Online 45 MCQz of MGT -402

 Online 45 MCQz of MGT -402
Question # 1
Which of the following is considered as basic systems of remunerating labor?
  i)  Time rate system
ii)   Piece rate system
iii)  Halsey Premium plan
iv)  Both time rate and piece rate system

Question # 2
A method by which the first goods to be received are said to be the first to by sold

i)LIFO
ii)AVCO
iii)FIFO
iv)WASH

Question # 3
Overtime that is necessary in order to fulfill customer orders is called:

i) Avoidable overtime
ii) Unavoidable overtime
iii) Premium Overtime
iv) Flex time

Question # 4
___?_______ is the time worked over and above the employee's basic working week.
i)   Flex time
ii)  Overtime
iii) Shift allowance
iv) Commission

Question # 5
Differential cost has the behavior of ?
i)Fixed cost
ii)Step cost
iii)Variable/semi avriable cost
iv)All of the given options

Question # 6
High labor turnover is NOT desirable because:

i)    It denotes the instability of the labor force
ii)   It is an indication of high labor cost
iii)  It shows frequent changes in the labor force
iv)  All of the given options

Question # 7
Closing work in process Inventory of last year:
i)     Is treated as Opening inventory for current year
ii)    Is not carried forward to next year
iii)   Become expense in the next year
iv)  Charge to Profit & Loss account

Question # 8
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?

i)     Rs. 323,000
ii)    Rs. 330,000
iii)   Rs. 293,000
iv)  None of the given options

Question # 9
The main difference between the profit center and investment center is:
 
i)Decision making
ii)Revenue generation
iii0Cost incurrence
iv)Investment

Question # 10
Which of the following is an example of Statutory deductions:
i)Deduction as Income Tax
ii)Deduction as social security
iii)Subscriptions to a trade union
iv)None of the given

Question # 11 
Costs which are constant for a relevant range of activity and rise to new constant level once that range exceeded is called:
i)A fixed cost
ii)A variable cost
iii)A mixed cost
iv)A step cost

Question # 12
If opening inventory of material is Rs.20,000 and closing inventory is Rs. 40,000.the Average inventory amount will be:

i)Rs. 40,000
ii)Rs. 30,000
iii)Rs. 20,000
iv)Rs. 10,000

Question # 13
The cost of electricity bill of the factory is treated as:
i)Fixed cost
ii)Variable cost
iii)Step cost
iv)Semi variable cost

Question # 14
A cost unit is

i)The cost per hour of operating a machine
ii)The cost per unit of electricity consumed
iii)A unit of product or services in relation to which costs are ascertained
iv)A measure of work output in a standard hour

Question # 15
The Process of cost apportionment is carried out so that:
i)Cost may be controlled
ii)Cost unit gather overheads as they pass through cost centers
iii)Whole items of cost can be charged to cost centers
iv)Common costs are shared among cost centers

Question # 16
In cost Accounting, abnormal loss is charged to:
 

i)Factory overhead control account
ii)Work in process account
iii)Income Statement
iv)Entire production

Question # 17
The flux method of labor turnover denotes:
i)Workers appointed against the vacancy caused due to discharge or quitting of the organization
ii)Workers appointed in replacement of existing employees
iii)Workers employed under the expansion schemes of the company
iv)The total change in the composition of labor force

Question # 18
Which of the following is sales force payroll incentive?

i)Commission
ii)Shift allowance
iii)Over time payment
iv)Bonus

Question # 19
The supervisor salary is treated as:
i)Direct labor cost
ii)Indirect labor cost
iii)Conversion cost
iv)None of the given options

Question # 20
Generally, the danger level of stock is fixed ____?____ the minimum level.
i)Below
ii)Above
iii)Equal
iv)Danger level has no relation to minimum level

Question # 21
The abbreviation LIFO is:
i)Large integrated financial organization
ii)Least interesting financial option
iii)The last in first out method
iv)None of the given options

Question # 22
Gross pay includes which of the following items?
i)Basic pay + bonus pay
ii)Overtime payment + shift allowances
iii)Rent and conveyance allowances
iv)All of the given options

Question # 23
_____?_____ is the time worked over and above the employee's basic working week.

i)Flex time
ii)Overtime
iii)Shift allowance
iv)Commission

Question # 24
Which of the following cost is used in the calculation of cost per unit?
i)Total production cost
ii)Cost of goods available for sales
iii)Cost of goods manufactured
iv)Cost of goods Sold

Question # 25
From employer point of view, the total cost of wages and salaries is a combination of which of the following?
i)Gross wages and salaries+employer's provident fund contributions
ii)Gross wages and salaries+employee's provident fund contributions
iii)Gross wages and salaries + Income Tax deductions
iv)Gross wages and salaries + pension scheme payments

Question # 26
Store incharge after receiving the material as per the goods received note, places the material at its location and makes an entry in___?______ .

i)Bin Card
ii)Store Ledger Card
iii)Stock Ledger
iv)None of the given options

Question # 27
Which of the following items of expense are to be add in FOH cost
i)Rent of factory + Head office rent + salaries to factory watchman
ii)Rent of factory + factory lighting bill + Directors salaries
iii)Rent of factory + factory lighting bill + Factory employees salaries
iv)Head office rent + Factory property tax + Factory small tools

Question # 28
Direct materials cost is Rs. 80,000. Direct labor cost is Rs. 60,000. Factory overhead is Rs. 90,000. Beginning goods in process were Rs. 15,000. The cost of goods manufactured is Rs. 245,000. What is the cost assigned to the ending goods in process?
i)Rs. 45,000
ii)Rs. 15,000
iii)Rs. 30,000
iv)There will be no ending Inventory

Question # 29
A method by which the good used are priced out at average cost is known as:
i)BCVO
ii)AVCO 

iii).FIFO
iv)LIFO

Question # 30
When FOH is under applied and charged to Net profit , the treatment would be:
i)Under applied Add net profit
ii)Under applied Less net profit
iii)Under applied Less operating expense
iv)None of the given options

Question # 31
When prices are rising over time, which of the following inventory costing methods will result in the lowest gross margin/profits?
i)FIFO
ii)LIFO
iii)Weighted Average
iv)Cannot be determined

Question # 32
In which of the following would there be a difference between financial and managerial accounting?

i)Users of the information
ii)Purpose of the information
iii)Flexibility of practices
iv)All of the given options

Question # 33
Net sales = Sales less:
i)Sales returns
ii)Sales discounts
iii)Sales returns & allowances
iv)Sales returns & allowances and sales discounts

Question # 34
Working hours of labor can be calculated with the help of all except:
i)Smart card
ii)Time sheet
iii)Clock card
iv)Store card

Question # 35
Which of the following cost is used in the calculation of cost per unit?
i)Total production cost ii

ii)Cost of goods available for sales
iii)Cost of goods manufactured
iv)Cost of goods Sold

Question # 36
Cost accounting concepts include all of the following EXCEPT:
i)Planning
ii)Controlling
iii)Sharing
iv)Costing

Question # 37
The abbreviation LIFO is:
i)Large integrated financial organization
ii)Least interesting financial option
iii)The last in first out method
iv)None of the given options

Question # 38 
Under LIFO method the value of issues is close to:

i)Second hand price
ii)Current market price
iii)Historical cost
iv)All of given options

Question # 39
Which of the following is/are not associated with ordering costs?
i)Interest
ii)Insurance
iii)Opportunity costs
iv)All of the given options

Question # 40
PVC company has ordering quantity 10,000 units.They have storage capacity 20,000 units,The average inventory would be:
i)20,000
ii)5,000
iii)10,000
iv)25,000

Question # 41
According to IASB framework, Financial statements exhibit to its users the:

i)Financial position
ii)Financial performance
iii)Cash inflow and outflow analysis
iv)All of the given options

Question # 42
Taylor's Differential Piece Rate Plan uses-----------piece rates.

i)Three
ii)Two
iii)Four

iv)Five

Question # 43
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?
i)First to be allocated to the ending inventory
ii)Last to be allocated to the cost of goods sold
iii)Last to be allocated to the ending inventory
iv)First to be allocated to the cost of good sold

Question # 44
In furniture manufacturing use of nail, pins, glue, and polish which use to increase its esteem value that cost is treated as:

i)Direct material cost
ii)Indirect material cost
iii)FOH cost
iv)Prime cost

Question # 45
While deducting Income Tax from the gross pay of the employee, the employer acts as a (an) _________________for Income Tax Department.

i)Agent of his own Company
ii)Paid tax collection agent
iii)Unpaid tax collection agent
iv)None of the given options