Accounting, as we all know, is a broad subject. Today, with this 'Accounting for Materials quiz,' we will test your knowledge about it by asking you questions based on simple accounting concepts- material accounting. Just like every other accounting topic, materials accounting also covers a wide range of financial documents and costs. Let's see how much you know about this subject. Try to hit a score above 70% in order to pass this test.
Fixed cost
Variable cost
Semi variable cost
Fixed income
Manufacturing cost.
Administration cost
Selling and distribution cost
None of the above
Material
Labour
Overheads.
None of them
Bill of Materials
Bin card
Stores ledger
All of these
Purchase Requisition Note
Stores requisition Note
Goods Received Note
Stores Credit Note
Loss due to accidents
Pilferage
Loss due to breaking the bulk
Loss due to careless handling of materials
Last-in-first-out price
First-in-first-out price
Replacement price
Weighted average price
Perpetual inventory system
Materials turnover
Maximum, minimum and re-order level setting
ABC analysis
Quantity of stock being issued
Stock in balance
Minimum stock
Maximum stock
Electricity representing 90% of the total cost.
Sand paper used in production
Thread used in attaching garments
All of the above
Annual stock-taking
Perpetual inventory
ABC analysis.
All of them
Inflated price method
Standard price method
Replacement price method
Specific price method.
Minimum level
Maximum level
Re-order level
Average level.
Loss by evaporation
Loss due to improper storage of materials
Loss due to breaking the bulk
All of these.
Simple average price
Weighted average price
Moving average price
Inflated price.
Simple average
Weight average
FIFO
LIFO
Weighted average price
Standard price
Replacement price
All of these
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