hard to apply. c. Builds up a positive rate for each hour for every worker. d. Urges workers to forfeit quality so as to augment income. (10 x 1=10) (Question 2-a) From the accompanying data figure the Maximum stock level, Minimum stock level, Re-requesting level and Danger stock level;- (an) Average utilization 300 units for each day (b) Maximum utilization 400 units for every day (c) Minimum utilization 200 units for every day (d) Re-request amount 3,600 units (e) Re-request period 10 to 15 days (f) Emergency Re-request period 13 days (1. 254=5) Solution: Request Level = Maximum Consumption x Lead Time (most extreme) = 400 x 15 = 6,000 Maximum level =Order level †(Minimum utilization x Lead time) + EOQ = 6,000 †(200 x 10) + 3,600 = 7,600 Minimum Level = Order level-(Average utilization x lead time) = 6,000 †(300 x 12. 5) = 2,250 Danger Level = Average utilization x Emergency time = 300 x 13 = 3,900 (Question 2-b) Following information are accessible concerning a specific material. |Annual necessity |1200 units | |Cost to put in a request |Rs 3. 0 | |Annual loan fee |5% | |Per unit cost. |Rs 5. 00 | |Annual conveying cost per unit |Rs 0. 25 | Required: 1) Economic request amount 2) Number of requests every year 3) Frequency of requests (2+1. 5+1. 5=5) Solution: (1)EOQ= (2 x 1200 x 3/0. 25 + 5% of 5)1/2 = 120 units (2)No of order= Annual request/request size = 1200/120 = 10 (3) Frequency of orders= No of days in a year/No of request = 360/10 = 36days Find out right choice from offered MCQs put your response in above table : 1. An assembling organization fabricates an item which goes through two divisions. 10,000 units were placed in process. 9,400 units were finished moved to office II. 400 units (1/2 complete) were in process toward the finish of month. Staying 200 units were lost during handling. Expenses acquired by the division were as per the following: Particulars Rs. Direct Materials 19,400 Direct Labor 24,250 Factory overhead 14,550 Apportionment of the Accumulated Cost/Total Cost represented, for the month in CPR ____________ a. Rs. 24,250 Approximately b. Rs. 56,987 Approximately c. Rs. 58,200 Approximately d. None of the given alternatives MCQ # 2 and 3 depend on the accompanying information: Allied concoction organization detailed the accompanying creation information for its specialty: Particulars Units Received in from division â€1 55,000 Transferred out office â€3 39,500 In process (1/3 work overhead) 10,500 All materials were placed in process in Department No. 1. Costing division gathered after figures for office No. 2: Particulars Rs. Unit cost got in 1. 80 Labor cost in division No. 2 27,520 Applied overhead in Department No. 2 15,480 2. Equal units of work FOH are _________ a. 3,500 units b. 39,500 units c. 3,000 units d. None of the given alternatives 3. Unit cost of lost unit after change (by utilizing any strategy) _________ Cost Management Accounting (mgt402) Quiz 02 Fall Semester 2007 a. Rs. 0. 64 b. Rs. 0. 36 c. Rs. 0. 18 d. None of the given alternatives MCQ # 4, 5 and 6 depend on the accompanying information: In Department No. 315 typical creation misfortunes are fo und toward the finish of procedure. During January 2007 after expenses were charged to Department 315: Particulars Rs. Direct Materials 30,000 Direct Labor 20,000 Manufacturing overhead 10,000 Cost from going before office 96,000 Data of creation amounts is as per the following: Points of interest Units Received in 12,000 Transferred out 7,000 Normal Production Loss 1,000 Partly handled units in Department No. 315 were finished half. 4. Cost of ordinary misfortune (where typical misfortune is found toward the finish of procedure) _________: a. Rs. 14,000 b. Rs. 44,000 c. Rs. 1, 12,000 d. None of the given alternatives 5. Comparable units of material __________ a. 2,000 units b. 7,000 units c. 10,000 units d. None of the given choices 6. Unit cost of Direct Labor__________ a. Rs. 1 b. Rs. 2 c. Rs. 3 d. None of the given alternatives Cost Management Accounting (mgt402) Quiz 02 Fall Semester 2007 7. During January, Assembling office got 60,000 units from going before office at a unit cost of Rs. 3. 54. Expenses included the gathering office were: Particulars Rs. Materials 41,650 Labor 101,700 Factory overheads 56,500 There was no work in process starting stock. Specifics Units from going before division 60,0