Accounting Practice MCQ Page 8

Multiple Choice questions for Accounting in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.
Question: 1297   Taking the data in Q.3.21 above, the estimated annual ordering cost is
  1. RS.1,600
  2. RS.10,000
  3. RS.3,200
  4. RS.5,000
Question: 1300   On the basis of data given in Q 3.21 above, number of orders to be placed in each year are
  1. 10
  2. 50
  3. 20
  4. 100
Question: 1304   When material prices are showing a rising trend, which method of pricing will show lower cost of production
  1. FIFO
  2. LIFO
  3. Weighted average
  4. Replacement price
Question: 1307   In periods of rising prices, which method of pricing shows higher stock values
  1. FIFO
  2. LIFO
  3. Weighted average
  4. Replacement price
Question: 1309   In which method, prices charged to production are at the current prices prevailing in the market
  1. FIFO
  2. LIFO
  3. Weighted average
  4. Replacement price
Question: 1312   When prices are showing a falling tendency, which method of pricing of material issues will show higher closing stock value
  1. FIFO
  2. LIFO
  3. Weighted average
  4. Specific price method
Question: 1313   When production is below standard specification or quality and cannot be rectified by incurring additional cost, it is called
  1. Defectives
  2. Spoilage
  3. Waste
  4. Scrap
Question: 1315   Materials losses are due to some of the following reasons
  1. Fore accident
  2. Theft
  3. Breaking the bulk
  4. Evaporation
  5. pilferage
Question: 1319   Documents used in a material control system include the following
  1. Purchase Requisition Note
  2. Stores Requisition Note
  3. Bill of Materials
  4. Goods Received Note
  5. Purchase order
Question: 1321   At what amount materials issued on 8-1-1997 will be charged if FIFO method is used
  1. RS.1,550
  2. RS.1,575
  3. RS1,700
  4. RS1,750
Question: 1323   At what amount materials issued will be charged ifLIFO method is used
  1. RS.1,550
  2. RS.1,575
  3. RS.1,700
  4. RS.1,750
Question: 1325   at what amount materials issued will be charged if simple average price is used
  1. RS.1,550
  2. RS1,575
  3. RS.1,610
  4. RS.1,700

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
1297 . A       1300 . B       1304 . A       1307 . A       1309 . D       1312 . B       1313 . B       1315 . A       1319 . D       1321 . B       1323 . C       1325 . B      

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