MGT 402 Cost & Management Accounting - 1
20 Questions
| Total Attempts: 845
MGT 402 Cost & Management Accounting - 1
Questions and Answers
- 1.Direct Material + Direct Labor + other direct cost =
- A.
Prime Cost
- B.
Factory OverHead (FOH)
- C.
Conversion Cost
- D.
None
- 2.If Direct Material = 12,000 Direct Labor = 8000 other Direct Cost = 2000 then what will be the Prime Cost?
- A.
12000
- B.
14000
- C.
20000
- D.
22000
- 3.Direct Labour + Other Direct Cost + FOH =
- A.
Prime Cost
- B.
Factory OverHead (FOH)
- C.
Conversion Cost
- D.
None
- 4.Accounting is a language of ________________.
- A.
Accountants
- B.
Mathematics
- C.
Mathematics
- D.
NONE
- 5.Accounting has ____________ branches
- A.
1
- B.
2
- C.
3
- D.
4
- 6.Cost is classified in _____________ categories.
- A.
1
- B.
2
- C.
3
- D.
4
- 7.Cost that can be traced in full to the product or services is called
- A.
Direct Cost
- B.
Indirect Cost
- 8.Financial Accounting is a branch of management accounting.
- A.
TRUE
- B.
FALSE
- 9.Accounting is always a language of business
- A.
TRUE
- B.
FALSE
- 10.Cost Accounting is an art of Recording , Classifying, summarizing, Reporting, Interpreting of the Financial Information.
- A.
TRUE
- B.
FALSE
- 11.Cost is expenditure incurred.
- A.
TRUE
- B.
FALSE
- 12.Management Accounting deals with Ascertainment, Measurement, Accumulation, Budgeting & Evaluating cost structure of the entity.
- A.
True
- B.
FALSE
- 13.Cost Accounting deals with decisions relating to the generation & effective utilization of the financial resources of an entity.
- A.
TRUE
- B.
FALSE
- 14.A firm Uses its own capital or Uses its owner's time and/or financial resources both are examples of ____________
- A.
Implicit Cost
- B.
Explicit Cost
- 15._________________ is the cost that is subject to actual payment or will be paid for in future.
- A.
Implicit Cost
- B.
Explicit Cost
- 16.Wage, Rent & Materials are examples of ____________.
- A.
Implicit Cost
- B.
Explicit Cost
- 17.An investor invests in stock exchange he foregoes the opportunity to invest further in his hotel. The profit which the investor will be getting from the hotel is _________________.
- A.
Opportunity cost
- B.
Period Cost
- C.
Product Cost
- D.
Historical Cost
- 18.____________ is verifiable through invoices/agreements.
- A.
Opportunity Cost
- B.
Product Cost
- C.
Period Cost
- D.
Historical Cost
- 19._________________ is a Predetermine cost of the units.
- A.
Standard cost
- B.
Implicit Cost
- C.
Product Cost
- D.
None
- 20.Indirect cost is also known as overhead cost.
- A.
True
- B.
False
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