Question # 1 of 15 ( Start time: 06:32:55 PM ) Total Marks: 1
Differential cost has the behavior of ?
Select correct option:
Fixed cost
Step cost
Variable/semi avriable cost
All of the given options
Question # 2 of 15 ( Start time: 06:34:20 PM ) Total Marks: 1
All Indirect cost is charged/record in the head of
Select correct option:
Prime cost
FOH cost
Direct labor cost
None of the given options
Question # 3 of 15 ( Start time: 06:35:17 PM ) Total Marks: 1
Which of the following is / are element / s of production payroll?
Select correct option:
Direct labor force wages
Administrative wages
Selling wages
All of the given options
Question # 4 of 15 ( Start time: 06:36:34 PM ) Total Marks: 1
Which of the following is/are not associated with ordering costs?
Select correct option:
Interest
Insurance
Opportunity costs
All of the given options
Question # 5 of 15 ( Start time: 06:37:55 PM ) Total Marks: 1
A company needed to produce 340 liters of chemical “X”. There is a normal loss of 10 %( 40 units) of the material put in to the process during the month. The company produced 340 liters of good production. Although there was an abnormal loss of 5 % of the material put into the process which was 20 units. Find out the number of liters put in to process in the beginning?
Select correct option:
400 litres
340 litres
300 litres
200 litres
Question # 6 of 15 ( Start time: 06:39:17 PM ) Total Marks: 1
Which of the following costs are treated as period costs under direct costing?
Select correct option:
Only direct costs
Fixed selling and administrative expenses
Fixed manufacturing overhead
Both fixed manufacturing overhead and fixed selling and administrative expenses
Question # 7 of 15 ( Start time: 06:40:36 PM ) 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 team and are given a credit control function
Managers can purchase capital assets and are given a credit control function
Question # 8 of 15 ( Start time: 06:41:13 PM ) Total Marks: 1
The difference over the period of time between actual and applied FOH will usually be minimal when the predetermined overhead rate is based on:
Select correct option:
Normal capacity
Designed capacity
Direct Labor hours
Machine hours
Question # 9 of 15 ( Start time: 06:42:30 PM ) Total Marks: 1
The Economic order quantity can be calculated by:
Select correct option:
Formula Method
Table Method
Graph Method
All of the given
Question # 10 of 15 ( Start time: 06:42:58 PM ) Total Marks: 1
Cost of Goods Manufactured can be calculated as follow
Select correct option:
Total factory Cost Add Opening Work in process inventory Less Closing Work in process inventory
Total factory Cost Less Opening Work in process inventory Add Closing Work in process inventory
Total factory Cost Less Opening Work in process inventory Less Closing Work in process inventory
Total factory Cost Add Opening Work in process inventory Add Closing Work in process inventory
Question # 11 of 15 ( Start time: 06:44:08 PM ) Total Marks: 1
When closing stock is over valuate, what would its effect be on profit?
Select correct option:
It will Increase the profit
It will decrease the profit
No effect on profit
Cannot be determined
Question # 12 of 15 ( Start time: 06:45:19 PM ) Total Marks: 1
Which of the following items of expense are to be add in FOH cost
Select correct option:
Rent of factory + Head office rent + salaries to factory watchman
Rent of factory + factory lighting bill + Directors salaries
Rent of factory + factory lighting bill + Factory employees salaries
Head office rent + Factory property tax + Factory small tools
Question # 13 of 15 ( Start time: 06:46:05 PM ) Total Marks: 1
Increase in material Inventory means:
Select correct option:
The ending inventory is greater than opening inventory
The ending inventory is less than opening inventory
Both ending and opening inventories are equal
Can not be determined
Question # 14 of 15 ( Start time: 06:47:07 PM ) Total Marks: 1
Which of the following is an example of Statutory deductions:
Select correct option:
Deduction as Income Tax
Deduction as social security
Subscriptions to a trade union
None of the given
Question # 15 of 15 ( Start time: 06:48:07 PM ) Total Marks: 1
Planning for future growth is called:
Select correct option:
Capital budgeting
Working capital management
Financial forecasting
Budgeting
Differential cost has the behavior of ?
Select correct option:
Fixed cost
Step cost
Variable/semi avriable cost
All of the given options
Question # 2 of 15 ( Start time: 06:34:20 PM ) Total Marks: 1
All Indirect cost is charged/record in the head of
Select correct option:
Prime cost
FOH cost
Direct labor cost
None of the given options
Question # 3 of 15 ( Start time: 06:35:17 PM ) Total Marks: 1
Which of the following is / are element / s of production payroll?
Select correct option:
Direct labor force wages
Administrative wages
Selling wages
All of the given options
Question # 4 of 15 ( Start time: 06:36:34 PM ) Total Marks: 1
Which of the following is/are not associated with ordering costs?
Select correct option:
Interest
Insurance
Opportunity costs
All of the given options
Question # 5 of 15 ( Start time: 06:37:55 PM ) Total Marks: 1
A company needed to produce 340 liters of chemical “X”. There is a normal loss of 10 %( 40 units) of the material put in to the process during the month. The company produced 340 liters of good production. Although there was an abnormal loss of 5 % of the material put into the process which was 20 units. Find out the number of liters put in to process in the beginning?
Select correct option:
400 litres
340 litres
300 litres
200 litres
Question # 6 of 15 ( Start time: 06:39:17 PM ) Total Marks: 1
Which of the following costs are treated as period costs under direct costing?
Select correct option:
Only direct costs
Fixed selling and administrative expenses
Fixed manufacturing overhead
Both fixed manufacturing overhead and fixed selling and administrative expenses
Question # 7 of 15 ( Start time: 06:40:36 PM ) 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 team and are given a credit control function
Managers can purchase capital assets and are given a credit control function
Question # 8 of 15 ( Start time: 06:41:13 PM ) Total Marks: 1
The difference over the period of time between actual and applied FOH will usually be minimal when the predetermined overhead rate is based on:
Select correct option:
Normal capacity
Designed capacity
Direct Labor hours
Machine hours
Question # 9 of 15 ( Start time: 06:42:30 PM ) Total Marks: 1
The Economic order quantity can be calculated by:
Select correct option:
Formula Method
Table Method
Graph Method
All of the given
Question # 10 of 15 ( Start time: 06:42:58 PM ) Total Marks: 1
Cost of Goods Manufactured can be calculated as follow
Select correct option:
Total factory Cost Add Opening Work in process inventory Less Closing Work in process inventory
Total factory Cost Less Opening Work in process inventory Add Closing Work in process inventory
Total factory Cost Less Opening Work in process inventory Less Closing Work in process inventory
Total factory Cost Add Opening Work in process inventory Add Closing Work in process inventory
Question # 11 of 15 ( Start time: 06:44:08 PM ) Total Marks: 1
When closing stock is over valuate, what would its effect be on profit?
Select correct option:
It will Increase the profit
It will decrease the profit
No effect on profit
Cannot be determined
Question # 12 of 15 ( Start time: 06:45:19 PM ) Total Marks: 1
Which of the following items of expense are to be add in FOH cost
Select correct option:
Rent of factory + Head office rent + salaries to factory watchman
Rent of factory + factory lighting bill + Directors salaries
Rent of factory + factory lighting bill + Factory employees salaries
Head office rent + Factory property tax + Factory small tools
Question # 13 of 15 ( Start time: 06:46:05 PM ) Total Marks: 1
Increase in material Inventory means:
Select correct option:
The ending inventory is greater than opening inventory
The ending inventory is less than opening inventory
Both ending and opening inventories are equal
Can not be determined
Question # 14 of 15 ( Start time: 06:47:07 PM ) Total Marks: 1
Which of the following is an example of Statutory deductions:
Select correct option:
Deduction as Income Tax
Deduction as social security
Subscriptions to a trade union
None of the given
Question # 15 of 15 ( Start time: 06:48:07 PM ) Total Marks: 1
Planning for future growth is called:
Select correct option:
Capital budgeting
Working capital management
Financial forecasting
Budgeting
Another Quiz:-
Question # 1 of 15 ( Start time: 12:11:38 PM ) Total Marks: 1
All of the following are terms used to denote Factory Overheads EXCEPT:
Select correct option:
Factory burden
Factory expenses
Manufacturing overhead
Conversion costs
Question # 2 of 15 ( Start time: 12:12:38 PM ) Total Marks: 1
Closing work in process Inventory of last year:
Select correct option:
Is treated as Opening inventory for current year
Is not carried forward to next year
Become expense in the next year
Charge to Profit & Loss account
Question # 3 of 15 ( Start time: 12:13:58 PM ) Total Marks: 1
Under/Over applied FOH cost can be adjusted in which of the following:
Select correct option:
Entire Production
Cost of Good sold
Net Profit
All of given options
Question # 6 of 15 ( Start time: 12:17:34 PM ) Total Marks: 1
Alpha company purchased a machine worth Rs 200,000 in the last year.Now that machine can be use in a new project which company has received this year. Now the cost of that machine is to be called:
Select correct option:
Project cost
Sunk cost
Opportunity cost
Relevant cost
Question # 7 of 15 ( Start time: 12:18:36 PM ) Total Marks: 1
Which of the following is a point of differentiation between blanket rates and department rates?
Select correct option:
Blanket rate is a single overhead rate established for the entire factory
Department rates are separate overhead rates for all departments of factory through which the products pass
Department rate is a single overhead rate established for the entire factory
Blanket rates are separate overhead rates for all departments of factory through which the product passes
Question # 8 of 15 ( Start time: 12:19:12 PM ) Total Marks: 1
A spending variance for factory overhead is the difference between actual factory overhead cost and factory overhead cost that should have been incurred for actual hours worked and results from:
Select correct option:
Price difference of FOH costs
Quantity differences of FOH costs
Price and quantity differences for FOH costs
Difference caused by production volume var
Question # 10 of 15 ( Start time: 12:21:34 PM ) Total Marks: 1
“Taking steps for the fresh purchase of those stocks which have been exhausted and for which requisitions are to be honored in future” is an easy explanation of:
Select correct option:
Overstocking
Under stocking
Replenishment of stock
Acquisition of stock
Question # 11 of 15 ( Start time: 12:22:28 PM ) Total Marks: 1
When two products are manufactured during a common process, the factor that determine whether the products are joint product or one main product and one is by product is the:
Select correct option:
Potential marketability for each product
Amount of work expended in the production of each product
Relative total sales value of each product
Management policy
Question # 12 of 15 ( Start time: 12:23:57 PM ) Total Marks: 1
All Indirect cost is charged/record in the head of
Select correct option:
Prime cost
FOH cost
Direct labor cost
None of the given options
Question # 13 of 15 ( Start time: 12:25:23 PM ) Total Marks: 1
The cost of electricity bill of the factory is treated as:
Select correct option:
Fixed cost
Variable cost
Step cost
Semi variable cost
Question # 14 of 15 ( Start time: 12:26:45 PM ) Total Marks: 1
In which of the following center FOH cost NOT incurred
Select correct option:
Production Center
Service Center
General Cost Center
Head Office
Question # 15 of 15 ( Start time: 12:28:14 PM ) Total Marks: 1
If joint products are to be processed further beyond the point of separation, costs should be assigned to the products on the basis of:
Select correct option:
Adjusted sales value
Ultimate sales value
A physical unit of measure
An engineering analysis
All of the following are terms used to denote Factory Overheads EXCEPT:
Select correct option:
Factory burden
Factory expenses
Manufacturing overhead
Conversion costs
Question # 2 of 15 ( Start time: 12:12:38 PM ) Total Marks: 1
Closing work in process Inventory of last year:
Select correct option:
Is treated as Opening inventory for current year
Is not carried forward to next year
Become expense in the next year
Charge to Profit & Loss account
Question # 3 of 15 ( Start time: 12:13:58 PM ) Total Marks: 1
Under/Over applied FOH cost can be adjusted in which of the following:
Select correct option:
Entire Production
Cost of Good sold
Net Profit
All of given options
Question # 6 of 15 ( Start time: 12:17:34 PM ) Total Marks: 1
Alpha company purchased a machine worth Rs 200,000 in the last year.Now that machine can be use in a new project which company has received this year. Now the cost of that machine is to be called:
Select correct option:
Project cost
Sunk cost
Opportunity cost
Relevant cost
Question # 7 of 15 ( Start time: 12:18:36 PM ) Total Marks: 1
Which of the following is a point of differentiation between blanket rates and department rates?
Select correct option:
Blanket rate is a single overhead rate established for the entire factory
Department rates are separate overhead rates for all departments of factory through which the products pass
Department rate is a single overhead rate established for the entire factory
Blanket rates are separate overhead rates for all departments of factory through which the product passes
Question # 8 of 15 ( Start time: 12:19:12 PM ) Total Marks: 1
A spending variance for factory overhead is the difference between actual factory overhead cost and factory overhead cost that should have been incurred for actual hours worked and results from:
Select correct option:
Price difference of FOH costs
Quantity differences of FOH costs
Price and quantity differences for FOH costs
Difference caused by production volume var
Question # 10 of 15 ( Start time: 12:21:34 PM ) Total Marks: 1
“Taking steps for the fresh purchase of those stocks which have been exhausted and for which requisitions are to be honored in future” is an easy explanation of:
Select correct option:
Overstocking
Under stocking
Replenishment of stock
Acquisition of stock
Question # 11 of 15 ( Start time: 12:22:28 PM ) Total Marks: 1
When two products are manufactured during a common process, the factor that determine whether the products are joint product or one main product and one is by product is the:
Select correct option:
Potential marketability for each product
Amount of work expended in the production of each product
Relative total sales value of each product
Management policy
Question # 12 of 15 ( Start time: 12:23:57 PM ) Total Marks: 1
All Indirect cost is charged/record in the head of
Select correct option:
Prime cost
FOH cost
Direct labor cost
None of the given options
Question # 13 of 15 ( Start time: 12:25:23 PM ) Total Marks: 1
The cost of electricity bill of the factory is treated as:
Select correct option:
Fixed cost
Variable cost
Step cost
Semi variable cost
Question # 14 of 15 ( Start time: 12:26:45 PM ) Total Marks: 1
In which of the following center FOH cost NOT incurred
Select correct option:
Production Center
Service Center
General Cost Center
Head Office
Question # 15 of 15 ( Start time: 12:28:14 PM ) Total Marks: 1
If joint products are to be processed further beyond the point of separation, costs should be assigned to the products on the basis of:
Select correct option:
Adjusted sales value
Ultimate sales value
A physical unit of measure
An engineering analysis
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