Mgt402 Online Quiz

Semester "Fall 2010"

On-Line Quiz (No.01) Announcement

Quiz will cover video Lecture no. 1 to 15

Schedule

Opening Date and Time

November 8, 2010 At 12:01 A.M. (Mid-Night)

Closing Date and Time

November 11, 2010 At 11:59 P.M. (Mid Night)

24 hours extra time is not available

Question # 1 of 15 ( Start time: 05:28:04 PM ) Total Marks: 1 
Which of the following is considered as basic systems of remunerating labor? 
Select correct option: 

Time rate system 
Piece rate system 
Halsey Premium plan 
Both time rate and piece rate system 

Question # 2 of 15 ( Start time: 05:28:28 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 # 3 of 15 ( Start time: 05:29:15 PM ) Total Marks: 1 
Overtime that is necessary in order to fulfill customer orders is called: 
Select correct option: 

Avoidable overtime 
Unavoidable overtime 
Premium Overtime 
Flex time 

Question # 4 of 15 ( Start time: 05:29:40 PM ) Total Marks: 1 
__________ is the time worked over and above the employee's basic working week. 
Select correct option: 

Flex time 
Overtime 
Shift allowance 
Commission 

Question # 5 of 15 ( Start time: 05:30:04 PM ) Total Marks: 1 
Differential cost has the behavior of ? 
Select correct option: 

Fixed cost 
Step cost 
Variable/semi avriable cost 
All of the given options 

Question # 6 of 15 ( Start time: 05:30:26 PM ) Total Marks: 1 
High labor turnover is NOT desirable because: 
Select correct option: 

It denotes the instability of the labor force 
It is an indication of high labor cost 
It shows frequent changes in the labor force 
All of the given options 

Question # 7 of 15 ( Start time: 05:31:54 PM ) Total Marks: 1 
Closing work in process Inventory of last year: 
Select correct option: 

Is treated as Opening inventory for current year 
Is not carried forward to next year 
Become expense in the next year 
Charge to Profit & Loss account 

Question # 8 of 15 ( Start time: 05:32:30 PM ) Total Marks: 1 
Sales are Rs. 450,000. Beginning finished goods were Rs. 23,000. Ending finished goods are Rs. 30,000. The cost of goods sold is Rs. 300,000. What is the cost of goods manufactured? 
Select correct option: 

Rs. 323,000 
Rs. 330,000 
Rs. 293,000 
None of the given options 

Question # 9 of 15 ( Start time: 05:32:53 PM ) Total Marks: 1 
The main difference between the profit center and investment center is: 
Select correct option: 

Decision making 
Revenue generation 
Cost incurrence 
Investment 

Question # 10 of 15 ( Start time: 05:33:13 PM ) Total Marks: 1 
Which of the following is an example of Statutory deductions: 
Select correct option: 

Deduction as Income Tax 
Deduction as social security 
Subscriptions to a trade union 
None of the given 

Question # 11 of 15 ( Start time: 05:33:35 PM ) Total Marks: 1 
Costs which are constant for a relevant range of activity and rise to new constant level once that range exceeded is called: 
Select correct option: 

A fixed cost 
A variable cost 
A mixed cost 
A step cost 

Question # 12 of 15 ( Start time: 05:34:09 PM ) Total Marks: 1 
If opening inventory of material is Rs.20,000 and closing inventory is Rs. 40,000.the Average inventory amount will be: 
Select correct option: 

Rs. 40,000 
Rs. 30,000 
Rs. 20,000 
Rs. 10,000 

Question # 13 of 15 ( Start time: 05:34:29 PM ) Total Marks: 1 
The cost of electricity bill of the factory is treated as: 
Select correct option: 

Fixed cost 
Variable cost 
Step cost 
Semi variable cost 

Question # 14 of 15 ( Start time: 05:34:58 PM ) Total Marks: 1 
A cost unit is 
Select correct option: 

The cost per hour of operating a machine 
The cost per unit of electricity consumed 
A unit of product or services in relation to which costs are ascertained 
A measure of work output in a standard hour 

Question # 15 of 15 ( Start time: 05:35:22 PM ) Total Marks: 1 
The Process of cost apportionment is carried out so that: 
Select correct option: 

Cost may be controlled 
Cost unit gather overheads as they pass through cost centers 
Whole items of cost can be charged to cost centers 
Common costs are shared among cost centers

Question # 1 of 15 ( Start time: 05:47:34 PM ) Total Marks: 1 
In cost Accounting, abnormal loss is charged to: 
Select correct option: 

Factory overhead control account 
Work in process account 
Income Statement 
Entire production 

Question # 2 of 15 ( Start time: 05:48:08 PM ) Total Marks: 1 
The flux method of labor turnover denotes: 
Select correct option: 

Workers appointed against the vacancy caused due to discharge or quitting of the organization 
Workers appointed in replacement of existing employees 
Workers employed under the expansion schemes of the company 
The total change in the composition of labor force 

Question # 3 of 15 ( Start time: 05:48:38 PM ) Total Marks: 1 
Which of the following is sales force payroll incentive? 
Select correct option: 

Commission 
Shift allowance 
Over time payment 
Bonus 

Question # 4 of 15 ( Start time: 05:49:05 PM ) Total Marks: 1 
The supervisor salary is treated as: 
Select correct option: 

Direct labor cost 
Indirect labor cost 
Conversion cost 
None of the given options 

Question # 5 of 15 ( Start time: 05:49:34 PM ) Total Marks: 1 
Generally, the danger level of stock is fixed ________ the minimum level. 
Select correct option: 

Below 
Above 
Equal 
Danger level has no relation to minimum level 

Question # 6 of 15 ( Start time: 05:50:03 PM ) Total Marks: 1 
The abbreviation LIFO is: 
Select correct option: 

Large integrated financial organization 
Least interesting financial option 
The last in first out method 
None of the given options 

Question # 7 of 15 ( Start time: 05:50:14 PM ) Total Marks: 1 
Gross pay includes which of the following items? 
Select correct option: 

Basic pay + bonus pay 
Overtime payment + shift allowances 
Rent and conveyance allowances 
All of the given options 

Question # 8 of 15 ( Start time: 05:50:40 PM ) Total Marks: 1 
__________ is the time worked over and above the employee's basic working week. 
Select correct option: 

Flex time 
Overtime 
Shift allowance 
Commission 

Question # 9 of 15 ( Start time: 05:51:06 PM ) Total Marks: 1 
Which of the following cost is used in the calculation of cost per unit? 
Select correct option: 

Total production cost 
Cost of goods available for sales 
Cost of goods manufactured 
Cost of goods Sold 

Question # 10 of 15 ( Start time: 05:51:42 PM ) Total Marks: 1 
From employer point of view, the total cost of wages and salaries is a combination of which of the following? 
Select correct option: 

Gross wages and salaries+employer's provident fund contributions 
Gross wages and salaries+employee's provident fund contributions 
Gross wages and salaries + Income Tax deductions 
Gross wages and salaries + pension scheme payments 

Question # 11 of 15 ( Start time: 05:52:39 PM ) Total Marks: 1 
Store incharge after receiving the material as per the goods received note, places the material at its location and makes an entry in_________ . 
Select correct option: 

Bin Card 
Store Ledger Card 
Stock Ledger 
None of the given options 

Question # 12 of 15 ( Start time: 05:53:05 PM ) Total Marks: 1 
Which of the following items of expense are to be add in FOH cost 
Select correct option: 

Rent of factory + Head office rent + salaries to factory watchman 
Rent of factory + factory lighting bill + Directors salaries 
Rent of factory + factory lighting bill + Factory employees salaries 
Head office rent + Factory property tax + Factory small tools 

Question # 13 of 15 ( Start time: 05:53:36 PM ) Total Marks: 1 
Direct materials cost is Rs. 80,000. Direct labor cost is Rs. 60,000. Factory overhead is Rs. 90,000. Beginning goods in process were Rs. 15,000. The cost of goods manufactured is Rs. 245,000. What is the cost assigned to the ending goods in process? 
Select correct option: 

Rs. 45,000 
Rs. 15,000 
Rs. 30,000 
There will be no ending Inventory 

Question # 14 of 15 ( Start time: 05:54:14 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 

Question # 15 of 15 ( Start time: 05:54:29 PM ) Total Marks: 1 
When FOH is under applied and charged to Net profit , the treatment would be: 
Select correct option: 

Under applied Add net profit 
Under applied Less net profit 
Under applied Less operating expense 
None of the given options

Question # 1 of 15 ( Start time: 06:02:20 PM ) Total Marks: 1 
When prices are rising over time, which of the following inventory costing methods will result in the lowest gross margin/profits? 
Select correct option: 

FIFO 
LIFO 
Weighted Average 
Cannot be determined 

Question # 2 of 15 ( Start time: 06:02:55 PM ) Total Marks: 1 
In which of the following would there be a difference between financial and managerial accounting? 
Select correct option: 

Users of the information 
Purpose of the information 
Flexibility of practices 
All of the given options 

Question # 3 of 15 ( Start time: 06:03:19 PM ) Total Marks: 1 
Net sales = Sales less: 
Select correct option: 

Sales returns 
Sales discounts 
Sales returns & allowances 
Sales returns & allowances and sales discounts 

Question # 4 of 15 ( Start time: 06:03:34 PM ) Total Marks: 1 
Working hours of labor can be calculated with the help of all except: 
Select correct option: 

Smart card 
Time sheet 
Clock card 
Store card 

Question # 5 of 15 ( Start time: 06:03:59 PM ) Total Marks: 1 
Which of the following cost is used in the calculation of cost per unit? 
Select correct option: 

Total production cost 
Cost of goods available for sales 
Cost of goods manufactured 
Cost of goods Sold 

Question # 6 of 15 ( Start time: 06:04:06 PM ) Total Marks: 1 
Cost accounting concepts include all of the following EXCEPT: 
Select correct option: 

Planning 
Controlling 
Sharing 
Costing 

Question # 7 of 15 ( Start time: 06:04:22 PM ) Total Marks: 1 
The abbreviation LIFO is: 
Select correct option: 

Large integrated financial organization 
Least interesting financial option 
The last in first out method 
None of the given options 

Question # 8 of 15 ( Start time: 06:04:30 PM ) Total Marks: 1 
Under LIFO method the value of issues is close to: 
Select correct option: 

Second hand price 
Current market price 
Historical cost 
All of given options 

Question # 9 of 15 ( Start time: 06:05:05 PM ) Total Marks: 1 
Which of the following is/are not associated with ordering costs? 
Select correct option: 

Interest 
Insurance 
Opportunity costs 
All of the given options 

Question # 10 of 15 ( Start time: 06:05:32 PM ) Total Marks: 1 
PVC company has ordering quantity 10,000 units.They have storage capacity 20,000 units,The average inventory would be: 
Select correct option: 

20,000 
5,000 
10,000 
25,000 

Question # 11 of 15 ( Start time: 06:06:08 PM ) Total Marks: 1 
According to IASB framework, Financial statements exhibit to its users the: 
Select correct option: 

Financial position 
Financial performance 
Cash inflow and outflow analysis 
All of the given options 

Question # 12 of 15 ( Start time: 06:06:41 PM ) Total Marks: 1 
Taylor's Differential Piece Rate Plan uses-----------piece rates. 
Select correct option: 

Three 
Two 
Four 
Five 

Question # 13 of 15 ( Start time: 06:07:00 PM ) Total Marks: 1 
The FIFO inventory costing method (when using a perpetual inventory system) assumes that the cost of the earliest units purchased is allocated in which of the following ways? 
Select correct option: 

First to be allocated to the ending inventory 
Last to be allocated to the cost of goods sold 
Last to be allocated to the ending inventory 
First to be allocated to the cost of good sold 

Question # 14 of 15 ( Start time: 06:07:31 PM ) Total Marks: 1 
In furniture manufacturing use of nail, pins, glue, and polish which use to increase its esteem value that cost is treated as: 
Select correct option: 

Direct material cost 
Indirect material cost 
FOH cost 
Prime cost 

Question # 15 of 15 ( Start time: 06:07:46 PM ) Total Marks: 1 
While deducting Income Tax from the gross pay of the employee, the employer acts as a (an) _________________for Income Tax Department. 
Select correct option: 

Agent of his own Company 
Paid tax collection agent 
Unpaid tax collection agent 
None of the given options