Management Accounting 4

Multiple Choice Multiple Answer
Question
In fixed overhead variance, the volume variance is further analyzed as
Correct Answer
Variance Efficiency Variance , Capacity Variance , Calendar Variance
Your Answer
Variance Efficiency Variance , Capacity Variance , Calendar Variance

Multiple Choice Single Answer
Question
For a unit, if opening stock of raw material is 10,000 units, closing stock of raw material is 5,000 units and consumption is 3,20,000 units, what will be the quantum of raw material to be purchased
Correct Answer 3,15,000
Your Answer 3,15,000

Multiple Choice Multiple Answer
Question
Accounts is a
Correct Answer
Record of all transaction
Your Answer
Record of all transaction

True/False
Question
Whatever is to be sold need not be produced.
Correct Answer True
Your Answer True

True/False
Question
Patents and Trade Marks Account is a Real Account.
Correct Answer True
Your Answer True

Multiple Choice Single Answer
Question
Budget is prepared in terms of
Correct Answer
Quantity and/or Money

Your Answer
Quantity and/or Money

True/False
Question
Favorable variances need on investigation
Correct Answer
False
Your Answer
False

Multiple Choice Multiple Answer
Question
Standard Costing may not be useful in
Correct Answer
Small concerns , Industries having non-standardized products , Contract jobs
Your Answer
Small concerns , Industries having non-standardized products , Contract jobs

True/False
Question
A business is an activity carried out with the intention of earning the profit.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
__________ Accounting becomes a source of information for Management Accounting.
Correct Answer
Financial
Your Answer
Financial

Select The Blank
Question
The levels indicated on the Bin card enables the ________ department to keep a watch on the balance and replace the material as soon as it reached at ________ level.
Correct Answer
Stores
Your Answer
Stores
Correct Answer
Re-order level
Your Answer
Re-order level

Multiple Choice Single Answer
Question
Standard costs are the targets to be attained by the actual performance.
Correct Answer
Minimum
Your Answer
All the above

Multiple Choice Single Answer
Question
During one week X makes 200 units. He receives wages for a guaranted 44hours per week at a rate of Rs. 1.50 per hour. Estimated time to produce one unit is 15 minutes. Time allowed is increased by 2
Correct Answer
Rs. 75
Your Answer
Rs. 78

True/False
Question
A business is an activity carried out with the intention of earning the profit.
Correct Answer
True
Your Answer
True