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Question-1
Identify the utility of Bin card from the following:
(A)
It shows the closing stock of every materials
(B)
It provides an independent check on the store ledger.
(C)
It provides a continuous record at stores received and issues
(D)
It provides the details necessary for pricing issue of materials
Question-2
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-3
__________ cost represents the cost actually incurred at the date of acquisition.
(A)
Historical cost
(B)
Current cost
(C)
Standard cost
(D)
Replacement cost
Question-4
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
Question-5
Identify the perpetual inventory system from the following system
(A)
It is based on physical stock taking
(B)
It provides data once in a year
(C)
It does not provide basis for control
(D)
It provides basis for control
Question-6
Identify the perpetual inventory system from the following
(A)
It is based on physical stock taking
(B)
It provides a data once in a year
(C)
It does not provide basis for control
(D)
It is based on records
Question-7
_______ 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-8
Who made the entries in the Bin card?
(A)
Manager
(B)
Cost clerk
(C)
Store keeper
(D)
Supervisor
Question-9
Identify the merits of perpetual inventory system from the following
(A)
It is an expensive affair
(B)
Stock figure are not reliable
(C)
This system brings to light the existence of obsolete, dormant and slow moving items
(D)
It is suitable to bigger firms
Question-10
Identify the demerits of perpetual inventory system from the following
(A)
It is a regular work expert can be appointed
(B)
Stock figure are not reliable
(C)
It ensures a moral influence on the stores staff
(D)
Discrepancies are detected easily and quickly
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Plus 2 Commerce
ICSE/ISC
Practice in Related Chapters
Partnership Accounts : Distribution of Profits
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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