MGT402 Final Term Solved Quiz Mega File by Afaaq

MGT402 - Cost & Management Accounting Quizzes mega file solved by Muhammad Afaaq & Maha Syed

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MGT402 - Cost & Management Accounting Quizzes mega file solved by Muhammad Afaaq & Maha Syed

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Q1. of 10 ( Start time: 10:55:54 AM ) Total Marks: 1 Closing work in process Inventory of last year:

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

Q2. of 10 ( Start time: 10:56:30 AM ) Total Marks: 1 Which of the following statement measures the financial position of the entity on particular time?

Income Statement · Balance Sheet · Cash Flow Statement · Statement of Retained Earning

Q3. of 10 ( Start time: 10:57:13 AM ) Total Marks: 1 An organistation sold units 4000 and have closing finished goods 3500 units and opening finished goods units were 1000. The quantity of unit produced would be:

7500 units

6500 units

Number of units manufactured/produced = units sold + closing balance of finished goods units - opening balance of finished goods units number of units produced/manufactured = 4000 + 3500 - 1000 = 6500

4500 units

8500 units

Q4. of 10 ( Start time: 10:58:35 AM ) Total Marks: 1 Increase in material Inventory means:

The ending inventory is greater than opening inventory · The ending inventory is less than opening inventory · Both ending and opening inventories are equal · Can not be determined

Q5. of 10 ( Start time: 10:59:08 AM ) Total Marks: 1 Under LIFO method the value of issues is close to:

Second hand price · Current market price · Historical cost · All of given options

Q6. of 10 ( Start time: 10:59:54 AM ) Total Marks: 1 Loss by fire is an example of:

Normal Loss · Abnormal Loss · Incremental Loss · Can not be determined

Q7. of 10 ( Start time: 11:00:21 AM ) Total Marks: 1 Which of the following is true for total factory cost?

Total factor cost = prime cost + FOH · Total factor cost = prime cost + conversion cost + FOH · Total factor cost = conversion cost + FOH · Total factor cost = prime cost + conversion cost