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(2023) Accounts Officer PakMcqs MCQS > Set#04 (Accounting) > Flashcards

Set#04 (Accounting) Flashcards

1
Q

Computers taken on hire by a business for a period of twelve months should be classified as:___________?
0

A. Current assets
B. Intangible assets
C. Deferred revenue expenditure
D. Not an asset

A

D. Not an asset

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2
Q

Direct cost incurred can be identified with_______________?
0

A. Each Department
B. Each unit of output
C. Each Month
D. Each Executive

A

B. Each unit of output

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3
Q

Overhead cost is the total of ____________.
0

A. all indirect costs.
B. all direct costs.
C. indirect and direct costs.
D. all specific costs

A

A. all indirect costs.

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4
Q

Warehouse rent is a part of _________?
0

A. prime cost.
B. factory cost.
C. distribution cost.
D. production cost

A

C. distribution cost.

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5
Q

Tender is an_____________?
0

A. estimation of profit.
B. estimation of cost.
C. estimation of selling price.
D. estimation of units.

A

C. estimation of selling price.

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6
Q

Audit fess is a part of__________.
0

A. works on cost.
B. selling overhead.
C. distribution overhead.
D. administration overhead

A

D. administration overhead

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7
Q

Depreciation fund method is also known as__________?
0

A. Sinking Fund Method
B. Annuity Method
C. Sum of Year Digits Method
D. None of these

A

A. Sinking Fund Method

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8
Q

Non Trading institution prepare:______________?
0

A. profit and loss account
B. Manufacturing account
C. Income and Expenditure Account
D. Cost of good sold

A

C. Income and Expenditure Account

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9
Q

An inventory, which consists of partially worked goods is called _____________?
0

A. direct materials inventory
B. work in process inventory
C. finished goods inventory
D. indirect material inventory

A

B. work in process inventory

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10
Q

The balance sheet, in which all the costs of the product that must be considered as its assets, is said to be
0

A. factory overhead costs
B. manufacturing overhead costs
C. Inventoriable Costs
D. finished costs

A

C. Inventoriable Costs

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11
Q

The period cost, which consists the income statement of manufacturing companies belong to ____________?
0

A. inventory costs
B. product costs
C. non-manufacturing costs
D. manufacturing costs

A

C. non-manufacturing costs

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12
Q

The wages and other benefits, provided to assembly line workers and operators of machine are classified under the _____________?
0

A. work in process costs
B. finished costs
C. direct manufacturing labor costs
D. indirect manufacturing labor costs

A

D. indirect manufacturing labor costs

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13
Q

The labor which works as forklift truck, plant guards and the rework labor is classified as ____________?
0

A. prime overhead
B. conversion overhead
C. factory overhead
D. manufacturing overhead

A

D. manufacturing overhead

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14
Q

The costs which are considered as expenses in the accounting period are also known as ____________?
0

A. inventory costs
B. period costs
C. timed costs
D. labor overheads

A

B. period costs

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15
Q

All the costs, which are assigned to manufactured products for specific calculations are classified as ___________?
0

A. contracting costs
B. product cost
C. government costs
D. marketing costs

A

B. product cost

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16
Q

The direct manufacturing labor costs is $40000 and manufacturing overhead cost is $7000, then conversion cost would be ____________?
0

A. $47,000
B. $33,000
C. $57,000
D. $18,000

A

A. $47,000

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17
Q

The conversion cost is subtracted from direct manufacturing labor cost to calculate the ____________?
0

A. direct overheads
B. overhead costs
C. factory overhead
D. manufacturing overhead cost

A

D. manufacturing overhead cost

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18
Q

An overtime is considered in cost accounting as ___________?
0

A. indirect costs
B. overhead costs
C. premium costs
D. both a and b

A

D. both a and b

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18
Q

The supplies, plant maintenance, plant rent, plant insurance and cleaning labor come under the type of costs called ____________?
0

A. labor costs
B. factory overhead costs
C. finished costs
D. manufacturing costs

A

B. factory overhead costs

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19
Q

The wages paid to workers of the factory are termed as ___________?
0

A. workers premium
B. overtime premium
C. factory premium
D. wage premium

A

B. overtime premium

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20
Q

In cost terms, the direct manufacturing labor cost is included in ___________?
0

A. manufacturing costs
B. prime costs
C. conversion costs
D. both B and C

A

D. both B and C

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21
Q

The direct manufacturing labor costs is added into manufacturing overhead cost to calculate ___________?
0

A. transaction costs
B. conversion costs
C. resale costs
D. merchandise costs

A

B. conversion costs

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22
Q

The labor related to the manufacturing of the product can be classified under _____________?
0

A. direct manufacturing labor costs
B. indirect manufacturing labor costs
C. work in process cost
D. finished costs

A

A. direct manufacturing labor costs

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23
Q

The conversion cost is $2000 and the manufacturing overhead cost is $7000, then the direct manufacturing labor cost will be _________?
0

A. $27,000
B. $13,000
C. $130,000
D. $29,500

A

B. $13,000

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24
Q

The terms used in manufacturing cost systems are ____________?
0

A. manufacturing costs
B. prime costs
C. conversion costs
D. both B and C

A

D. both B and C

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25
Q

In an income statement, when costs become cost of sold goods and manufactured products are sold, such costs are
0

A. inventoriable costs
B. finished costs
C. factory overhead costs
D. manufacturing overhead costs

A

A. inventoriable costs

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26
Q

The prime cost is $50000 and the direct manufacturing labor is $10000, then the direct material cost will be ____________?
0

A. $40,000
B. $60,000
C. $52,000
D. $20,000

A

A. $40,000

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27
Q

The direct service labor is $5000, the idle time wages are $1000 and the overtime premium is $450, then the total figure would be _________?
0

A. $4,450
B. $6,450
C. $21,500
D. $14,300

A

B. $6,450

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28
Q

The direct material costs are added into direct manufacturing costs, to calculate _________?
0

A. discuss costs
B. prime costs
C. resale cost
D. merchandise costs

A

B. prime costs

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29
Q

If the direct service labor is $7000, the idle time wages are $2000 and the overtime premium is $950, then the total figure would be __________?
0

A. $5,850
B. $5,950
C. $9,950
D. $10,050

A

C. $9,950

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30
Q

The calculation of product cost, gathering information for planning and analyzing information for decisions making are the features of ________?
0

A. information accounting
B. cost accounting
C. analyzing accounts
D. marketing costs

A

B. cost accounting

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31
Q

The direct material cost is $75000 and direct manufacturing labor is $20000, then prime cost would be ________?
0

A. $55,000
B. $37,500
C. $95,000
D. $26,000

A

C. $95,000

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32
Q

An acquisition cost of raw material is to be used in the manufacturing, and becoming a component of cost object is classified as _________?
0

A. direct material costs
B. indirect material costs
C. direct labor costs
D. indirect labor costs

A

A. direct material costs

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33
Q

The conversion cost is subtracted from manufacturing overhead cost is to calculate the ____________?
0

A. manufacturing labor costs
B. direct labor costs
C. direct manufacturing labor costs
D. indirect manufacturing labor costs

A

C. direct manufacturing labor costs

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34
Q

The inventory of the final goods that are not yet sold is called __________?
0

A. finished goods inventory
B. indirect material inventory
C. direct materials inventory
D. work in process inventory

A

A. finished goods inventory

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35
Q

The health care premium for workers and the pension costs are included in _________?
0

A. payroll fringe costs
B. health costs
C. premium costs
D. workers costs

A

A. payroll fringe costs

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36
Q

If the direct material cost is $5500 and the prime cost is $25000, then the direct manufacturing labor would be ___________?
0

A. $19,500
B. $30,500
C. $45,500
D. $22,500

A

A. $19,500

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37
Q

If the direct material cost is $85000 and direct manufacturing labor is $25000, then prime cost would be _________?
0

A. $13,500
B. $55,600
C. $60,000
D. $110,000

A

D. $110,000

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38
Q

In costing of project, the wages paid to workers for the unproductive work at the time of material shortage is termed as __________?
0

A. indirect wages
B. health wages
C. idle time wages
D. shortage time wages

A

C. idle time wages

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39
Q

The costs of all the activities for a group of products, rather than individual product can be classified as ___________?
0

A. activity level costs
B. input level costs
C. batch level costs
D. output level costs

A

C. batch level costs

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40
Q

In activity based costing system, the description of activity can be classified as __________?
0

A. activity list
B. activity dictionary
C. active purpose
D. both A and B

A

D. both A and B

41
Q

The cost pool category, which have the similar cause and effect relationship, with each cost driver uses as an allocation base is classified as __________?
0

A. heterogeneous price pool
B. homogenous cost pool
C. heterogeneous cost pool
D. homogenous price pool

A

B. homogenous cost pool

42
Q

The type of costs that cannot be traced for individual products but help in supporting an organization are classified as ___________?
0

A. individual sustaining costs
B. facility sustaining costs
C. sustained tracing
D. support tracing

A

B. facility sustaining costs

43
Q

The hierarchy which is based on different types of cost allocation and drivers, to categorize cost pool activity is classified as __________?
0

A. cost hierarchy
B. price hierarchy
C. activity hierarchy
D. purpose hierarchy

A

A. cost hierarchy

44
Q

The costs of undertaken activities is to support individual products and are known as __________?
0

A. expected sustaining
B. input sustaining
C. output sustaining
D. product sustaining costs

A

D. product sustaining costs

45
Q

In the activity based costing method implementation, an output unit level costs are classified as ____________?
0

A. indirect costs
B. direct cost
C. labor cost
D. raw material cost

A

A. indirect costs

46
Q

The costs of all the activities for individual products or services can be called ___________?
0

A. purpose level costs
B. output-unit level costs
C. input-unit level costs
D. activity level costs

A

B. output-unit level costs

47
Q

The budgeted total cost in indirect cost pool, is divided by budgeted total quantity of the cost allocation base, is calculated by _________?
0

A. budgeted direct cost rate
B. budgeted indirect cost rate
C. expected indirect cost rate
D. direct budget percentage

A

B. budgeted indirect cost rate

48
Q

An approach in which the company under-costs it’s one product and over-costs at least one product is classified as __________?
0

A. service-cost across subsidizing
B. product-price cross subsidizing
C. product-cost cross subsidizing
D. product cross subsidizing

A

C. product-cost cross subsidizing

49
Q

In an activity based cost system; an activity/unit of work or task with differentiated purposes will be classified as __________?
0

A. different task
B. purpose cost
C. an activity
D. an allocation cost

A

C. an activity

50
Q

In an activity based costing implementation, the product’s diverse demand is based on _________?
0

A. batch size
B. complexity
C. process steps
D. all of above

A

D. all of above

51
Q

The broad’s average use to assign the cost of revenue to cost objects will be classified as ____________?
0

A. refined costing system
B. refined selling system
C. undefined costing
D. defined selling system

A

B. refined selling system

52
Q

The product which requires low amount of resources, but incur high per unit cost is classified as __________?
0

A. expected under cost
B. expected over cost
C. product under costing
D. product over costing

A

D. product over costing

53
Q

The factors that accelerate the process of refining a costing system include ____________?
0

A. increase in product diversity
B. increase in indirect costs
C. product market competitions
D. all of above

A

D. all of above

54
Q

In the activity based costing method implementation, the indirect costs are allocated by using the ___________?
0

A. no cost pool
B. One or two cost pools
C. sustained tracing
D. support tracing

A

B. One or two cost pools

55
Q

The costing system, in which individual activities are identified as the cost object, is considered as _________?
0

A. manufactured costing
B. activity based costing
C. allocation costing
D. base costing

A

B. activity based costing

56
Q

The product which requires large amount of resources, but incur low per unit cost is classified as __________?
0

A. product under costing
B. product over costing
C. expected under cost
D. expected over cost

A

A. product under costing

57
Q

In an innovation process, operation process and post sales services are all sub processes of a perspective, named __________?
0

A. internal business process perspective
B. external business process perspective
C. leadership perspective
D. reengineering perspective

A

A. internal business process perspective

58
Q

Considering two fiscal years 2013 and 2014, an input price in 2013 and 2014 are $9 and $11 per unit respectively and input required units in 2013 to produce output in 2014 are 30000 units, then cost effect of price recovery will be ___________?
0

A. $60,000
B. $6,000
C. $65,000
D. $6,500

A

A. $60,000

59
Q

An example of direct engineered cost is _________?
0

A. indirect material cost
B. direct material cost
C. direct labor cost
D. indirect labor cost

A

B. direct material cost

60
Q

The translation of organization strategy, and mission into performance measures to provide framework for strategy implementation is termed as __________?
0

A. differentiation scorecard
B. bargaining scorecard
C. leadership scorecard
D. balanced scorecard

A

D. balanced scorecard

61
Q

The fundamental redesigning and rethinking of business processes to improve critical measures such as quality, speed, cost and customer satisfaction are called ___________?
0

A. reengineering
B. differentiation
C. bargaining
D. targeting

A

A. reengineering

62
Q

An example of learning and growth perspective in balanced scorecard is _________?
0

A. employee turnover rates
B. operating capabilities and number of patents
C. operating income and revenue growth
D. customer satisfaction and market share

A

A. employee turnover rates

63
Q

An approach which is used to manage unused capacity is __________?
0

A. reengineering
B. downsizing
C. upgrading
D. none of above

A

B. downsizing

64
Q

Which of the following is an example of internal business perspective in balanced scorecard?
0

A. employee turnover rates
B. operating capabilities and number of patents
C. operating income and revenue growth
D. customer satisfaction and market share

A

B. operating capabilities and number of patents

65
Q

In response to challenges arisen by competitors and new entrants, the strategy which must be considered by the company does include __________?
0

A. cost leadership
B. demand inelasticity
C. differentiated products
D. both A and C

A

D. both A and C

66
Q

The balanced scorecard perspective measures company’s success in targeted segments of customers, this perspective can also be classified as _________?
0

A. internal business process perspective
B. customer perspective
C. learning perspective
D. financial perspective

A

B. customer perspective

67
Q

In operating income strategic analysis, the strategic component which measures change in cost attributed to price of input in current year, relative to price of input material in last year, can be classified as __________?
0

A. internal process component
B. growth component
C. price recovery component
D. productivity component

A

D. productivity component

68
Q

The balanced scorecard perspective focuses on all the operations, and it leads to value creation process for customers, can be categorized as ___________?
0

A. learning perspective
B. financial perspective
C. internal business process perspective
D. customer perspective

A

C. internal business process perspective

69
Q

In operating income strategic analysis, a component which measures the change in operating income attributed to the change in output quantity is classified as ________?
0

A. internal process component
B. growth component
C. price recovery component
D. productivity component

A

B. growth component

70
Q

An ability of an organization, to offer its services or products that must be perceived by customers as unique and superior, in comparison to its competitors is called __________?
0

A. inelastic demand
B. product differentiation
C. cost leadership
D. elastic demand

A

B. product differentiation

71
Q

Considering two years 2013 and 2014, the quantity of output produced in 2014 is divided by cost of input used in 2013, to produce output in 2014 to calculate ___________?
0

A. benchmark engineered productivity
B. benchmark total factor productivity
C. benchmark partial productivity
D. benchmark total productivity

A

B. benchmark total factor productivity

72
Q

Considering the balanced scorecard, the perspective in which performance of organization includes is ___________?
0

A. financial perspective
B. learning and growth perspective
C. customer perspective
D. all of above

A

D. all of above

73
Q

An example of customer perspective in balanced scorecard is __________?
0

A. employee turnover rates
B. operating capabilities and number of patents
C. operating income and revenue growth
D. customer satisfaction and market share

A

D. customer satisfaction and market share

74
Q

The way an organization matches its capabilities with available opportunities to accomplish its goals is called _______?
0

A. elasticity incurrence
B. off shoring
C. strategy
D. engineering

A

C. strategy

75
Q

Considering two fiscal years 2013 and 2014, the actual units sold in 2013 and 2014 are 11000 and 12500 units respectively, and selling price in year 2013 is $50, then revenue effect of growth will be _________?
0

A. $70,000
B. $75,000
C. $65,000
D. $73,000

A

B. $75,000

76
Q

An amount of available capacity other than employed capacity, to meet the customer’s demand, is classified as _________?
0

A. targeted capacity
B. budgeted capacity
C. recovery capacity
D. unused capacity

A

D. unused capacity

77
Q

An organization’s ability to offer market offerings at lower prices, in comparison with its competitors is known as __________?
0

A. inelastic demand
B. product differentiation
C. cost leadership
D. elastic demand

A

C. cost leadership

78
Q

The quantity of produced output is divided with the cost of all used inputs to calculate ____________?
0

A. engineered productivity
B. targeted productivity
C. partial productivity
D. total factor productivity

A

D. total factor productivity

79
Q

An example of financial perspective in balanced scorecard is ___________?
0

A. employee turnover rates
B. operating capabilities and number of patents
C. operating income and revenue growth
D. customer satisfaction and market share

A

C. operating income and revenue growth

80
Q

If the quantity of manufactured jackets is 2250000 units and the leather used to produce the output is 3500000 m², then direct partial productivity of material will be ___________?
0

A. 0.642 unit of jacket per ² of leather
B. 0.342 unit of jacket per ² of leather
C. 0.442 unit of jacket per ² of leather
D. 0.542 unit of jacket per ² of leather

A

A. 0.642 unit of jacket per ² of leather

81
Q

The quantity of produced output is divided by quantity of used input to calculate __________?
0

A. targeted productivity
B. total factor productivity
C. partial productivity
D. unused productivity

A

C. partial productivity

82
Q

In operating income strategic analysis, the strategic component which measures change in operating income, attributed for change in price of outputs and inputs is classified as __________?
0

A. internal process component
B. growth component
C. price recovery component
D. productivity component

A

C. price recovery component

83
Q

In strategy formulation, the forces that must be focused for industry analysis include ________?
0

A. potential entrants in market
B. customer’s bargaining power
C. supplier’s bargaining power
D. all of above

A

D. all of above

84
Q

Considering two fiscal years 2013 and 2014, if the selling price in 2013 and 2014 is $55 and $60 per unit respectively and actual units sold in 2013 are 25000 units, then revenue effect of price recovery will be __________?
0

A. $14,500
B. $135,000
C. $125,000
D. $12,500

A

C. $125,000

85
Q

The quality aspect, that refers how well the product fulfills the customer demands, is classified as __________?
0

A. learning quality
B. design quality
C. conformance quality
D. business process quality

A

B. design quality

86
Q

The fishbone diagram is an example of _________?
0

A. relevant costing diagram
B. cause and effect diagram
C. control chart
D. Pareto diagram

A

B. cause and effect diagram

87
Q

The revenues are subtracted from the cost of direct materials of sold goods is to calculate _________?
0

A. throughput contribution
B. operating cost contribution
C. operating contribution
D. marginal contribution

A

A. throughput contribution

88
Q

The basic aspects of product quality must include the ____________?
0

A. design quality
B. conformance quality
C. scorecard quality
D. both A and D

A

D. both A and D

89
Q

A process by which employees can make decisions is divided by total number of processes to calculate ____________?
0

A. employee turnover ratio
B. employee empowerment ratio
C. employee satisfaction ratio
D. employee training percentage

A

B. employee empowerment ratio

90
Q

A product performance in comparison to its features and design is classified as ___________?
0

A. learning quality
B. design quality
C. conformance quality
D. business process quality

A

C. conformance quality

91
Q

The consumed time to deliver a complete order to its customers is termed as ___________?
0

A. responding time
B. value chain time
C. delivery time
D. manufacturing cycle efficiency

A

C. delivery time

92
Q

The costs that are incurred to find manufactured products, which does not meet specifications are called ____________?
0

A. prevention costs
B. external failure costs
C. appraisal costs
D. internal failure costs

A

C. appraisal costs

93
Q

The employees that are trained to manage bottlenecks, during production operations; employee satisfaction are related to ____________?
0

A. measures of growth and learning
B. measures of internal business processes
C. customer measures
D. financial measures

A

A. measures of growth and learning

94
Q

The costs incur for defective products, before their shipment to customers can be categorized as ___________?
0

A. prevention costs
B. external failure costs
C. appraisal costs
D. internal failure costs

A

D. internal failure costs

95
Q

If total number of employees surveyed are 200 and employees that indicate higher rating for satisfaction are 195, then employee satisfaction would be ____________?
0

A. 94%
B. 93%
C. 95%
D. 97.50%

A

D. 97.50%

96
Q

The types of costs of quality consist of ___________?
0

A. appraisal costs
B. internal and external failure costs
C. prevention costs
D. all of above

A

D. all of above

97
Q

The time a company takes until a good is produced after order placement is known as ___________?
0

A. manufacturing lead time
B. manufacturing cycle efficiency
C. customer response time
D. system process time

A

A. manufacturing lead time

98
Q

The delivery of goods by the time it is contracted to be delivered is known as ____________?
0

A. effective performance
B. efficient performance
C. in-time performance
D. on-time performance

A

D. on-time performance

99
Q

The chart which represents how regularly the defect occurs in production process is classified as ___________?
0

A. relevant costing diagram
B. cause and effect diagram
C. control chart
D. Pareto chart

A

D. Pareto chart

(2023) Accounts Officer PakMcqs MCQS (5 decks)

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