Cost and Management Quiz no 3

Question # 2 of 15 ( Start time: 04:23:14 PM ) Total Marks: 1
A worker is paid Rs. 0.50 per unit and he produces 18 units in 7 hours. Keeping in view the piece rate system, the total wages of the worker would be:
Select correct option:
18 x 7 x 0.50 = Rs. 63
18 x 0.50 = Rs. 9
18 x 7 = Rs. 126
7 x 0.5 = Rs. 3.5

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Question # 3 of 15 ( Start time: 04:24:07 PM ) Total Marks: 1
Which of the following is sales force payroll incentive?
Select correct option:
Commission (see page # 88)
Shift allowance
Over time payment
Bonus

Question # 5 of 15 ( Start time: 04:26:23 PM ) Total Marks: 1
Examples of industries that would use process costing include all of the following EXCEPT:
Select correct option:
Beverages
Food
Hospitality (see page # 131)
Petroleum



Question # 6 of 15 ( Start time: 04:27:33 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

(not 100% sure, but I think option # 4 "All of the given options" is correct)



Question # 7 of 15 ( Start time: 04:28:03 PM ) Total Marks: 1
The Inventory Turn over ration is 5 times and numbers of days in a year is 365.Inventory holding period in days would be
Select correct option:
100 days
73 days
50 days
10 days

Inventory holding period = no. of days in a year/inventory turnover ratio
Question # 8 of 15 ( Start time: 04:28:45 PM ) Total Marks: 1
A method by which the good used are priced out at average cost is known as:
Select correct option:
BCVO
AVCO
c.FIFO
LIFO

(this method is known as weighted average ... and in the above option i think option # 2 "AVCO" should be correct, but anyways verify it... coz it is not LIFO and FIFO.. n i don't know what does BCVO stand for, so AVCO seems most appropriate...


Question # 9 of 15 ( Start time: 04:29:36 PM ) Total Marks: 1
Which of the following is an example of Statutory deductions:
Select correct option:
Deduction as Income Tax (see page # 75)
Deduction as social security
Subscriptions to a trade union
None of the given


Question # 10 of 15 ( Start time: 04:30:05 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 # 11 of 15 ( Start time: 04:31:02 PM ) Total Marks: 1
A method by which the first goods to be received are said to be the first to by sold
Select correct option:
LIFO
AVCO
FIFO
WASH

Question # 12 of 15 ( Start time: 04:31:52 PM ) Total Marks: 1
While transporting petrol, a little quantity will be evaporated; such kind of loss is termed as:
Select correct option:
Normal Loss
Abnormal Loss
It is incremental loss
It can not be abnormal loss

(Option # 1 "Normal Loss" should be correct, but again i'm not 100% sure, kindly verify it please)

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Question # 13 of 15 ( Start time: 04:32:24 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 # 14 of 15 ( Start time: 04:33:24 PM ) Total Marks: 1
Annual requirement is 7800 units; consumption per week is 150 units. Unit price Rs 5, order cost Rs 10 per order. Carrying cost Rs 1 per unit and lead time is 3 week, The Economic order quantity would be:
Select correct option:
395 units
300 units
250 units
150 units


Question # 15 of 15 ( Start time: 04:34:46 PM ) Total Marks: 1
The journal entry of purchse of stock under periodic inventory system would be?
Select correct option:
Inventory to Cash
Cash to Purchases
Purchses to Inventory
None of the given options

(I selected option # 4 "None of the given options"... I'm not 100% sure)

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