Blog: Mgt402 Current Online Quiz

Question # 1 of 15 ( Start time: 09:26:58 PM ) Total Marks: 1 
While constructing a Break even chart, the gap between sales line and variable cost line shows which of the following? 
Select correct option: 

Fixed cost 
Break even point 
Contribution margin 
Variable cost 

Question # 2 of 15 ( Start time: 09:27:17 PM ) Total Marks: 1 
Over applied FOH will always result when a predetermined FOH rate is applied and: 
Select correct option: 

Production is greater than defined capacity 
Actual overhead costs are less than budgeted overhead 
Budgeted capacity is less than normal capacity 
Actual overhead incurred is less than applied Overhead 

Question # 3 of 15 ( Start time: 09:27:47 PM ) Total Marks: 1 
Consider the following data for the month of May: Sales 150 units,Opening units 120 units,Closing 80 units Based on the data, production in May will have to be? 
Select correct option: 

150 units 
50 units 
190 units 
110 units 

Question # 4 of 15 ( Start time: 09:27:54 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 # 5 of 15 ( Start time: 09:28:09 PM ) Total Marks: 1 
Taylor's Differential Piece Rate Plan uses-----------piece rates. 
Select correct option: 

Three 
Two 
Four 
Five 

Question # 6 of 15 ( Start time: 09:28:23 PM ) Total Marks: 1 
Consider the following data for the month of April: Closing stock 80 units,Production 280 units,Sales 330 units Based on the data, the opening stock for April will have to be: 
Select correct option: 

50 units 
410 units 
70 units 
130 units 

Question # 7 of 15 ( Start time: 09:29:26 PM ) Total Marks: 1 
Which of the following is / are element / s of production payroll? 
Select correct option: 

Direct labor force wages 
Administrative wages 
Selling wages 
All of the given options 

Question # 8 of 15 ( Start time: 09:29:43 PM ) Total Marks: 1 
The point at which joint product costs become separately identifiable is known as the: 
Select correct option: 

Split-off point 
Relative sales value point 
Joint processing cost 
None of the given options 

Question # 9 of 15 ( Start time: 09:29:59 PM ) Total Marks: 1 
While calculating the EOQ, number of orders is calculated by: 
Select correct option: 

Multiplying the required units with cost per order 
Dividing required unit by ordered quantity 
Multiplying the required units with ordered quantity 
Multiplying the ordered quantity with cost per order 

Question # 10 of 15 ( Start time: 09:30:30 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 # 11 of 15 ( Start time: 09:30:38 PM ) Total Marks: 1 
The Term Mimimum Level Represents. 
Select correct option: 

This represents the quantity below which the stock of any item should not be allowed to fall 
This represents the quantity below which the stock of any item should be allowed to fall 
This is the estimated time period in number of days or in
weeks or in months. 
This is the Lead time period in number of days or in
weeks or in months. 

Question # 12 of 15 ( Start time: 09:31:00 PM ) Total Marks: 1 
The components of the prime cost are: 
Select correct option: 

Direct Material + Direct Labor + Other Direct Cost 
Direct Labor + Other Direct Cost + FOH 
Direct Labor + FOH 
None of the given options 

Question # 13 of 15 ( Start time: 09:31:24 PM ) Total Marks: 1 
Which one of the following factors would cause budgeted revenue to be less than the expected demand? 
Select correct option: 

Excess capacity exists 
Abundant resources are available 
Demand exceeds capacity 
Excess supply of labor exists 

Question # 14 of 15 ( Start time: 09:31:35 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 # 15 of 15 ( Start time: 09:32:15 PM ) Total Marks: 1 
Which of the following statement is TRUE about FOH applied rates? 
Select correct option: 

They are used to control overhead costs 
They are based on actual data for each period 
They are predetermined in advance for each period 
None of the given
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