1.

The Cost of goods Manufactured Under Periodic Cost Accumulation system, Is equal to the

1. Begining Finished Goods Inventory Plus Purchase

2. Begning Work In Process Plus cost Of Goods In Process During The Year.
3. Cost Of Goods Put into Production Plus Begining Work-in Process Less Ending Work In
Process
4. Cost of Goods Sold Less Begining Work in Process.

2. The Cost Of Goods Sold Under a Periodic Cost Accumulation System is Equal to the

1. Cost oF Goods Available for sale less ending finished Goods Inventory
2. Cost Of Goods Available for sale plus begining finished Goods Inventory
3. Cost Of Goods Manufactured plus begining finished Goods Inventory
4. Cost Of Goods Manufactured less begining Finished Goods Inventory

3. A Job Order Cost Accumulation System is most Suitable where

1. Mass Producation techniques are used

2. Continous Processing is Performed
3. homogeneous Product are Produced.
4. Customized Product are produced.

4. In Process Cost System the unit cost is computed for a

1. Job
2. Departement
3. Batch Of Goods
4. 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. Rs 0.7 Per Quarter Rs 14000

2. Rs 0.28 Per Gallon Rs 42000
3. Rs 0.28 Per Gallon Rs 14000
4. 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. Rs 139000
3. Rs 138000
4. Rs 152000

7. 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.

Units Cost
Departement # 1 Rs 14.00
Departerment # 2 Rs 39.00
Departement # 3 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. Rs. 21
2. Rs 62
3. Rs 67
4. Rs 57

8. 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. Rs 37000
2. Rs 23000
3. Rs 5000
4. Rs 21000

9. 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. 0
2. 8.25
3. 55.00
4. 63.25

10. An inventory Costing Procedure in which the oldest costs Incurred Rarely have an effect on the
ending inventory is

1. Fifo
2. Lifo
3. Conventioanl retail
4. 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. 1000,000 Units
2. 5000 units
3. 10000 units
4. 7500 units

12. Based on the inforamation in (a) The estimated Annual Order Cost Is:

1. Rs 16000
2. Rs 100000
3. Rs 32000
4. 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. Rs 2250 OverApplied
2. 2250 under Applied
3. Rs 15000 Over Applied
4. Rs 15000 Under Applied

14. In the determination of factory overhead application rates, the Numerator of the formula is the

1. Actual Factory Overhead for the next period

2. Estimated factory overhead for the next period
3. Actual Labor hours for the next period
4. 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. Rs 1.03
2. Rs 1.05
3. Rs 1.17
4. Rs 1.21

16. Over Applied Factory Overhead will always result when predetermined factory overhead rate is
employeed and.

1. Production is the Greater than defined capacity.

2. Actual Overhead Costs are less than Expected
3. Defined capacity is less than normal Capacity
4. 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. Spoiled Units
2. Defective Units
3. Scrap Material
4. 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. Started in Process during the period

2. In Process during the Period
3. Completed and sold during the period
4. 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. Cost Accumulation
2. Cost Driver
3. Cost Assignment
4. Cost Objects

21. M.Co Manufactured plastic Coated metal Clips. the Following Were Among M's 2001 Manufacturing
Costs.

Wages Material Used

Machine Operators Rs 200000 Metal Wire Rs 500000

Maintenance Worker 30000 Lubricant For oiling Machinery RS 10000
Plant Supervisor 90000 Plastic Coating 380000

M.co 2001 Direct Manufacturing labor amounted To:

1. Rs. 320000
2. Rs 230000
3. Rs 200000
4. Rs 290000

22. M's Co. 2001 Direct Material Amounted To:

 1. Rs 890000
2. Rs 880000
3. Rs 510000
4. Rs 500000

23. Which type of Company Does not have Inventoriable Cost?

1. Not-Profit
2. Service
3. Merchandising
4. Manufacturing

24. A company that Manufactures Dentures for use by local dentists would use:

1. Process Costing
2. Personal Costing
3. Job Costing
4. Operations Costing

25. How should Costing systems be best designed?

1. According to guidlines established by the institute of magamement Accountants for aiding

management decision Making
2. In Accordance with genrally Accpeted acccounting Principles of Financial Accounting
Reporting
3. To be Tailored to the underlying operational Company.
4. 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 100000

purchase of direct Materials 250000
Ending Direct Material Inventory 80000
Beginging Work in process 200000
Direct labour used 250000
Manufacturing Overhead 175000
Ending Work in Process Inventory 210000

26. The Amount Of direct Material used is

1. 350000
2. 695000
3. 685000
4. 270000

27. Total Manufacturing Cost Are :

1. 350000
2. 695000
 3. 685000
4. 270000

28. Costs Of Goods Manufactured Is:

1. 350000
2. 695000
3. 685000
4. 270000

29. Cost of goods Manufactured includes:

1. Only Product Costs

2. Direct Material, Direct Labour, and Manufacturing Overhead
3. All Costs necessary to produced inventory for sale:
4. 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. 90000
2. 120000
3. 85000
4. 130000

31 In A Merchandising Organization the Inventory Cost is:

1. The Gross Purchase Price

2. The Retail Price
3. the Net Purchase
4. None Of them

32. The Average Cost Per unit is calculated by dividing

1. the Total Cost of Producation by the number of units produced

2. the Total Cost of Production by the number of units sold
3. the total Producation cost incured in the period by the same number of units
completed
4. the Total Cost of production by the number of units started

33. The job costs sheet does not include

1. Material Costs
2. Labor Cost
3. Actual Manufacturing Overhead Cost
4. Applied Manufacturing Overhear Cost

34. When Material Purchase is recorded the debit

 1. Work in process
2. Account Payable
3. Material Inventory
4. Wages Payable

35. When Material used Is Recorded the credit is to

1. Work in process inventory

2. Account payable
3. Material inventory
4. Wages Payable

36. Work in Process Inventory Is an Account that represent

1. The cost pf partially completed product

2. the Cost O completed units of product
3. The Cost of Material issued into production
4. the Cost Of Labour and material issued into production

Use the following informations to answer questions from 37 to 40

Net Material Purchase Cost 90000

Indirect Materials Issued 15000
Total Materials Issued 110000
Begining Materials Inventory 40000

37. the Amount of Direct Material Issued is.

1. 110000
2. 20000
3. 95000
4. 15000

38. The credit to material inventory is

1. 110000
2. 20000
3. 95000
4. 15000

39. The Ending Material inventory is

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

1. 110000
2. 20000
3. 95000
4. 15000