Cost and Managment Accounting Mcqs
1). Fixed cost per unit decreases when:
a. Production volume increases. b. Production volume decreases. c. Variable cost per unit decreases. d. Variable cost per unit increases.
2). Prime cost + Factory overhead cost is:
a. Conversion cost. b. Production cost. c. Total cost. d. None of given option.
3). Find the value of purchases if Raw material consumed Rs. 90,000; Opening and closing stock of raw material is Rs. 50,000 and 30,000 respectively.
a. Rs. 10,000 b. Rs. 20,000 c. Rs. 70,000 d. Rs. 1,60,000
4). If Cost of goods sold = Rs. 40,000 GP Margin = 20% of sales Calculate the Gross profit margin.
a. Rs. 32,000 b. Rs. 48,000 c. Rs. 8,000 d. Rs. 10,000
5).______________ method assumes that the goods received most recently in the stores or produced recently are the first ones to be delivered to the requisitioning department.
a. FIFO b. Weighted average method c. Most recent price method d. LIFO
Fill in the blanks: (5 x 1)
1). Indirect cost that is incurred in producing product or services but which can not traced in full.
2 Sunk cost is the cost that incurred or expended in the past which can not be retrieved.
3). Conversion cost = Direct Labor + FOH
4). If cost of goods sold Rs. 20,000 and Sales Rs. 50,000 then Gross Markup Rate is 150%
5). Under Perpetual system, a complete and continuous record of movement of each inventory item is maintained.
1. Cost of production report is a _________________.
a. Financial statement b. Production process report c. Order sheet d. None of given option.
2. There are ___________ parts of cost of production report.
a. 4 b. 5 c. 6 ( 6th is concerned with calculation of loss) d. 7
3. Which one of the organization follows the cost of production report
a. Production volume increases. b. Production volume decreases. c. Variable cost per unit decreases. d. Variable cost per unit increases.
2). Prime cost + Factory overhead cost is:
a. Conversion cost. b. Production cost. c. Total cost. d. None of given option.
3). Find the value of purchases if Raw material consumed Rs. 90,000; Opening and closing stock of raw material is Rs. 50,000 and 30,000 respectively.
a. Rs. 10,000 b. Rs. 20,000 c. Rs. 70,000 d. Rs. 1,60,000
4). If Cost of goods sold = Rs. 40,000 GP Margin = 20% of sales Calculate the Gross profit margin.
a. Rs. 32,000 b. Rs. 48,000 c. Rs. 8,000 d. Rs. 10,000
5).______________ method assumes that the goods received most recently in the stores or produced recently are the first ones to be delivered to the requisitioning department.
a. FIFO b. Weighted average method c. Most recent price method d. LIFO
Fill in the blanks: (5 x 1)
1). Indirect cost that is incurred in producing product or services but which can not traced in full.
2 Sunk cost is the cost that incurred or expended in the past which can not be retrieved.
3). Conversion cost = Direct Labor + FOH
4). If cost of goods sold Rs. 20,000 and Sales Rs. 50,000 then Gross Markup Rate is 150%
5). Under Perpetual system, a complete and continuous record of movement of each inventory item is maintained.
1. Cost of production report is a _________________.
a. Financial statement b. Production process report c. Order sheet d. None of given option.
2. There are ___________ parts of cost of production report.
a. 4 b. 5 c. 6 ( 6th is concerned with calculation of loss) d. 7
3. Which one of the organization follows the cost of production report