Cost accounting - 2

Works cost is also called as

Answer explanation

Factory cost

What are the objectives of Material costing

• A. No under stocking

• B. Quality maintenance

• C. Minimum wastage

• D. Economy in purchasing

• E. All of the above

GRN

Answer explanation

Goods received note

Inventory systems

• A. Periodic inventory system

• B. Perpetual inventory system

• C. Both A and B

• D. None of the above

Bincard is maintained by

• A. Cost accounting department

• B. Financial accounting department

• C. Store keeper

• D. All of the above

Stores ledger is maintained by

• A. Cost accounting department

• B. Store keeper

• C. Financial accounting department

• D. None of the above

Bincard contains quantities only

• A. Yes

• B. No

Stores ledger contains both quantities and values of the Materials

• A. Yes

• B. No

• C. I don't know

Methods of pricing Material Issues

• A. FIFO

• B. LIFO

• C. Simple average price

• D. Replacement print

• E. None of the above

In FIFO method materials purchased first are issued at last

• A. yes

• B.No