WorksheetsCost accounting - 2
Total questions: 10
Worksheet time: 8mins
Works cost is also called as
What are the objectives of Material costing
A. No under stocking
B. Quality maintenance
C. Minimum wastage
D. Economy in purchasing
E. All of the above
GRN
Inventory systems
A. Periodic inventory system
B. Perpetual inventory system
C. Both A and B
D. None of the above
Bincard is maintained by
A. Cost accounting department
B. Financial accounting department
C. Store keeper
D. All of the above
Stores ledger is maintained by
A. Cost accounting department
B. Store keeper
C. Financial accounting department
D. None of the above
Bincard contains quantities only
A. Yes
B. No
Stores ledger contains both quantities and values of the Materials
A. Yes
B. No
C. I don't know
Methods of pricing Material Issues
A. FIFO
B. LIFO
C. Simple average price
D. Replacement print
E. None of the above
In FIFO method materials purchased first are issued at last
A. yes
