Tag: Financial Accounting Mcqs

(A) Avoidable overtime
(B) Unavoidable overtime
(C) Premium Overtime
(D) Flex time

(A) Direct material + Indirect material + Direct expenses
(B) Indirect material + Indirect labor + Others indirect cost
(C) Direct material + Indirect expenses + Indirect labor
(D) Direct labor + Indirect labor + Indirect expenses

(A) Cost of goods sold/Average inventory
(B) Gross profit/Average inventory
(C) Cost of goods sold/sale
(D) Cost of goods sold/Gross profit

(A) Reorder level – (Minimum consumption x Lead time) + EOQ
(B) Maximum consumption x Lead time) – (Minimum consumption x Lead time) + EOQ
(C) [(Maximum consumption – Minimum consumption) Lead time]+ EOQ
(D) All of the given options

(A) Material inventory, WIP inventory, Finished goods inventory
(B) Material inventory, purchased good inventory, WIP inventory
(C) Material inventory, purchased good inventory, Finished goods inventory
(D) WIP inventory, Finished goods inventory, purchased good inventory

(A) It denotes the instability of the labor force
(B) It is an indication of high labor cost
(C) It shows frequent changes in the labor force
(D) All of the given options

(A) Direct materials, direct labor and factory overhead
(B) Direct materials and direct labor
(C) Direct materials, direct labor, factory overhead, and administrative overhead
(D) Direct labor and factory overhead

(A) A standard time is set for the completion of a job
(B) If the time taken is greater than the time allowed, the workers in the group receive time wages
(C) If the time taken is less than the time allowed, the group receives a bonus on time saved
(D) If the time taken is greater than the time allowed, the workers in the group receive time deductions for extra hours