1.

The Cost of goods Manufactured Under Periodic Cost Accumulation system, Is equal to the Begining Finished Goods Inventory Plus Purchase Begning Work In Process Plus cost Of Goods In Process During The Year. Cost Of Goods Put into Production Plus Begining Work-in Process Less Ending Work In Cost of Goods Sold Less Begining Work in Process.

1. 2. 3. Process 4. 2.

The Cost Of Goods Sold Under a Periodic Cost Accumulation System is Equal to the 1. 2. 3. 4. Cost oF Goods Available for sale less ending finished Goods Inventory Cost Of Goods Available for sale plus begining finished Goods Inventory Cost Of Goods Manufactured plus begining finished Goods Inventory Cost Of Goods Manufactured less begining Finished Goods Inventory

3.

A Job Order Cost Accumulation System is most Suitable where 1. 2. 3. 4. Mass Producation techniques are used Continous Processing is Performed homogeneous Product are Produced. Customized Product are produced.

4.

In Process Cost System the unit cost is computed for a 1. 2. 3. 4. Job Departement Batch Of Goods Category Of Goods

5.

Sparkeling Sletzer, Inc. Bottled 200000 gallons of seltzer water at total Cost Of Rs. 56,000 Assuming that 75% of the bottled seltzer is sold what is the unit cost of the seltzer and the total Cost of the ending finished Good Inventory Respectively 1. 2. 3. 4. Rs 0.7 Per Quarter Rs 14000 Rs 0.28 Per Gallon Rs 42000 Rs 0.28 Per Gallon Rs 14000 Rs. 0.07 Per Quarter Rs 42000

6.

Harris Manufacturing Company Uses a Process Cost System During the Period 139000 Worth of Produces Goods were Transfered to finished Good Inventory. Additional information Beginging Finished Goods Inventory 14000 Ending Finished Goods Inventory 18000 Total Cost Of Operation 164000 Selling general And Administrative Expense 12000 What is the Harris Manufacturing Company Cost of Goods Manufactured 1. Rs 157000

2. 3. 4. 7.

Rs 139000 Rs 138000 Rs 152000

Jamil Pretzel Company uses a Process Cost System. The Pretzel Product are completed after they have been through of jamil's three Manufacturing Departement. this Month's Departement Unit Cost Information Follows. Departement # 1 Departerment # 2 Departement # 3 Units Cost Rs 14.00 Rs 39.00 Rs 0.09

Production For the Month was 10000 Packages of pretzel. During the month Jamil'sPretzel Company Incurred Rs 500 of selling and administrative expenses. what is the total Unit Cost of a Pretzel Package. 1. 2. 3. 4. 8. Rs. 21 Rs 62 Rs 67 Rs 57

jawed Company Accounts for materials issued to production through a periodic inventroy system. If Jawed Company had Materials available for use Of Rs 30000 Purchase Of Rs 16000 And an ending Materials Inventory ( Based On A physical Count ) Of Rs 9000 What is the Cost Of Material issued. 1. 2. 3. 4. 9. Rs 37000 Rs 23000 Rs 5000 Rs 21000

M.Co pays their Employees on a combined minimum Rate Piecework rate plan. The Minimum Guranteed daily wage is Rs 55 Any Employee who produced more than 20 Baseball units Received a Bonus 1. 2. 3. 4. 0 8.25 55.00 63.25

10.

An inventory Costing Procedure in which the oldest costs Incurred Rarely have an effect on the ending inventory is 1. 2. 3. 4. Fifo Lifo Conventioanl retail Avergae

11.

Expecteed Annual usageof materials is 2000,000 units and the economic order Qty is 10000 Units.

the Invoice Cost of each unit is Rs 500 and the cost to place one purchase order is Rs 80 The Average Inventory Is 1. 2. 3. 4. 12. 1000,000 Units 5000 units 10000 units 7500 units

Based on the inforamation in (a) The estimated Annual Order Cost Is: 1. 2. 3. 4. Rs 16000 Rs 100000 Rs 32000 Rs 50000

13.

The Qasim Company budgeted Overhead at Rs 255000 for the period for Departement A on the basis of a budgeted volume of 100000 direct labour hours. At the end of the Period the factory Overhead control account for the Departement a Had a balance of Rs 270000 Actual Direct Labour Hours were 105000 what was the over or underapplied overhead for the period? 1. 2. 3. 4. Rs 2250 OverApplied 2250 under Applied Rs 15000 Over Applied Rs 15000 Under Applied

14.

In the determination of factory overhead application rates, the Numerator of the formula is the 1. 2. 3. 4. Actual Factory Overhead for the next period Estimated factory overhead for the next period Actual Labor hours for the next period Estimated Labour hours for the next period

15.

Expected Productive capacity for the Current year is 175000 Units, Management Expects Production of 208000 units in the Following year. Fixed Factory Overhead Costs are Rs 180000 if the factory overhead application rate under expected productive capacity is Rs 2.08 what is the variable factory overhead Cost Per Unit? 1. 2. 3. 4. Rs 1.03 Rs 1.05 Rs 1.17 Rs 1.21

16.

Over Applied Factory Overhead will always result when predetermined factory overhead rate is employeed and. 1. 2. 3. 4. Production is the Greater than defined capacity. Actual Overhead Costs are less than Expected Defined capacity is less than normal Capacity Overhead Incurred is less than Applied Overhead

17.

units which do not meet Production standards and which are sold for their salvage value (If Any) are Called 1. 2. 3. 4. Spoiled Units Defective Units Scrap Material Waste Materail

18.

Under Job Order Cost Accumulation the rupees Amount of the entry involved in the transfer of inventory from work in process in finished Goods is the Sum of the Costs Charge to all Jobs. 1. 2. 3. 4. Started in Process during the period In Process during the Period Completed and sold during the period Completed during the period

19.

A Managerial; Emphasis for cost Accounting Means. 1. Managers Must Take Courses in Cost Accounting 2. Cost Accountants Are the Watchdogs that make sure managers adher strictly to plans. 3. Managers use Cost Accounting for providing financial information but look elsewhere for non-financial Information. 4. Cost Accounting is focused on decision support.

20. Tanveer Co. management Desires Cost information regarding their Purchasing Departement The Purchasing Department is a 1. 2. 3. 4. 21. Cost Accumulation Cost Driver Cost Assignment Cost Objects

M.Co Manufactured plastic Coated metal Clips. the Following Were Among M's 2001 Manufacturing Costs. Wages Machine Operators Rs 200000 Maintenance Worker 30000 Plant Supervisor 90000 Material Used Metal Wire Lubricant For oiling Machinery Plastic Coating Rs 500000 RS 10000 380000

M.co 2001 Direct Manufacturing labor amounted To: 1. 2. 3. 4. 22. Rs. 320000 Rs 230000 Rs 200000 Rs 290000

M's Co. 2001 Direct Material Amounted To:

1. 2. 3. 4. 23.

Rs 890000 Rs 880000 Rs 510000 Rs 500000

Which type of Company Does not have Inventoriable Cost? 1. 2. 3. 4. Not-Profit Service Merchandising Manufacturing

24.

A company that Manufactures Dentures for use by local dentists would use: 1. 2. 3. 4. Process Costing Personal Costing Job Costing Operations Costing

25.

How should Costing systems be best designed? 1. 2. 3. 4. According to guidlines established by the institute of magamement Accountants for aiding management decision Making In Accordance with genrally Accpeted acccounting Principles of Financial Accounting Reporting To be Tailored to the underlying operational Company. To be compatible with the latest technology for data collection regardless of the cost. Use the following information to answer wuestion 26 To 28 Begining Direct Material Inventory purchase of direct Materials Ending Direct Material Inventory Beginging Work in process Direct labour used Manufacturing Overhead Ending Work in Process Inventory 100000 250000 80000 200000 250000 175000 210000

26.

The Amount Of direct Material used is 1. 2. 3. 4. 350000 695000 685000 270000

27.

Total Manufacturing Cost Are : 1. 2. 350000 695000

3. 4. 28.

685000 270000

Costs Of Goods Manufactured Is: 1. 2. 3. 4. 350000 695000 685000 270000

29.

Cost of goods Manufactured includes: 1. 2. 3. 4. Only Product Costs Direct Material, Direct Labour, and Manufacturing Overhead All Costs necessary to produced inventory for sale: All of the above.

30.

If the begining Work in process inventory is 30000 ending work in process inventory is 40000 costs of goods manufactured is 100000 and direct material used are 25000 what are conversation Costs. 1. 2. 3. 4. 90000 120000 85000 130000

31

In A Merchandising Organization the Inventory Cost is: 1. 2. 3. 4. The Gross Purchase Price The Retail Price the Net Purchase None Of them

32.

The Average Cost Per unit is calculated by dividing 1. 2. 3. 4. the Total Cost of Producation by the number of units produced the Total Cost of Production by the number of units sold the total Producation cost incured in the period by the same number of units completed the Total Cost of production by the number of units started

33.

The job costs sheet does not include 1. 2. 3. 4. Material Costs Labor Cost Actual Manufacturing Overhead Cost Applied Manufacturing Overhear Cost

34.

When Material Purchase is recorded the debit

1. 2. 3. 4. 35.

Work in process Account Payable Material Inventory Wages Payable

When Material used Is Recorded the credit is to 1. 2. 3. 4. Work in process inventory Account payable Material inventory Wages Payable

36.

Work in Process Inventory Is an Account that represent 1. 2. 3. 4. The cost pf partially completed product the Cost O completed units of product The Cost of Material issued into production the Cost Of Labour and material issued into production Use the following informations to answer questions from 37 to 40 Net Material Purchase Cost Indirect Materials Issued Total Materials Issued Begining Materials Inventory 90000 15000 110000 40000

37.

the Amount of Direct Material Issued is. 1. 2. 3. 4. 110000 20000 95000 15000

38.

The credit to material inventory is 1. 2. 3. 4. 110000 20000 95000 15000

39.

The Ending Material inventory is 1. 2. 3. 4. 110000 20000 95000 15000

40.

The Debit to work in process inventory is 1. 2. 3. 4. 110000 20000 95000 15000