(A) Specific identification method.
(B) Moving average method.
(C) Last-in- First – Out method.
(D) First-in-First-Out method.
Category: Accounting Mcqs
Users will find here Accounting Mcqs for NTS, CSS, PMS, PPSC, FPSC, KPPSC, AJKPSC, BPSC, PTS, SPSC, Lecturer Commerce and all other types of Commerce related, Competitive Exams and Interviews. Commerce students can prepare their Accounting Portion for all test from here.
In a perpetual inventory system, an inventory flow assumption (i.e. LIFO or FIFO) is used primarily for determining costs which are used in:
(A) Forecasts of future sale.
(B) Recording the cost of goods sold.
(C) Recording Sales Revenue.
(D) Forecasts of future operating results.
Which of the following is NOT a reason for carrying inventory?
(A) To maintain independence of operations
(B) To take advantage of economic purchase-order size
(C) To make the system less productive
(D) To meet variation in product demand
The cost of goods sold is equal to:
(A) Total Purchases – Total Sales.
(B) Opening stock + Total Purchase.
(C) Opening stock – Total Purchases +Closing Stock+ Direct Costs.
(D) Opening stock + Total Purchases – Closing Stock + Direct Costs.
Cost of production is equal to:
(A) Prime costs+ other manufacturing costs.
(B) Production costs + Administration expenses.
(C) Prime costs + Manufacturing costs + Opening W.I.P – Closing W.I.P.
(D) None of the above.
Ratios which may be used for comparing labour cost over time include the following except :
(A) Gross profit ratio
(B) Efficiency ratio
(C) Efficiency ratio
(D) Absenteeism ratio
Which of the following techniques is not meant for labour cost control?
(A) Budgetary control
(B) Standard costing
(C) ABC analysis
(D) Ratio analysis
Labour cost control embraces the following activities except :
(A) Recruitment and promotion
(B) Formulation of wage policy and payment and accounting for wages
(C) Allocation of cost
(D) Preparation of financial statement