MGT402 Quiz 25 June 2010

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Quiz Start Time: 07:13 PM Time Left 13 sec(s)
Question # 1 of 15 ( Start time: 07:13:13 PM ) Total Marks: 1
A company produces two chemicals in a joint process. Chemical A can be sold at split off while chemical B currently cost Rs. 2 per gallon for disposal. If chemical B is further processed, it would cost Rs. 5 per gallon. At what sales price would the company be in different between disposing of chemical B at split off and further processing the chemical?
Select correct option:

• Rs.3
  
• Rs.5
  
• Rs.4
  
• Rs.7
  

Quiz Start Time: 07:13 PM Time Left 26 sec(s)
Question # 2 of 15 ( Start time: 07:14:34 PM ) Total Marks: 1
In the process costing when labor is charged to production department- I. What would be the journal entry Passed?
Select correct option:

• Payroll a/c To W.I.P (Dept-I)
  
• Payroll a/c To W.I.P (Dept-II)
  
• W.I.P (Dept-I) To Payroll a/c
  
• W.I.P (Dept-II) To Payroll a/c
  

Quiz Start Time: 07:13 PM Time Left 37 sec(s)
Question # 3 of 15 ( Start time: 07:15:41 PM ) 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
  

Quiz Start Time: 07:13 PM Time Left 37 sec(s)
Question # 3 of 15 ( Start time: 07:15:41 PM ) 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
  

Quiz Start Time: 07:13 PM Time Left 43 sec(s)
Question # 4 of 15 ( Start time: 07:16:36 PM ) 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
  

Quiz Start Time: 07:13 PM Time Left 32 sec(s)
Question # 5 of 15 ( Start time: 07:17:26 PM ) Total Marks: 1
Which of the following is a characteristic of process cost accounting system?
Select correct option:

• Material, Labor and Overheads are accumulated by orders
  
• Companies use this system if they process custom orders
  
• Opening and Closing stock of work in process are related in terms of completed units
  
• Only Closing stock of work in process is restated in terms of completed units
  

Quiz Start Time: 07:13 PM Time Left 59 sec(s)
Question # 6 of 15 ( Start time: 07:18:27 PM ) Total Marks: 1
The point at which joint product costs become separately identifiable is known as the:
Select correct option:

• Split-off point
  
• Relative sales value point
  
• Joint processing cost
  
• None of the given options
  

Quiz Start Time: 07:13 PM Time Left 17 sec(s)
Question # 7 of 15 ( Start time: 07:19:01 PM ) Total Marks: 1
EOQ is the order quantity that _________ over our planning horizon
Select correct option:

• Minimizes total ordering costs
  
• Minimizes total carrying costs
  
• Minimizes total inventory costs
  
• Minimize the required safety stock
  

Quiz Start Time: 07:13 PM Time Left 39 sec(s)
Question # 8 of 15 ( Start time: 07:20:17 PM ) Total Marks: 1
The cost of electricity bill of the factory is treated as:
Select correct option:

• Fixed cost
  
• Variable cost
  
• Step cost
  
• Semi variable cost
  

Quiz Start Time: 07:13 PM Time Left 61 sec(s)
Question # 9 of 15 ( Start time: 07:21:10 PM ) Total Marks: 1
The Economic order quantity can be calculated by:
Select correct option:

• Formula Method
  
• Table Method
  
• Graph Method
  
• All of the given
  

Quiz Start Time: 07:13 PM Time Left 45 sec(s)
Question # 10 of 15 ( Start time: 07:21:42 PM ) Total Marks: 1
__________ is the time worked over and above the employee's basic working week.
Select correct option:

• Flex time
  
• Overtime
  
• Shift allowance
  
• Commission
  

Quiz Start Time: 07:13 PM Time Left 9 sec(s)
Question # 11 of 15 ( Start time: 07:22:30 PM )
A company needed to produce 340 liters of chemical “X”. There is a normal loss of 10 %( 40 units) of the material put in to the process during the month. The company produced 340 liters of good production. Although there was an abnormal loss of 5 % of the material put into the process which was 20 units. Find out the number of liters put in to process in the beginning?
Select correct option:

• 400 litres
  
• 340 litres
  
• 300 litres
  
• 200 litres
  

Quiz Start Time: 07:13 PM Time Left 22 sec(s)
Question # 12 of 15 ( Start time: 07:23:54 PM ) Total Marks: 1
Which of the following best describe a by product?
Select correct option:

• A product that usually produces a large amount of revenue as compared to the main product revenue
  
• A product that is produced from raw material that would otherwise be scraped
  
• A product that has always higher selling price per unit than the main product
  
• A product created with the main product where sales value does not cover its cost of production
  

Quiz Start Time: 07:13 PM Time Left 51 sec(s)
Question # 13 of 15 ( Start time: 07:25:05 PM ) 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
  

Quiz Start Time: 07:13 PM Time Left 65 sec(s)
Question # 14 of 15 ( Start time: 07:25:47 PM ) Total Marks: 1
Working hours of labor can be calculated with the help of all except:
Select correct option:

• Smart card
  
• Time sheet
  
• Clock card
  
• Store card
  

Quiz Start Time: 07:13 PM Time Left 35 sec(s)
Question # 15 of 15 ( Start time: 07:26:14 PM ) Total Marks: 1
Direct material opening inventory add net purchases is called
Select correct option:

• Material consumed
  
• Material available for use
  
• Total material purchased
  
• Material ending inventory