MGT402 Quiz # 3

 Another Cost Quiz 

Working hours of labor can be calculated with the help of all except:
Select correct option:



Smart card

Time sheet

Clock card

Store card


Where the applied FOH cost is less than the actual FOH cost it is:
Select correct option:



Unfavorable variance

Favorable variance

Normal variance

Budgeted variance


In order to ensure efficient functioning of the stores department and steady flow of materials to the production departments, the restocking of stores is duty of:
Select correct option:



Managers

Storekeeper

Production In charge

Sales supervisor


While constructing production budget, numbers of units manufactured are calculated by which of the following formula?
Select correct option:



Number of units to be sold + closing units – opening units

Number of units to be sold - closing units + opening units

Number of units to be sold - closing units – opening units

Number of units to be sold + closing units + opening units


If labor is satisfied with high wages it may ultimately lead to:
Select correct option:



Increased production and productivity

Increased efficiency

Reduced labor and overhead costs

All of the given options


Janet sells a product for Rs.6.25 each. The variable cost is Rs.3.75 per unit. Janet's break-even units are 35,000. What is the amount of fixed costs?
Select correct option:



Rs. 87,500

Rs. 35,000

Rs. 104,750

Rs.131,250


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



Which of the following is/are reported in production cost report?
Select correct option:



The costs charged to the department

How the costs were assigned to the output?

The equivalent units of production by the department

All of the given options


Overtime that is necessary in order to fulfill customer orders is called:
Select correct option:



Avoidable overtime

Unavoidable overtime

Premium Overtime

Flex time



The Economic order quantity can be calculated by:
Select correct option:



Formula Method

Table Method

Graph Method

All of the given


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

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


A cost centre is
Select correct option:



A unit of product or service in relation to which costs are ascertained

An amount of expenidure attributable to an activity

A production or service location,function,activity or item of equipment for which costs are accumulated

A centre for which an indvidual budget is drawn up


By useing table method where---------------- is equal,that point is called Economic order quanity.
Select correct option:



Ordering cost

Carrying cost

Ordering and carrying cost

Per unit order cost


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