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Friday, December 10, 2010

Mgt402 Mid Term Current Paper (Dec 2010)

Mgt402 Mid Term Current Paper (Dec 2010) 

 

 

Which of the following best describe piece rate system?

       ► The increased volume of production results in decreased cost of production

       ► The increased volume of production in minimum time

       ► Establishment of fair standard rates

       ► Higher output is a result of efficient management

Which of the followin is NOT an assumption of the basic economic-order quantity model?

       ► Annual demand is known

       ► Orderin cost is known

       ► Carryin cost is known

       ► Quantity discounts are available

 All of the following are deducted from gross Profit to calculate Operating income EXCEPT:

       ► Selling expenses

       ► Advertising expenses

       ► Administrative expenses

       Financial expenses

The salary of factory clerk is treated as:

       ► Direct labor cost

       ► Indirect labor cost

       ► Conversion cost

       ► Prime cost

The components of the conversion cost are:

 

       ► Direct Material + Direct Labor + Other Direct Cost

       Direct Labor  + FOH

       ► Prime Cost + FOH+ Other Direct Cost

       ► Prime Cost + FOH

 In cost accounting, Avoidable loss is charged to which of the following?

        ► Factory over head control account

       ►                         Work in process control account

       ► Marketing overhead control account

       ► Administration overhead control account

 Which of the following functions are fulfilled by Goods Received Note?

i.      Provides information to update the inventory records on receipt of goods

ii.    Provides information to check the quantity on the supplier's invoice

iii.   Provides information to  check the price on the supplier's invoice

       ► (i) only

       ►             (i) and (ii) only

       ► (i) and (iii) only

       ► (ii) and (iii) only

Overhead absorption rate (OAR) can be calculated as:

        ► Direct labor cost /Direct Labor hours

       ►             Estimated FOH/ Direct Labor hours

       ► Prime cost/ Estimated FOH

       ► Prime cost/ Direct labor cost

 Which of the following would be considered as factory overhead using a job order cost system?

       ► Direct materials

       ► Direct labor

       Depreciation on factory buildings

       ► Salesperson's salary

       ► Salesperson's salary

 If, Basic Salary                      Rs.10,000

Per Piece commission Rs. 5

Unit sold                                 700 pieces

What will be the COMMISION?

       ► Rs. 3,500

       ► Rs. 13,500

       ► Rs. 10,000

       ► Rs. 6,500

 With reference to cost of production report, cost accounted for as follows is also known as: 

       Cost reconciliation

       ► Bank reconciliation

       ► Cash reconciliation

       ► Capital reconciliation

 Identify units transferred out with the help of given data:  

                   

 

Units

Units still in process    (100%material, 75% conversion )

4,000

Lost units

2,000

Units started in process

50,000

        ► 6,000 units

       ► 44,000 units

       ► 52,000 units

       ► 56,000 units

The difference over the period of time between actual and applied FOH will usually be minimal when the predetermined overhead rate is based on:

       ► Normal capacity

       ► Designed capacity

       ► Direct Labor hours

       ► Machine hours

The cost that is subject to actual payment or will be paid for in future is called:

        ► Fixed cost

       ► Step cost

       ► Explicit cost

       ► Imputed cost

Cost of material consumed under LIFO costing method is Rs. 6,000. Conversion Cost is Rs. 16,500. 1,000 units of the product were manufactured out of which 800 @ Rs. 30 units sold. There were no beginning and ending inventories of work in process and finished goods.

Required: Calculate per unit cost with the help of given information.

       ► Rs. 22.50   

     ► Rs.16.50

       ► Rs. 6.00

       ► Rs. 28.13

Calculate total salary received with the given data. 

Salary

Rs.5000

Per Piece commission               

10 % per piece 

Unit sold

700 pieces

Price per piece

 Rs. 10

        ► Rs. 5,100

       ► Rs. 5,000

       ► Rs. 5,600

       ► Rs. 5,700                                                     

Which cost accumulation procedure is best suited to a continuous mass production process of similar units?

       ► Job order costing

       ► Process costing

       ► Standard costing

       ► Actual costing

Which of the following method of inventory valuation is not recommended under IAS 02? 

       ► LIFO

       ► FIFO

       ► Weighted Average

       ► Both LIFO & FIFO

Which of the following are basic inventories for a manufacturing concern?                 

       ► Indirect materials, goods in process, and raw materials

       ► Finished goods, raw materials, and direct materials

       ► Raw materials, goods in process, and finished goods

       ► Raw materials, factory overhead, and direct labor

If the cost per equivalent unit is Rs. 1.60. The equivalent units of output are 50,000. The WIP closing stock is 10,000 units, 40% completed. What will be the value of closing stock?

       ► Rs. 9,600

       ► Rs. 80,000

       ► Rs. 16,000

       Rs. 6,400

Consider the following data:

Salary

Rs.5000

Per Piece commission               

10 % per piece 

Unit sold

700 pieces

Price per piece

 Rs. 10

Amount of commission received

?

 

       ► Rs. 100

       ► Rs. 500

       ► Rs. 600

       Rs. 700

 

Question No: 32    ( Marks: 1 )    - Please choose one

 Lost units (Normal loss)

500 units

Units received from preceding department

13,500 units

Units completed in this department

11,750 units

 

Required: Identify units still in process with the help of above data.

 

       1,250 units

       ► 14,000 units

       ► 12,250 units

       ► 1,750 units

 

The journal entry of Material purchase on credit under perpetual inventory system is:

 

 

 

       ► Inventory account (Dr) Material account (Cr)

       ► Account payable (Dr.) Purchases account (Cr)

       Inventory account (Dr) Account payable account (Cr)

       ► Purchases account (Dr) Accounts payable account (Cr)

A direct cost is identified by which of the following feature?

 

 

       ► Its behavior

       Its traceability

       ► Its controllability

       ► Its relevance

INCOME BEFORE INTEREST AND TEX

 

OTHER INCOME

OPERATING INCOME

GROSS PROFIT

 

Pay roll sheet include except

Gross income

Net income

Tax rebate

Statuary and non statuary

 

Inventory of Rs. 96,000 was purchased during the year. The cost of goods sold was Rs. 90,000 and the ending inventory was Rs. 18,000. What was the inventory turnover ratio for the year?

       ► 5.0 times

       ► 5.3 times

       ► 6.0 times

       ► 6.4 times

 

Discuss the advantages and disadvantages of the group bonus scheme?

Write the formula of abortion and discuss it base?

EQUILENT   production material, lab. FOH (CALUCLATION WALA THAA)

 

PRIME COST (CALUCLATION WALA THAA)

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