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Mgt402 Cost and Management Accounting Mcqs Vuabid

# Mgt402 Cost and Management Accounting Mcqs Vuabid

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MCQs OLD PAPERS
MCQs OLD PAPERS

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06/11/2013

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1).
Fixed cost per unit decreases when:
a.Production volume increases.
b.Production volume decreases.c.Variable cost per unit decreases.d.Variable cost per unit increases.
2).
Prime cost + Factory overhead cost is:a.Conversion cost.
b.Production cost.
c.Total cost.d.None of given option.
3).
Find the value of purchases if Raw material consumed Rs. 90,000; Openingand closing stock of raw material is Rs. 50,000 and 30,000 respectively.a.Rs. 10,000b.Rs. 20,000
c.Rs. 70,000
d.Rs. 1,60,000
4).
If Cost of goods sold = Rs. 40,000GP Margin = 20% of salesCalculate the Gross profit margin.a.Rs. 32,000b.Rs. 48,000c.Rs. 8,000
d.Rs. 10,0005).______________
method assumes that the goods received most recently in the storesor produced recently are the first ones to be delivered to the requisitioning department.a.FIFOb.Weighted average methodc.Most recent price method
d.LIFO

Fill in the blanks: (5 x 1)
1).
Indirect
cost that is incurred in producing product or services but which can nottraced in full.2
Sunk cost
is the cost that incurred or expended in the past which can not beretrieved.3). Conversion cost =
Direct Labor + FOH
4). If cost of goods sold Rs. 20,000 and Sales Rs. 50,000 then Gross Markup Rate is
150%
5). Under
Perpetual
system, a complete and continuous

record of movement of eachinventory item is maintained.1. Cost of production report is a _________________.a.Financial statement
b.Production process report
c.Order sheetd.None of given option.2. There are ___________ parts of cost of production report.a.4b.5
c.
6 ( 6
th
is concerned with calculation of loss)
d.73. Which one of the organization follows the cost of production report _________________?
a.
Textile unit
b.Chartered accountant firmc.Poultry formingd.None of the given option.

4. _____________________ part of cost of production report explains the cost incurredduring the process.a.Quantity scheduleb.Cost accounted for as follow
c.Cost charge to the department
d.None of given option
Solve the question 5 to 7
. If units put in the process 7,000, units completed and transferout 5,000. Units still in process (100% Material, 50% Conversion cost). 500 units werelost. Cost incurred during the process Material and Labor Rs. 50,000 and 60,000.5. Find the number of units that will appear in quantity schedulea.5,750
b.7,000
c.5,000d.6,5006. Find the value of per unit cost of both material and conversion cost
a.Material 7.69; Conversion cost 10.43
b.Material 7.14; Conversion cost 10.43c.Material 7.14; Conversion cost 9.23d.None of given option7. Find the value of cost transferred to next department:a.Rs. 57,500b.Rs. 50,000
c.
Rs. 70,000
d.None of given option.
8. In case of second department find the increase of per unit cost in case of unit lost.Cost received from previous department is Rs. 1,40,000.a.1.43b.(2.13)
c.1.54
d.1.679. Opening work in process inventory can be calculated under