Question # 1 of 15 ( Start time: 04:38:18 PM ) Total Marks: 1
Reduction of labor turnover, accidents, spoilage, waste and absenteeism are the results of which of the following wage plan?
Select correct option:
Piece rate plan
Time rate plan
Differential plan
Group bonus system
in the process costing when Cost of units transferred to the next department -II. What would be the journal entry Passed?
Select correct option:
W.I.P (Dept-II) a/c To W.I.P (Dept-I)
Finish Goods To W.I.P (Dept-I)
W.I.P (Dept-II) To FOH applied
W.I.P (Dept-I) To Payroll a/c
EOQ is the order quantity that _______ over our planning horizon
Select correct option:
Minimizes total ordering costs
Minimizes total carrying costs
Minimizes total inventory costs
Minimize the required safety stock
The appropriate journal entry to transfer the cost of completed units from the Work in Process account would involve a credit to Work in Process and a debit to which of the following accounts?
Select correct option:
Income Summary
Raw Materials Inventory
Finished Goods
Manufacturing Summary
When a budget is administered wisely, it will
Select correct option:
Discourage managers and employees
Provide a framework for performance evaluation
Eliminate coordination and communication between subunits
Discourage strategic planning
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
Contribution margin contributes to meet which one of the following options?
Select correct option:
Variable cost
Fixed cost
Operating cost
Net Profit
Contribution margin contributes to meet the fixed cost. Once the fixed cost has been met the incremental contribution margin is the profit.
Income Statement as per the marginal costing system is used as a Standard format of Income Statement to analyze the Cost-Volume-Profit relationship.
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
Which of the following cost is used in the calculation of cost per unit?
Select correct option:
Total production cost
Cost of goods available for sales
Cost of goods manufactured
Cost of goods Sold
Annual requirement is 7800 units; consumption per week is 150 units. Unit price Rs 5, order cost Rs 10 per order. Carrying cost Rs 1 per unit and lead time is 3 week, The Economic order quantity would be:
Select correct option:
395 units
300 units
250 units
150 units
Which of the following is to be called product cost
Select correct option:
Material cost
Labor cost
FOH cost
All of the given options
The main purpose of cost accounting is to
Select correct option:
Maximize profits
Help in inventory valuation
Provide information to management for decision making
Aid in the fixation of selling price
The purpose of cost accounting is to provide information to the management. Management need to know cost per unit as a basis for valuing inventory and for decision making.
which of the following would there be a difference between financial and managerial accounting?
Select correct option:
Users of the information
Purpose of the information
Flexibility of practices
All of the given options
Period cost
Select correct option:
Expensed when the product is sold
Included in the cost of goods sold
Related to specific Period
Not expensed
The point at which the cost line intersects the sales line will be called:
Select correct option:
Budgeted sales
Break Even sales
Margin of safety
Contribution margin
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