|
|
Multiple
Choice Multiple Answer
|
Question
|
The selection of
the supplier may depend upon the following aspects:
|
Correct
Answer
|
Geographical
location of the supplier , Price quoted by the supplier , Goodwill of the
supplier
|
Your
Answer
|
Geographical
location of the supplier , Price quoted by the supplier , Goodwill of the
supplier
|
|
|
Multiple
Choice Single Answer
|
Question
|
Net book value of
loose tools as on 1st
April, 2003 was Rs.45,000/-. As on 31st March, 2004 the management felt that
the real worth of these loose tools is only Rs.30,000/-. What can be done
to achieve the desired reduction in the net book value of loose tools?
|
Correct
Answer
|
By providing
depreciation to the extent of Rs.15,000/-
|
Your
Answer
|
By providing
depreciation to the extent of Rs.15,000/-
|
|
|
True/False
|
Question
|
Overhead
absorption rate will be different at different capacity levels.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
Select The
Blank
|
Question
|
The budget that
represents the funds investment for expansion, diversification, etc. is
known as ________.
|
Correct
Answer
|
Capital
expenditure budget
|
Your
Answer
|
Capital
expenditure budget
|
|
|
Select The
Blank
|
Question
|
The ________
variance is the difference between the actual variable overhead incurred
and the standard variable overhead charged to production.
|
Correct
Answer
|
Total variable
overhead
|
Your
Answer
|
Total variable
overhead
|
|
|
Multiple
Choice Single Answer
|
Question
|
The cost that
indicates historical cost, which is incurred in past, is known as
|
Correct
Answer
|
Sunk cost
|
Your
Answer
|
Sunk cost
|
|
|
Select The
Blank
|
Question
|
Information as to
the cost and profit / loss associated with the firm's operations is
provided to the ________ by Management accounting.
|
Correct
Answer
|
Management
|
Your
Answer
|
Management
|
|
|
Select The
Blank
|
Question
|
Factory cost of a
product is Rs.335,000/-, if the selling overheads are charged @25% of
factory cost, then the amount of selling overheads should be Rs.________/-
|
Correct
Answer
|
83750
|
Your
Answer
|
83750
|
|
|
Select The
Blank
|
Question
|
Uniform costing is
not a separate method of ________.
|
Correct
Answer
|
cost accounting
|
Your
Answer
|
cost accounting
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Which of the
following budgets may be termed as a long term budget?
|
Correct
Answer
|
Capital
expenditure budget , Research and Development expenditure budget , Budget
of a transportation company
|
Your
Answer
|
Capital
expenditure budget , Research and Development expenditure budget
|
|
|
Multiple
Choice Single Answer
|
Question
|
The following
figures relate to a company manufacturing a varied range of products : Year
2003 Total sales Rs.22,23,000/- and total cost Rs.19,83,600/-. Year 2004 :
Total sales Rs.24,51,000/- and Total cost Rs.21,43,200/-. Assuming
stability in prices, calculate the profit volume ratio
|
Correct
Answer
|
0.3
|
Your
Answer
|
0.3
|
|
|
Multiple
Choice Single Answer
|
Question
|
The cost of idle
time incurred by employees that is considered normal for the production
process should be charged to :
|
Correct
Answer
|
Factory overheads
|
Your
Answer
|
Direct labour
|
|
|
Select The
Blank
|
Question
|
Creche expenses
may be appropriately approtioned on the basis of ________.
|
Correct
Answer
|
Number of female
workers
|
Your
Answer
|
Number of female
workers
|
|
|
Multiple
Choice Single Answer
|
Question
|
Opening stock of
Rs.1,80,000/-, purchases Rs.8,00,000/-, freight inward Rs.35,000/-, closing
stock Rs.2,00,000/-, direct wages Rs.2,35,000/-. Calculate the prime cost.
|
Correct
Answer
|
Rs.10,50,000/-
|
Your
Answer
|
Rs.10,70,000/-
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Limitations of
Management Accounting includes-------------------
|
Correct
Answer
|
Its wide scope ,
Possibility of intuitive decision , Requires elaborate organizational
structure
|
Your
Answer
|
Its wide scope ,
Possibility of intuitive decision , Requires elaborate organizational
structure
|
|
|
Select The
Blank
|
Question
|
Indirect Cost is
termed as ________.
|
Correct
Answer
|
Overhead
|
Your
Answer
|
Overhead
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Features of
Financial Accounting includes-----------------
|
Correct
Answer
|
It is a legal
requirement , It protects the interest of outsiders , It considers
historical transactions
|
Your
Answer
|
It is a legal
requirement , It protects the interest of outsiders , It considers
historical transactions
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Identify the
budgets for which the production manager sould be held responsible :
|
Correct
Answer
|
Production budget
, Production overheads budget , Plant utilisation budget
|
Your
Answer
|
Production budget
, Production overheads budget , Plant utilisation budget
|
|
|
Multiple
Choice Single Answer
|
Question
|
A group of 10 men
and 20 women workers were expected to produce 400 units of a product in an
8 hour day. The standard hourly rate was fixed at Rs.25/- and Rs.15/-,
respectively.Actually, a group of 15 men and 10 women workers was deployed
and paid for 8 hours a day at an hourly rate of Rs.22/- and Rs.18/-,
respectively. Two hours were wasted for the entire group due to power
failure and only 300 units were produced. Calculate labour rate variance.
|
Correct
Answer
|
Rs.120/-
(Favourable)
|
Your
Answer
|
Rs.150/-
(Favourable)
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Techniques of
management accounting include:
|
Correct
Answer
|
Marginal costing ,
Budgetary control , Standard costing
|
Your
Answer
|
Cost control ,
Budgetary control , Standard costing
|
|
|
True/False
|
Question
|
A grinding machine
is an example of impersonal cost centre
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
True/False
|
Question
|
Profitability
statement indicates the amount of assets & liabilities.
|
Correct
Answer
|
False
|
Your
Answer
|
False
|
|
|
Multiple
Choice Single Answer
|
Question
|
Uniform costing
system is useful in the following areas
|
Correct
Answer
|
Classification of
cost accounts
|
Your
Answer
|
Preparing
financial statements
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
The features of multiplicity
of key factors are as follows :
|
Correct
Answer
|
More than one key
factors , Refers to a complex situation , Can be resolved by using linear
programming technique
|
Your
Answer
|
More than one key
factors , Refers to a complex situation , Can be resolved by using linear
programming technique
|
|
|
True/False
|
Question
|
Balance sheet
indicates the expenditure & income from the business.
|
Correct
Answer
|
False
|
Your
Answer
|
False
|
|
|
True/False
|
Question
|
Interim dividend
paid by the company should be debited to the profit and loss appropriation
account.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
A materials
requisition form normally contains the following aspects:
|
Correct
Answer
|
Quantity
requisitioned , Per unit material cost , Job number
|
Your
Answer
|
Quantity
requisitioned , Job number
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
The production
budget may be prepared in terms of :
|
Correct
Answer
|
Units produced ,
Production cost , Material cost, labour cost and overheads
|
Your
Answer
|
Units produced ,
Production cost , Material cost, labour cost and overheads
|
|
|
Multiple
Choice Single Answer
|
Question
|
Panna Ltd.
temporarily has excess production capacity. The idle plant facilties can be
used to manufacture a low-margin item. The low-margin item should be
produced if it can be sold for more than its:
|
Correct
Answer
|
Variable costs
|
Your
Answer
|
Variable costs
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
If the sales
forecast is less than the past sales but the top management insists upon a
certain amount of additional profits, then following steps can be taken to
achieve the target profit
|
Correct
Answer
|
Increase the
selling price , Reduce cost of sales , Increase the selling efforts
|
Your
Answer
|
Increase the
selling price , Increase the sales volume , Reduce cost of sales
|
|
|
True/False
|
Question
|
Receipts and
payments method of cash budget is useful for preparing long term estimates.
|
Correct
Answer
|
False
|
Your
Answer
|
False
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Select the
advantages of standard cost system.
|
Correct
Answer
|
Provides reliable
basis for budgeting , Facilitates delegation of authority , Promotes
economy and efficiency
|
Your
Answer
|
Provides reliable
basis for budgeting , Facilitates delegation of authority
|
|
|
True/False
|
Question
|
The sales mix
variance highlights the fact that the actual mix of sales has been in the
same ratio as budgeted.
|
Correct
Answer
|
False
|
Your
Answer
|
False
|
|
|
Select The
Blank
|
Question
|
In case of seasonal
industry, the budget period may be taken as ________.
|
Correct
Answer
|
One season
|
Your
Answer
|
One season
|
|
|
True/False
|
Question
|
Lack of efficient
control on various aspects related to raw-material increases the material
cost component of the finished product.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
True/False
|
Question
|
Due to
compensating errors the arithmetical accuracy of the trial balance is
affected.
|
Correct
Answer
|
False
|
Your
Answer
|
False
|
|
|
Multiple
Choice Single Answer
|
Question
|
Material price
variance for a job is Rs.800/- (Favourable). Actual quantity of material
used is 100 kg whereasthe standard quantity of material is 120% of actual
quantity. Actual price paid for the material is 80% of the standard price.
Calculate material cost variance.
|
Correct
Answer
|
Rs.1,600/-
(Favourable)
|
Your
Answer
|
Rs.800/-
(Favourable)
|
|
|
Select The Blank
|
Question
|
The process of
recording the business transactions in a defined set of records is referred
to as ________.
|
Correct
Answer
|
Balance sheet
|
Your
Answer
|
Profit and Loss
Account
|
|
|
Match The
Following
|
Question
|
Correct Answer
|
Your Answer
|
|
Daily Time
sheets
|
Time spent by
worker on job is recorded
|
Time spent by
worker on job is recorded
|
|
Time Keeping
Department
|
Recording of
workers time
|
Recording of
workers time
|
|
Time booking
department
|
Jobwise booking
of time.
|
Jobwise booking
of time.
|
|
Time Recording
Clock Method
|
Ticket number
& clock card allotted to worker
|
Ticket number
& clock card allotted to worker
|
|
|
|
True/False
|
Question
|
Purchased goods by
paying Rs.35,000/-: In this case, the cash account should be debited.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
Select The
Blank
|
Question
|
If the customer is
not likely to pay the amount receivable from him, this amount should to be
treated as ________.
|
Correct
Answer
|
Bad debts
|
Your
Answer
|
Bad debts
|
|
|
True/False
|
Question
|
Accounting is an
art of recording, classifying & summarizing in a significant manner.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
Match The
Following
|
Question
|
Correct Answer
|
Your Answer
|
|
Book-Keeping
|
Books of
Accounts
|
Books of
Accounts
|
|
Financial
statement
|
Profitability
statement & Balance-sheet
|
Profitability
statement & Balance-sheet
|
|
Accounting
|
Process of
analyzing & interpretation
|
Process of
analyzing & interpretation
|
|
Profitability
statement
|
Indicates the
amount of profit earned
|
Indicates the
amount of profit earned
|
|
Balance-sheet
|
Financial status
|
Financial status
|
|
|
|
True/False
|
Question
|
The problem of
multiple key factors can be solved with the help of techniques like linear
programming, operations research, etc.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
Select The
Blank
|
Question
|
The ________ books
are preferred when the volume of transactions is very large.
|
Correct
Answer
|
Subsidiary
|
Your
Answer
|
Journal
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
If you are required
to enforce uniform costing system in your industry, how would you proceed ?
|
Correct
Answer
|
Collecting data
from all units of your industry , Ensuring that the data collected is
complete and correct , Maintaining secrecy of the data collected
|
Your
Answer
|
Collecting data
from all units of your industry , Ensuring that the data collected is
complete and correct , Allowing free access to all the units to the
collected data
|
|
|
True/False
|
Question
|
All costs are
controllable.
|
Correct
Answer
|
False
|
Your
Answer
|
False
|
No comments:
Post a Comment