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Quiz 2 CTB - Unit 2

Authored by Ganesan KS

Business

11th Grade

Used 8+ times

Quiz 2 CTB - Unit 2
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10 questions

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1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Stocks in a factory refers to ________

work-in-progress

raw materials

finished goods

all of the above

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Example of costs associated with obtaining inventory are

insurance and security

audit and stock recording

freight and insurance

warehouse equipment and rent

3.

MULTIPLE CHOICE QUESTION

10 sec • 2 pts

Pilferage losses are considered as

abnormal loss

admin overhead expense

marketing overhead expense

normal loss

4.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

When prices are falling, the value of the closing stock will be lowest under _____ method.

LIFO

Weighted average

FIFO

None of the above

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Abnormal losses are written off as part of _______

direct material cost

production overhead expense

admin overhead expense

marketing overhead expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Find the cost of direct materials used in production.

Direct materials from stores $20,000

Components purchased $5,000

Raw materials transferred-in $1,000

Raw materials returned to suppliers $500

Raw materials transferred-out $500

Consumable materials used $1,000

$20,000

$25,000

$26,000

None of the above

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Why are raw materials returned to the store?

excessive withdrawal

wrong items drawn

items are damaged

all of the above

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