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Question-1
Identify the utility of store ledger under the following
(A)
It is used for entering the receipts issues and the closing balance of each item
(B)
It provides the details necessary for pricing issue of materials
(C)
It is used for controlling the stock by level stated
(D)
It provides an independent check on the store ledger
Question-2
Identity the utility of store ledger from the following
(A)
It shows the closing stock of every material, both in quantity and value
(B)
It provide an independent check on the store ledger
(C)
It is used for entering the receipts issues and the closing balance of each item of stores.
(D)
It is used for controlling the stock by level stated
Question-3
Which one of them is belongs to the stores ledger?
(A)
It is a record of quantities only
(B)
It is maintained by the store keeper
(C)
Entries are made by the store keeper
(D)
It is kept in the cost office
Question-4
Many copies of the bill of material are usually prepared?
(A)
Four
(B)
One
(C)
Two
(D)
Three
Question-5
Identify the merits of perpetual inventory system
(A)
It is an expensive affair
(B)
It is suitable to bigger firms
(C)
Stock figure are not reliable
(D)
It facilitates the preparation of final accounts, even at short notice.
Question-6
Which one is belongs to the bin card?
(A)
Postings are made before the transaction
(B)
Postings are made after the transaction
(C)
Entries are made periodically
(D)
It is kept in the cost office.
Question-7
Identify the merits of LIFO method?
(A)
This method is useful when transaction are not too many and prices are fairly steady
(B)
There are violent fluctuations in the prices materials
(C)
The cost issues do not represent current market price.
(D)
If the prices fluctuate comparison between different jobs executed by the concern becomes difficult
Question-8
Which one of the following is belongs to the periodic inventory system?
(A)
It is based on physical stock taking
(B)
It is based on records
(C)
It provides the data on continuous basis
(D)
It provides basis for control
Question-9
Which one of them is belongs to the stores ledger ?
(A)
Entries are made along with each transaction
(B)
Entries are made by the store keeper
(C)
It gives physical as well as value information
(D)
It gives physical information only
Question-10
Those materials that have been committed to production process but have not yet been converted into finished goods. What kind of stock inventory is it?
(A)
Raw materials
(B)
Goods in process
(C)
Finished goods
(D)
None of these
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Plus 2 Commerce
ICSE/ISC
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