[ vuZs.net ] MGT402- Lecture 7-MCQs Help

Below Lecture Seven k MCQs hain, kisi ko in ka answer with reference pta hai? q k mujhy to in say milta julta kuch bhi nahi mila lecture seven mein 

MULTIPLE CHOICE QUESTIONS

1) In most of the industries, the most important element of cost is

a) Material

b) Labor

c) Overheads

d) Prime cost

2) According to which of the following method of pricing, issue; are close to current economic values?

a) Last in first out price

b) First in first out price

c) Highest in first out price

d) Weighted average price

3) In which of the following of pricing, costs lag behind the current economic values?

a) Last in first out price

b) First in first out price

c) Replacement price

d) Weighted average price

4) Which of the following items of cost should not be treated as direct material?

a) Electricity representing 90% of the total cost

b) Stand paper used in production

c) Thread used in stitching garments

d) All of the above

5) When prices fluctuate widely, the method that will smooth out the effect of fluctuation is

a) Simple average

b) Weighted average

c) FIFO

d) LIFO

Data for MCQ No. 6 to 9

Given-opening stock on 1-1-1994 -200 kg @ Rs. 4 per kg.

• Purchase on 4-1-1994 - 300 kg @ Rs. 5 per kg

• Issued on 8-1-1994 - 350 kg

• Market price on8-1-1994 = Rs. 5 per kg

• On the basis of above information, select the correct answer in each of the following:

6) At what amount materials issued on 8-1-1994 will be charged if FIFO method is used?

Cost & Management Accounting (MGT-402) VU

(C) Copyright Virtual University of Pakistan 49

a) 1,100

b) 1,550

c) 1,700

d) 1,750

7) At what amount materials issued will be charged if LIFO method is used?

a) 1,550

b) 1,575

c) 1,700

d) 1,750

8) At what amount materials, issued will be charged if simple average price is used?

a) 1,550

b) 1,575

c) 1,610

d) 1,700

9) What amount materials issued will be charged if weighted average price is used?

a) 1,575

b) 1,610

c) 1,625

d) None of these

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