MGT402 Final Term Past Paper 2010 Session 3

Rana Abubakar Khan

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JOIN FB GROUP FOR VU HELP · FINALTERM EXAMINATION · Fall 2010 · MGT402- Cost & Management Accounting (Session - 3) · Time: 120 min

Q1. are a part of Planning Process EXCEPT: (1 marks)

1. Identifying the objectives
2. Search for alternative actions
3. Data gathering for alternatives
4. Selection of a fixed action

Q2. indicate the problems in traditional budget EXCEPT: (1 marks)

1. Programmes and activities involving wasteful expenditure are identified, resulting in unavoidable financial and other costs
2. Inefficiencies of a prior year are carried forward in determining subsequent years’ levels of performance
3. Managers are not encouraged to identify and evaluate alternate means of accomplishing the same objective
4. Decision-making is irrational in the absence of rigorous analysis of all proposed costs and benefits

Q3. The chief financial officer is also known as the: (1 marks)

1. Controller
2. Staff accountant
3. Auditor
4. Finance director

Q4. When purchases are added to raw material opening Inventory, we get the value of: (1 marks)

1. Material consumed.
2. Material available for use.
3. Material needed.
4. Raw material ending inventory.

Q5. For manufacturing entities inventories are classified into ---------- categories? (1 marks)

1. One
2. Two
3. Three
4. Four

Q6. When prices are rising over time, which of the following inventory costing methods will result in the lowest gross margin? (1 marks)

1. FIFO
2. LIFO
3. Weighted Average
4. Cannot be determined

Q7. are unavoidable causes of labor turnover EXCEPT: (1 marks)

1. Retirement and death leading to labor turnover
2. Domestic responsibilities—to look after old parents
3. Accident or illness rendering workers permanently incapable to work
4. Unfair methods of promotion and lack of promotions avenues