Materials must be controlled because:

they are essential for quality.

What are the objectives of material control?

To ensure efficient use of materials and minimize waste

To increase the cost of production

To delay the production process

To reduce the quality of the final product

What does a MATERIAL CONTROL SYSTEM ensure?

Provision of required quantity of material of desired quality and at the required time with minimum capital tied-up.

Increase in production costs and delays.

Reduction in product quality and customer satisfaction.

Excessive inventory and wastage.

What are the three stock levels used in material control?

Maximum level, Minimum level, Re-order level

Safety stock level, Buffer stock level, Lead time level

Economic order quantity, Just-in-time level, Safety stock level

Inventory turnover level, Stockout level, Holding cost level

What is the main goal of ordering stock with the least cost possible?

To achieve Economic Order Quantity

What are ordering costs?

Ordering costs are costs that are incurred on obtaining additional inventories.

Ordering costs are the costs associated with the production process.

Ordering costs are the expenses related to marketing and sales.

Ordering costs are the fees charged for shipping goods.

What does stock valuation refer to?

The issue of stock of materials from the store to the production departments or sale of finished goods to customer

What is the concern in stock valuation regarding the issue price?

How to charge the cost of material

Which of the following is a characteristic of the Weighted Average Cost Method (WACM)?

Uses weighted average for all issues

Earliest materials purchased are used first until exhausted

Materials are stored indefinitely

What are the two categories of traceability in labour?

Direct labour and Indirect labour

Production workforce and Cost component

Which of the following is a time-based method of remuneration?

Piece rate with minimum guarantee

Fill in the blank: _______ is an output-based method of remuneration that includes a guaranteed minimum pay.

Piece rate with minimum guarantee

In differential piecework, how are rates determined?

Different rates at different levels of production

What is one advantage of output-based remuneration?

Motivates workers to be more efficient

Increases overhead cost per unit

What is one disadvantage of output-based remuneration?

May be difficult to administer and time consuming

Motivates workers to be more efficient

What is a potential risk of output-based remuneration?

Quality of product may be jeopardised

Motivates workers to be more efficient

What is a possible disadvantage of performance-based pay?

Employee satisfaction may decline

Encourages teamwork among staff

Reduces costs associated with labor

Overheads are costs not easily traceable to cost objects.

Overheads are direct costs associated with production.

Overheads are the main revenue streams of a company.

Overheads are the profits earned by a business.

Which of the following is a reason why overheads are not easily traceable?

Cost element is shared among cost objects

Cost element is unique to each cost object

Cost element is always variable

Topic 2: ACC466

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DR SITTI SYAMSIAR MUHARRAM

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What is purchased from suppliers to manufacture products for sale?

Which of the following is a type of material used in manufacturing?

Which of the following is a type of material used in manufacturing?

Which of the following is a type of material used in manufacturing?

Which of the following is a type of material used in manufacturing?

Which of the following is a type of material used in manufacturing?

What is the first stage in material recording?

Which stage comes after 'Receipt' in material recording?

In the stages of material recording, what follows 'Storage'?

What is the final stage in the material recording process?

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