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Question-1
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-2
Which one of them is belongs to the Bin card?
(A)
It is record of both quantities and values
(B)
It is maintained by the cost clerk
(C)
It is attached to the bin
(D)
It is kept in the cost office.
Question-3
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-4
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
Question-5
______ cost represent the replacement price on the date of its consumption.
(A)
Historical cost
(B)
Current cost
(C)
Standard cost
(D)
None of these
Question-6
Identify the perpetual inventory system
(A)
It is expensive. it is adopted by big concerns only
(B)
It is simple and economical method and can be adopted in small concern
(C)
It is based on physical stock taking
(D)
It provides data once in a year
Question-7
Which one of them is belongs to the stores ledger?
(A)
It is a record of quantities only
(B)
It is maintained by the cost clerk
(C)
It is maintained by the store keeper
(D)
Entries are made by the store keeper
Question-8
Identify the periodic system from the following
(A)
It is based on records
(B)
It provided the data on continuous basis
(C)
It provides basis for control
(D)
It does not provide basis for control
Question-9
Identify the merits of perpetual inventory system from the following
(A)
It is an expensive affairs
(B)
It ensures a moral influence on the stores staff
(C)
Stock figure are not reliable
(D)
It is suitable to bigger firms
Question-10
Which one of the following are belongs to the Bin card?
(A)
Entries are made along with each transaction
(B)
Entries are made by the cost clerk
(C)
Entries are made periodically
(D)
It is kept in the cost office.
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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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