Virtual University Solved Assignments Online Quiz Past Papers GDB VUsolutions VU solutions

Question # 1 of 15 ( Start time: 04:48:26 AM ) Total Marks: 1 
The supervisor salary is treated as: 
Select correct option: 

Direct labor cost 
Indirect labor cost 
Conversion cost 
None of the given options 

Question # 2 of 15 ( Start time: 04:48:35 AM ) Total Marks: 1 
The flux method of labor turnover denotes: 
Select correct option: 

Workers appointed against the vacancy caused due to discharge or quitting of the organization 
Workers appointed in replacement of existing employees 
Workers employed under the expansion schemes of the company 
The total change in the composition of labor force 

Question # 3 of 15 ( Start time: 04:48:55 AM ) Total Marks: 1 
In furniture manufacturing use of nail, pins, glue, and polish which use to increase its esteem value that cost is treated as: 
Select correct option: 

Direct material cost 
Indirect material cost 
FOH cost 
Prime cost 

Question # 4 of 15 ( Start time: 04:49:02 AM ) Total Marks: 1 
If, Sales = Rs. 600,000 Markup = 20% of cost What would be the value of Gross profit? 
Select correct option: 

Rs. 200,000 
Rs. 100,000 
Rs. 580,000 
Rs. 740,000 

Question # 5 of 15 ( Start time: 04:49:09 AM ) Total Marks: 1 
Gross pay less deductions represents all except: 
Select correct option: 

Net pay 
Take home pay 
Total pay 
Other income 

Question # 6 of 15 ( Start time: 04:49:42 AM ) Total Marks: 1 
Taylor's Differential Piece Rate Plan uses-----------piece rates. 
Select correct option: 

Three 
Two 
Four 
Five 

Question # 7 of 15 ( Start time: 04:49:49 AM ) Total Marks: 1 
If computational and record-keeping costs are same under both FIFO and weighted average, which of the following method will generally be preferred? 
Select correct option: 

Weighted Average 
FIFO 
Hybrid process 
Cannot be determined with so little information 

Question # 8 of 15 ( Start time: 04:50:09 AM ) Total Marks: 1 
Which of the following is NOT true about job order cost sheets? 
Select correct option: 

Job cost sheets contain direct material costs 
Job cost sheets contain actual amounts of factory overhead 
Job cost sheet does not contain conversion cost 
Job cost sheets contain direct labor costs 

Question # 9 of 15 ( Start time: 04:50:18 AM ) Total Marks: 1 
Amount of net purchase can be calculated as follow 
Select correct option: 

Purchase of direct material add trade discount less purchase return add carriage inward less other material handling cost 
Purchase of direct material less trade discount l add purchase return add carriage inward less other material handling cost 
Purchase of direct material less trade discount less purchase return less carriage inward add other material handling cost 
Purchase of direct material less trade discount less purchase return add carriage inward add other material handling cost 

Question # 10 of 15 ( Start time: 04:51:42 AM ) Total Marks: 1 
Under/Over applied FOH cost can be adjusted in which of the following: 
Select correct option: 

Entire Production 
Cost of Good sold 
Net Profit 
All of given options 

Question # 11 of 15 ( Start time: 04:51:52 AM ) Total Marks: 1 
Which of the following is considered as basic systems of remunerating labor? 
Select correct option: 

Time rate system 
Piece rate system 
Halsey Premium plan 
Both time rate and piece rate system 

Question # 12 of 15 ( Start time: 04:52:08 AM ) Total Marks: 1 
Reduction of labor turnover, accidents, spoilage, waste and absenteeism are the results of which of the following wage plan? 
Select correct option: 

Piece rate plan 
Time rate plan 
Differential plan 
***** bonus system 

Question # 13 of 15 ( Start time: 04:52:50 AM ) Total Marks: 1 
A chemical process has normal wastage of 5% of input. In a period, 3,500 Kg of material were input and there was no abnormal loss. What quantity of good production was achieved? 
Select correct option: 

2,175 Kg 
2,250 Kg 
3,325 Kg 
4,425 Kg 

Question # 14 of 15 ( Start time: 04:52:59 AM ) Total Marks: 1 
Which of the following is correct? 
Select correct option: 

Units sold=Opening finished goods units + Units produced – Closing finished goods units 
Units Sold = Units produced + Closing finished goods units - Opening finished goods units 
Units sold = Sales + Average units of finished goods inventory 
Units sold = Sales - Average units of finished goods inventory 

Question # 15 of 15 ( Start time: 04:53:06 AM ) Total Marks: 1 
A high inventory turnover may indicate: 
Select correct option: 

An efficient use of the investment in inventory 
A high risk of stock-outs 
Stock position of store room 
All of the given options

Question # 1 of 15 ( Start time: 05:09:38 AM ) Total Marks: 1 
If a predetermined FOH rate is not applied and the volume of production is reduced from the planned capacity level, the cost per unit expected to: 
Select correct option: 

Remain unchanged for fixed cost and increase for variable cost 
Increase for fixed cost and remain unchanged for variable cost 
Increase for fixed cost and decrease for variable cost 
Decrease for both fixed and variable costs 

Question # 2 of 15 ( Start time: 05:10:01 AM ) Total Marks: 1 
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 

Question # 3 of 15 ( Start time: 05:10:18 AM ) Total Marks: 1 
Under/Over applied FOH cost can be adjusted in which of the following: 
Select correct option: 

Entire Production 
Cost of Good sold 
Net Profit 
All of given options 

Question # 4 of 15 ( Start time: 05:10:25 AM ) Total Marks: 1 
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 

Question # 5 of 15 ( Start time: 05:10:43 AM ) Total Marks: 1 
The abbreviation LIFO is: 
Select correct option: 

Large integrated financial organization 
Least interesting financial option 
The last in first out method 
None of the given options 

Question # 6 of 15 ( Start time: 05:11:05 AM ) Total Marks: 1 
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 

Question # 7 of 15 ( Start time: 05:11:13 AM ) Total Marks: 1 
A Blanket Rate is: 
Select correct option: 

A single rate which used throughout the organisation departments A double rates which used throughout the organisation departments 
A single rates which used in different departments of the organisation 
None of the given options 

Question # 8 of 15 ( Start time: 05:11:20 AM ) Total Marks: 1 
A worker is paid Rs. 0.50 per unit and he produces 18 units in 7 hours. Keeping in view the piece rate system, the total wages of the worker would be: 
Select correct option: 

18 x 7 x 0.50 = Rs. 63 
18 x 0.50 = Rs. 9 
18 x 7 = Rs. 126 
7 x 0.5 = Rs. 3.5 

Question # 9 of 15 ( Start time: 05:11:39 AM ) Total Marks: 1 
Which of the following is indirect cost? 
Select correct option: 

The depreciation of machinery 
The overtime premium incurred at the specific request of a customer 
The hire of tools for a specific job 
All of the given options 

Question # 10 of 15 ( Start time: 05:11:51 AM ) Total Marks: 1 
Factory Over head cost includes 
Select correct option: 

Factory Rent 
Property Tax 
Salaries of Factory Clerk 
All of the given 

Question # 11 of 15 ( Start time: 05:11:59 AM ) Total Marks: 1 
Manufacturing entities classified the inventory in which of three kinds? 
Select correct option: 

Material inventory,WIP inventory,Finished goods inventory 
Material inventory,purchased good inventory,WIP inventory 
Material inventory,purchased good inventory,Finished goods inventory 
WIP inventory,Finished goods inventory,purchased good inventory 

Question # 12 of 15 ( Start time: 05:12:10 AM ) Total Marks: 1 
Which of the following is a mechanical device to record the exact time of the workers? 
Select correct option: 

Clock Card 
Store Card 
Token System 
Attendance Register 

Question # 13 of 15 ( Start time: 05:12:45 AM ) Total Marks: 1 
Merrick Differential Piece Rate System: 
Select correct option: 

worker is not penalized even if his performance does not exceed 80 per cent of the High Task. 
worker is not penalized even if his performance does not exceed 70 per cent of the High Task. 
worker is not penalized even if his performance does not exceed 50 per cent of the High Task. 
worker is not penalized even if his performance does not exceed 30 per cent of the High Task. 

Question # 14 of 15 ( Start time: 05:12:53 AM ) Total Marks: 1 
_______ are future costs that effect the current management decision. 
Select correct option: 

Sunk Cost 
Standard Cost 
Relevant Cost 
Irrelevant Cost 

Question # 15 of 15 ( Start time: 05:13:00 AM ) Total Marks: 1 
Which of the following statement is TRUE about FOH applied rates? 
Select correct option: 

They are used to control overhead costs 
They are based on actual data for each period 
They are predetermined in advance for each period 
None of the given

Question # 1 of 15 ( Start time: 05:21:06 AM ) Total Marks: 1 
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 

Question # 2 of 15 ( Start time: 05:21:14 AM ) Total Marks: 1 
If computational and record-keeping costs are same under both FIFO and weighted average, which of the following method will generally be preferred? 
Select correct option: 

Weighted Average 
FIFO 
Hybrid process 
Cannot be determined with so little information 

Question # 3 of 15 ( Start time: 05:21:21 AM ) Total Marks: 1 
Which of the following would be considered a major aim of a job order costing system? 
Select correct option: 

To determine the costs of producing each job or lot 
To compute the cost per unit 
To include separate records for each job to track the costs 
All of the given options 

Question # 4 of 15 ( Start time: 05:22:08 AM ) Total Marks: 1 
A cost unit is 
Select correct option: 

The cost per hour of operating a machine 
The cost per unit of electricity consumed 
A unit of product or services in relation to which costs are ascertained 
A measure of work output in a standard hour 

Question # 5 of 15 ( Start time: 05:22:28 AM ) Total Marks: 1 
If, COGS = Rs. 50,000 GP Margin = 25% of sales What will be the value of Sales? 
Select correct option: 

Rs. 200,000 
Rs. 66,667 
Rs. 62,500 
None of the given options 

Question # 6 of 15 ( Start time: 05:22:48 AM ) Total Marks: 1 
Which of the following is/are reported in production cost report? 
Select correct option: 

The costs charged to the department 
How the costs were assigned to the output? 
The equivalent units of production by the department 
All of the given options 

Question # 7 of 15 ( Start time: 05:22:59 AM ) Total Marks: 1 
Under/Over applied FOH cost can be adjusted in which of the following: 
Select correct option: 

Entire Production 
Cost of Good sold 
Net Profit 
All of given options 

Question # 8 of 15 ( Start time: 05:23:07 AM ) Total Marks: 1 
Gross pay less deductions represents all except: 
Select correct option: 

Net pay 
Take home pay 
Total pay 
Other income 

Question # 9 of 15 ( Start time: 05:23:13 AM ) Total Marks: 1 
Which of the following is/are reasons of abnormal loss? 
Select correct option: 

Defective material used 
Machine breakdown 
Poor workmanships 
All of the given 

Question # 10 of 15 ( Start time: 05:23:21 AM ) Total Marks: 1 
If, Gross profit = Rs. 40,000 GP Margin = 25% of sales What will be the value of cost of goods sold? 
Select correct option: 

Rs. 160,000 
Rs. 120,000 
Rs. 40,000 
Can not be determined 

Question # 11 of 15 ( Start time: 05:23:37 AM ) Total Marks: 1 
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 

Question # 12 of 15 ( Start time: 05:23:43 AM ) Total Marks: 1 
Which of the following statement is TRUE about FOH applied rates? 
Select correct option: 

They are used to control overhead costs 
They are based on actual data for each period 
They are predetermined in advance for each period 
None of the given 

Question # 13 of 15 ( Start time: 05:24:01 AM ) Total Marks: 1 
Which of the following statement is correct regarding reasons of variance? 
Select correct option: 

Difference between capacity level over which overhead absorption rate is calculated & capacity level attained. 
Difference between FOH cost budgeted or estimated over which overhead absorption rate and FOH actually incurred. 
Diffrence between the actual level which company achived and budget level which company determined. 
All of the given 

Question # 14 of 15 ( Start time: 05:24:53 AM ) Total Marks: 1 
In which of the following center FOH cost NOT incurred 
Select correct option: 

Production Center 
Service Center 
General Cost Center 
Head Office 

Question # 15 of 15 ( Start time: 05:25:25 AM ) Total Marks: 1 
The Term Maximum Level Represents: 
Select correct option: 

The maximum stock level indicates the maximum quantity of an item of material which can be held in stock at any time. 
The maximum stock level indicates the maximum quantity of an item of material which cannot be held in stock at any time. 
The Average stock level indicates the maximum quantity of an item of material which can be held in stock at any time. 
The Available stock level indicates the maximum quantity of an item of material which can be held in stock at any time.