INTERNATIONAL ISLAMIC UNIVERSITY ISLAMABAD

Faculty of Management Sciences

Department of Accounting & Finance

Quiz Number 01
Answer Sheet
Section bbait(36)

Student Name:__ _RIMSHA HANIF_______

RegistrationNumber:____________1395-FMS/BBAIT/F19_

Only write your answer here. You are not needed to write the question. Answer on other
page is not acceptable.
Question 01
Option Number Name of Cost
1. Direct material Clay is a raw material for manufacturing
of cement. and it is bought by cement
industry
2. Administrative expanse Salaries are given to the staff members
3. Direct labor Because direct labor is ages that incurred
in order to produce good and services to
customer
4. manufacturing overhead Manufacturing overhead is all indirect costs
incurred during the production process.
5.administrative expanse Administrative expenses are expenses an
organization incurs that are not directly tied to
a specific function such as manufacturing,
production or sales.
6. direct labor Wages given to the developer who develop
software

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 INTERNATIONAL ISLAMIC UNIVERSITY ISLAMABAD
Faculty of Management Sciences
Department of Accounting & Finance

Question 2:
Evaluation of alternative while buying

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INTERNATIONAL ISLAMIC UNIVERSITY ISLAMABAD
Faculty of Management Sciences
Department of Accounting & Finance

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 INTERNATIONAL ISLAMIC UNIVERSITY ISLAMABAD
Faculty of Management Sciences
Department of Accounting & Finance

Question 3:

Option True or False with Reason

Number
i False (it provide information of external
user.
ii True
iii True
Iv
False (it give information of for
financial accounting as well as for
management accounting purposes.)

V False(it give organization engage with

production and manufacturing

Question 4:
Question Correct Option
No.
1 a
2 C
3 b
4 d
5 c

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 INTERNATIONAL ISLAMIC UNIVERSITY ISLAMABAD
Faculty of Management Sciences
Department of Accounting & Finance

Question 5:
Match The column .

Primary cost : answer: direct material and direct labor

Factory cost : prim cost plus factory overhead
Cost of production : work cost plus office and admin overhead
Cost of production cost of goods sold : cost of production plus opening stoke minus
closing stock
Cost of sale: cost of good sold plus selling and distribution overhead

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INTERNATIONAL ISLAMIC UNIVERSITY ISLAMABAD
Faculty of Management Sciences
Department of Accounting & Finance

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INTERNATIONAL ISLAMIC UNIVERSITY ISLAMABAD
Faculty of Management Sciences
Department of Accounting & Finance

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