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MC090410137 : Muhammad Soban Badar 69


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Quiz Start Time: 10:49 PM
Question # 1 of 15 ( Start time: 10:49:11
Total Marks: 1
PM )
If, COGS = Rs. 70,000 GP Margin = 30% of sales What will be the value of Sales?
Select correct option:

Rs. 200,000

Rs. 66,667

Rs. 100,000

Rs. 62,500

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MC090410137 : Muhammad Soban Badar 89


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Quiz Start Time: 10:49 PM
Question # 2 of 15 ( Start time: 10:50:23
Total Marks: 1
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Byer produced 20,000 units and their total factory cost was Rs. 450,000,other cost like property
tax on factory bulding was Rs. 10,000 included in that cost till year ended the cost of per unit
would be:
Select correct option:

Rs.22.5

Rs.23.5

Rs.24.5

Rs.26.5

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MC090410137 : Muhammad Soban Badar 77


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Quiz Start Time: 10:49 PM
Question # 3 of 15 ( Start time: 10:51:40
Total Marks: 1
PM )
Inventory turnover ratio can be calculated as follow?
Select correct option:

Cost of goods sold/Average inventory

Gross profit/Average inventory

Cost of goods sold/sale

Cost of goods sold/Gross profit

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MC090410137 : Muhammad Soban Badar 90
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Quiz Start Time: 10:49 PM
Question # 4 of 15 ( Start time: 10:52:16
Total Marks: 1
PM )
While deducting Income Tax from the gross pay of the employee, the employer acts as a (an)
_________________for Income Tax Department.
Select correct option:

Agent of his own Company

Paid tax collection agent

Unpaid tax collection agent

None of the given options

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MC090410137 : Muhammad Soban Badar 89


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Quiz Start Time: 10:49 PM
Question # 5 of 15 ( Start time: 10:53:17
Total Marks: 1
PM )
In which of the following center FOH cost NOT incurred
Select correct option:

Production Center

Service Center

General Cost Center


Head Office

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MC090410137 : Muhammad Soban Badar 89


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Quiz Start Time: 10:49 PM
Question # 6 of 15 ( Start time: 10:54:36
Total Marks: 1
PM )
Gross pay less deductions represents all except:
Select correct option:

Net pay

Take home pay

Total pay

Other income

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MC090410137 : Muhammad Soban Badar 89


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Quiz Start Time: 10:49 PM
Question # 7 of 15 ( Start time: 10:56:01
Total Marks: 1
PM )
The FIFO inventory costing method (when using a perpetual inventory system) assumes that the
cost of the earliest units purchased is allocated in which of the following ways?
Select correct option:

First to be allocated to the ending inventory


Last to be allocated to the cost of goods sold

Last to be allocated to the ending inventory

First to be allocated to the cost of good sold

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MC090410137 : Muhammad Soban Badar 90


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Quiz Start Time: 10:49 PM
Question # 8 of 15 ( Start time: 10:56:38
Total Marks: 1
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“Taking steps for the fresh purchase of those stocks which have been exhausted and for which
requisitions are to be honored in future” is an easy explanation of:
Select correct option:

Overstocking

Under stocking

Replenishment of stock

Acquisition of stock

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MC090410137 : Muhammad Soban Badar 89


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Quiz Start Time: 10:49 PM
Question # 9 of 15 ( Start time: 10:57:01
Total Marks: 1
PM )
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

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MC090410137 : Muhammad Soban Badar 32


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Quiz Start Time: 10:49 PM
Question # 10 of 15 ( Start time: 10:57:29
Total Marks: 1
PM )
Cost of goods sold Rs. 30,000,opening Inventory Rs. 9,000,Closing inventory Rs. 7,800.What was
the inventory turnover ratio?
Select correct option:

3.57 times

3.67 times

3.85 times

5.36 times

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MC090410137 : Muhammad Soban Badar 89
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Quiz Start Time: 10:49 PM
Question # 11 of 15 ( Start time: 10:58:35
Total Marks: 1
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Which of the following would be considered to be an investment centre?
Select correct option:

Managers have control over marketing

Management have a sales team

Management have a sales teamand are given a cred

Managers can purchase capital assets and are given

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MC090410137 : Muhammad Soban Badar 90


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Quiz Start Time: 10:49 PM
Question # 12 of 15 ( Start time: 10:59:01
Total Marks: 1
PM )
Which of the following statement measures the financial position of the entity on particular time?
Select correct option:

Income Statement

Balance Sheet

Cash Flow Statement


Statement of Retained Earning

MC090410137 : Muhammad Soban Badar 89


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Quiz Start Time: 10:49 PM
Question # 13 of 15 ( Start time: 11:00:01
Total Marks: 1
PM )
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

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MC090410137 : Muhammad Soban Badar 89


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Quiz Start Time: 10:49 PM
Question # 15 of 15 ( Start time: 11:00:31
Total Marks: 1
PM )
Merrick Differential Piece Rate System:
Select correct option:

worker is not penalized even if his performance does

worker is not penalized even if his performance does


worker is not penalized even if his performance does

worker is not penalized even if his performance does

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VU And COMPANY.
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Time 86
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Quiz Start Time: 11:05 PM s)

Question # 1 of 15 ( Start time: 11:05:28


Total Marks: 1
PM )
Weighted average cost per unit is calculated by which of the following formula?
Select correct option:

Cost of goods issued/number of units issued

Total cost/total units

Cost of goods manufactured/closing units

Cost of goods sold/total units


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Time 89
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Quiz Start Time: 11:05 PM
Question # 2 of 15 ( Start time: 11:06:48
Total Marks: 1
PM )
According to IASB framework, Financial statements exhibit to its users the:
Select correct option:

Financial position

Financial performance

Cash inflow and outflow analysis

All of the given options

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Time 89
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Quiz Start Time: 11:05 PM
Question # 3 of 15 ( Start time: 11:07:23
Total Marks: 1
PM )
The Term Mimimum Level Represents.
Select correct option:

This represents the quantity below which the stock o

This represents the quantity below which the stock o

This is the estimated time period in number of days o


weeks or in months.
This is the Lead time period in number of days or in
weeks or in months.

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Time 89
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Quiz Start Time: 11:05 PM s)

Question # 4 of 15 ( Start time: 11:07:43


Total Marks: 1
PM )
If, COGS = Rs. 70,000 GP Margin = 30% of sales What will be the value of Sales?
Select correct option:

Rs. 200,000

Rs. 66,667

Rs. 100,000

Rs. 62,500

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Time 89
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Quiz Start Time: 11:05 PM
Question # 5 of 15 ( Start time: 11:07:50
Total Marks: 1
PM )
Under Periodic Inventory system Purchase of inventory is treared as:
Select correct option:

Assets

Expense
Income

Liability

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Time 89
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Quiz Start Time: 11:05 PM
Question # 6 of 15 ( Start time: 11:08:16
Total Marks: 1
PM )
Cost accounting concepts include all of the following EXCEPT:
Select correct option:

Planning

Controlling

Sharing

Costing

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Time 89
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Quiz Start Time: 11:05 PM s)

Question # 7 of 15 ( Start time: 11:09:35


Total Marks: 1
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All of the following are terms used to denote Factory Overheads EXCEPT:
Select correct option:

Factory burden
Factory expenses

Manufacturing overhead

Conversion costs

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Time 89
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Quiz Start Time: 11:05 PM
Question # 8 of 15 ( Start time: 11:11:07
Total Marks: 1
PM )
Period costs are
Select correct option:

Expensed when the product is sold

Included in the cost of goods sold

Related to specific Period

Not expensed

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Time 89
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Quiz Start Time: 11:05 PM
Question # 9 of 15 ( Start time: 11:11:37
Total Marks: 1
PM )
Which of the following is to be called product cost
Select correct option:

Material cost
Labor cost

FOH cost

All of the given options

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Time 89
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Quiz Start Time: 11:05 PM s)

Question # 10 of 15 ( Start time: 11:12:53


Total Marks: 1
PM )
A method by which the good used are priced out at average cost is known as:
Select correct option:

BCVO

AVCO

c.FIFO

LIFO

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Time 89
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Quiz Start Time: 11:05 PM
Question # 12 of 15 ( Start time: 11:15:26
Total Marks: 1
PM )
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

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Time 89
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Quiz Start Time: 11:05 PM
Question # 13 of 15 ( Start time: 11:16:05
Total Marks: 1
PM )
Which of the following is correct?
Select correct option:

Units sold=Opening finished goods units + Units prod

Units Sold = Units produced + Closing finished goods

Units sold = Sales + Average units of finished goods

Units sold = Sales - Average units of finished goods i

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Time 88
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Quiz Start Time: 11:05 PM
Question # 14 of 15 ( Start time: 11:17:33
Total Marks: 1
PM )
Gross pay includes which of the following items?
Select correct option:

Basic pay + bonus pay


Overtime payment + shift allowances

Rent and conveyance allowances

All of the given options

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Time 89
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Quiz Start Time: 11:05 PM
Question # 15 of 15 ( Start time: 11:18:30
Total Marks: 1
PM )
Merrick Differential system uses----------- rates.
Select correct option:

Two

Three

Four

Five

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Time 88
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Quiz Start Time: 11:21 PM
Question # 1 of 15 ( Start time: 11:21:23
Total Marks: 1
PM )
What will be the impact of normal loss on the overall per unit cost?
Select correct option:

Per unit cost will increase

Per unit cost will decrease

Per unit cost remain unchanged

Normal loss has no relation to unit cost

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Time 89
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s)
Quiz Start Time: 11:21 PM
Question # 2 of 15 ( Start time: 11:22:48
Total Marks: 1
PM )
FOH absorption rate is calculated by the way of
Select correct option:

Estimated FOH Cost/Direct labor hours


Estimated FOH Cost/No of units produced

Estimated FOH Cost/Prime Cost

All of the given options

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Time 90
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s)
Quiz Start Time: 11:21 PM
Question # 3 of 15 ( Start time: 11:23:03
Total Marks: 1
PM )
The journal entry of purchse of stock under periodic inventory system would be?
Select correct option:

Inventory to Cash

Cash to Purchases

Purchses to Inventory

None of the given options

Time 87
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s)
Quiz Start Time: 11:21 PM
Question # 4 of 15 ( Start time: 11:23:22
Total Marks: 1
PM )
A method by which the good used are priced out at average cost is known as:
Select correct option:

BCVO
AVCO

c.FIFO

LIFO

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Time 89
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s)
Quiz Start Time: 11:21 PM
Question # 6 of 15 ( Start time: 11:24:56
Total Marks: 1
PM )
Cost accounting department prepares _____________ that helps the in preparing final accounts.
Select correct option:

Cost sheets

Cost of goods sold statement

Cost of production Report

Material requisition form

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Time 90
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Quiz Start Time: 11:21 PM s)

Question # 7 of 15 ( Start time: 11:25:17


Total Marks: 1
PM )
The Inventory Turn over ration is 5 times and numbers of days in a year is 365.Inventory holding
period in days would be
Select correct option:

100 days
73 days

50 days

10 days

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Time 82
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Quiz Start Time: 11:21 PM
Question # 8 of 15 ( Start time: 11:26:04
Total Marks: 1
PM )
Opportunity cost is the best example of:
Select correct option:

Sunk Cost

Standard Cost

Relevant Cost

Irrelevant Cost

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Time 89
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s)
Quiz Start Time: 11:21 PM
Question # 9 of 15 ( Start time: 11:27:07
Total Marks: 1
PM )
Direct material opening inventory add net purchases is called
Select correct option:

Material consumed
Material available for use

Total material purchsed

Material ending inventory

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Time 85
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s)
Quiz Start Time: 11:21 PM
Question # 10 of 15 ( Start time: 11:27:28
Total Marks: 1
PM )
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

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Time 89
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Quiz Start Time: 11:21 PM s)

Question # 11 of 15 ( Start time: 11:27:40


Total Marks: 1
PM )
From employer point of view, the total cost of wages and salaries is a combination of which of the
following?
Select correct option:

Gross wages and salaries+employer's provident fund


Gross wages and salaries+employee's provident fund

Gross wages and salaries + Income Tax deductions

Gross wages and salaries + pension scheme paymen

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Time 89
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Quiz Start Time: 11:21 PM
Question # 12 of 15 ( Start time: 11:28:01
Total Marks: 1
PM )
Which of the following costs is part of the prime cost for manufacturing company?
Select correct option:

Cost of transporting raw materials fromthe suppliers

Wages of factory workers engaged in machine maint

Depreciation of truck used for deliveries to customer

Cost of indirect production materials

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Time 89
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Quiz Start Time: 11:21 PM
Question # 13 of 15 ( Start time: 11:29:27
Total Marks: 1
PM )
The cost of electricity bill of the factory is treated as:
Select correct option:

Fixed cost
Variable cost

Step cost

Semi variable cost

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Muhammad Soban

0333-7637637