Spring+2009_MidTerm_MGT402_Cost_&_Management_Accounting

Spring+2009_MidTerm_MGT402_Cost_&_Management_Accounting...

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MIDTERM EXAMINATION Spring 2009 MGT402- Cost & Management Accounting (Session - 2) Question No: 1 ( Marks: 1 ) - Please choose one D Corporation uses process costing to calculate the cost of manufacturing Crunchies. During the month 12,500 units were completed, 1,500 units remained in work in process at 25 percent completed. How many equivalent units are produced? ► 12,500 units ► 12,875 units ► 14,250 units ► 12,125 units Question No: 2 ( Marks: 1 ) - Please choose one Greenwood petroleum has the data for the year was as follow: Opening WIP 26,000 barrels. Introduced during the year 67,000 barrels Closing WIP 15,000 barrels. How many barrels were completed and transferred out of work-in-process this period? ► 67,000 barrels ► 78,000 barrels ► 82,000 barrels ► 93,000 barrels Question No: 3 ( Marks: 1 ) - Please choose one During the year 50,000 units put in to process.30, 000 units were completed. Closing WIP were 20,000 units, 70% completed. How much the equivalent units of output would be produced? ► 20,000 units ► 30,000 units ► 36,000 units ► 44,000 units Question No: 4 ( Marks: 1 ) - Please choose one What would be the effect on the cost of a department in case of normal Loss? ► Decreased ► Increased ► No effect
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► Increase to the %age of loss Question No: 5 ( Marks: 1 ) - Please choose one When 10,000 ending units of work-in-process are 30% completed as to conversion, it means: ► 30% of the units are completed ► 70% of the units are completed ► Each unit has been completed to 70% of its final stage ► Each of the units is 30% completed Question No: 6 ( Marks: 1 ) - Please choose one In order to compute equivalent units of production, which of the following must be reasonably estimated? ► Units ► The percentage of completion ► Direct material cost ► Units started and completed Question No: 7 ( Marks: 1 ) - Please choose one In a job order cost system, the use of direct materials would be recorded as a debit to: ► Finished Goods inventory ► Manufacturing Overhead ► Raw Materials inventory ► Work in Process inventory Question No: 8 ( Marks: 1 ) - Please choose one If management predicts total direct labor costs of Rs. 100,000 and total overhead costs of Rs. 200,000, what is its predetermined overhead rate based on direct labor costs? ► 50% ► 100% ► 200% ► Cannot be determined Question No: 9 ( Marks: 1 ) - Please choose one P Ltd applied overheads on the basis of direct labor hours. The overhead applied rate for the period has been based on budgeted overhead of Rs.150, 000 and 50,000 direct labor hours. During the period overhead of Rs. 180,000 were incurred and 60,000 direct labor hours were used. Which of the following statement is correct?
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This note was uploaded on 10/11/2010 for the course FINANCE 5101144 taught by Professor Hjk during the Spring '10 term at Arab Academy for Science, Technology & Maritime Transport.

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Spring+2009_MidTerm_MGT402_Cost_&_Management_Accounting...

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