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Question-1
Identify the perpetual inventory system from the following system
(A)
It provides the data on continuous basis
(B)
It is based on physical stock taking
(C)
It provides data once in a year
(D)
It does not provide basis for control
Question-2
When materials are received from the supplier, the inspection department thoroughly inspects whether the quantity and quality of materials with the purchase order and it prepares a note called_________
(A)
Purchase requisition note
(B)
Material inspection note
(C)
Goods received note
(D)
Selling requisition note.
Question-3
Identify the utilities of Bin card from the following
(A)
It is used for entering the receipts issues and the closing balance of each item of stores
(B)
It shows the closing stock of every materials both in quantity and a value
(C)
It provided a continuous record of stores received and issue.
(D)
It provides the details for pricing issue of materials.
Question-4
Identify the utility of stores ledger
(A)
It is used for entering the receipts issues and the closing balance of each item
(B)
It is used for controlling the stock by levels stated
(C)
It provides and independent check on the store ledger
(D)
It provides a continuous record of stores received and issued
Question-5
Identify the merits of perpetual inventory system
(A)
It is an expensive affair
(B)
It is not necessary to stop production to carry out stock taking
(C)
It is suitable to bigger firms
(D)
Stock figure are not reliable
Question-6
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-7
Identify the merits of FIFO method
(A)
This method is simple to understand
(B)
There are violent fluctuation in the prices of materials
(C)
The cost of issues do not represent current market price
(D)
If the price fluctuate comparison between different jobs executed by the concern becomes difficult
Question-8
_______ is a list of all materials required for a specific job, process or work order.
(A)
Bill of a material
(B)
Debenture
(C)
Partnership deed
(D)
Voucher
Question-9
__________ cost represents the cost actually incurred at the date of acquisition.
(A)
Historical cost
(B)
Current cost
(C)
Standard cost
(D)
Replacement cost
Question-10
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
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Plus 2 Commerce
ICSE/ISC
Practice in Related Chapters
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Goodwill - Concept and Mode its Valuation
Partnership Accounts : Admission of Partner
Capital Adjustment of Change of Profit Sharing Ratio
Admission of a Partner
Final Accounts of Companies
Joint Stock Company Accounts: Issue of Debentures
Cost Accounting An Introduction
Joint Venture Account
Sectional Balancing and Self Balancing System
Ratio Analysis
Cost Accounting Inventory Valuation
Cash Flow Statement
Cost Accounting Cost Sheet
Cash Flow Statement
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