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
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
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
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
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