(A) Piece rate plan
(B) Time rate plan
(C) Differential plan
(D) Group bonus system
Tag: Financial Accounting Mcqs
All of the following are terms used to denote Factory Overheads EXCEPT:
(A) Factory burden
(B) Factory expenses
(C) Manufacturing overhead
(D) Conversion costs
Amount of net purchase can be calculated as follow:
(A) Purchase of direct material add trade discount less purchase return add carriage inward less other material handling cost
(B) Purchase of direct material less trade discount l add purchase return add carriage inward less other material handling cost
(C) Purchase of direct material less trade discount less purchase return less carriage inward add other material handling cost
(D) Purchase of direct material less trade discount less purchase return add carriage inward add other material handling cost
Working hours of labor can be calculated with the help of all except:
(A) Smart card
(B) Time sheet
(C) Clock card
(D) Store card
Increase in material Inventory means:
(A) The ending inventory is greater than opening inventory
(B) The ending inventory is less than opening inventory
(C) Both ending and opening inventories are equal
(D) Cannot be determined
Under Halsey premium plan, if the employee completes his job in less than the standard time fixed for the job, he is given:
(A) Only wages for the actual hours taken
(B) Wages for the actual hours taken plus bonus equal to one half of the wage of the time saved
(C) Wages for the actual hours taken plus bonus equal to one third of the wage of the time saved
(D) Only the bonus equal to one half of the time saved
Taylor’s Differential Piece Rate Plan uses__piece rates?
(A) Three
(B) Two
(C) Four
(D) Five
The Process of cost apportionment is carried out so that:
(A) Cost may be controlled
(B) Cost unit gather overheads as they pass through cost centers
(C) Whole items of cost can be charged to cost centers
(D) Common costs are shared among cost centers