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Question No: 27 ( Marks: 1 ) - Please choose one
Machine lubricant used onprocessin equipment in a manufacturin plant
would be classified as a:

► Period cost (manufacturin overhead)
► Period cost (Sellin, eneral & Admin)
► Product cost (manufacturin overhead)
► Product cost (Sellin, eneral & Admin)

Question No: 28 ( Marks: 1 ) - Please choose one
Which of the followin is a cost that chanes in proportion to chanes
in volume?

► Fixed cost
► Sunk cost
► Opportunity cost
► None of the iven
options

Question No: 29 ( Marks: 1 ) - Please choose one
The chief financial officer is also known as the:
► Controller
► Staff accountant
► Auditor
► Finance director

Question No: 30 ( Marks: 1 ) - Please choose one
Which of the followinmanufacturers is most likely to use a job order
cost accountin system?
► A soft drink producer
► A flour mill
► Tobacco manufacturin concern
► A builder of offshore oil ris

Question No: 31 ( Marks: 1 ) - Please choose one
If a predetermined FOH rate is not applied and the volume of
production is reduced from the planned capacity level, the cost per
unit expected to:
► Remain unchaned for fixed cost and increased for variable
cost
► Increase for fixed cost and remain unchaned for variable cost
► Increase for fixed cost and decreased for variable cost
► Decrease for both fixed and variable costs

Question No: 32 ( Marks: 1 ) - Please choose one
All of the followin arecharacteristics of roup Bonus Scheme EXCEPT:
► A standard time is set for the completion of a job
► If the time taken is reater than the time allowed, the
workers in the roup receive time waes
► If the time taken is less than the time allowed, the roup
receives a bonus on time saved
► If the time taken is reater than the time allowed, the
workers in the roup receive time deductions for extra hours

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Question No: 33 ( Marks: 1 ) - Please choose one
Which of the followin isTRUE when piece rate system is used for wae
determination?
► Under this method of remuneration a worker is paid on the
basis of time taken by him to perform the work
► Under this method of remuneration a worker is paid on the
basis of production
► The rate is expressed in terms of certain sum of money for
total production
► The rate is not expressed in terms of certain sum of money
for total production

Question No: 34 ( Marks: 1 ) - Please choose one
Under Halsey premium plan, if the employee completes his job in less
than the standard time fixed for the job, he is iven:
► Only waes for the actual hours taken
► Waes for the actual hours taken plus bonus equal to one half
of the wae of the time saved
► Waes for the actual hours taken plus bonus equal to one third
of the wae of the time saved
► Only the bonus equal to one half of the time saved

Question No: 35 ( Marks: 1 ) - Please choose one
Which of the followin isNOT a reason for carryin inventory?
► To maintain independence of operations
► To take advantae of economic purchase-order size
► To make the system less productive
► To meet variation in product demand

Question No: 36 ( Marks: 1 ) - Please choose one
“Takin steps for the fresh purchase of those stocks which have been
exhausted and for which requisitions are to be honored in future” is
an easy explanation of:
► Over stockin
► Under stockin
► Replenishment of stock
► Acquisition of stock



Question No: 37 ( Marks: 1 ) - Please choose one
Financial statements are prepared:
► Only for publicly owned business oranizations
► For corporations, but not for sole proprietorships or
partnerships
► Primarily for the benefit of persons outside of the business
oranization
► Dependin upon only the need of the decision maker

Question No: 38 ( Marks: 1 ) - Please choose one
Which of the followinformula is used to calculate the Number of units
manufactured?
► Sold units - Units of closin finished oods inventory + Units
of openin finished oods inventory
► Sold units + Averae units of finished oods inventory
► Sold units - Averae units of finished oods inventory
► Sold units + Units of closin finished oods inventory - Units
of openin finished oods inventory

Question No: 39 ( Marks: 1 ) - Please choose one
Which of the followinstatement measures the financial position of the
entity on particular time?

► Income Statement
► Balance Sheet
► Cash Flow Statement
► Statement of Retained Earnin

Question No: 40 ( Marks: 1 ) - Please choose one
____________ is the cost that is incurred at the time of makin
transaction.
► Product Cost
► Period Cost
► Sunk Cost
► Historical Cost

Question No: 41 ( Marks: 10 )
Discuss the Avoidable and Unavoidable Causes of Labor Turnover.



The following figures have been extracted from a trader's records in
respect of wages and salaries
for July. Rupees
(i) Wages and salaries (gross) 6,300
(ii) Income tax 1,600
(iii) Employees' pension contributions 600
(iv) Employer's pension contributions 700


1 What is the total amount the trader will have to pay for wages and
salaries for July?
A 4,100
B 4,800
C 6,300
D 7,000


2 What is the net pay received by employees?
A 4,100
B 4,200
C 4,800
D 5,600

Net salary = Gross salary - income tax - employees' pension
contributions


3 Which of the following does not appear on a payslip?

A. Gross weekly wage for the employee
B. Tax paid to date by the employee in the tax year
C. Deductions paid by the employee
D. Details of the employee's expected pension.

4 Which is the most convenient way for a large employer to pay
salaries electronically?

A. BACS
B. Bank transfer
C. By cash
D. By cheque.
Q.2

Raw Usage per unit of Re-order Price Delivery Period

Re-order
level kg,
material Product Quantity Per kg.
kg. kg. Min Avg Max
A 10 10,000 0.1 1 2 3 8,000
B 4 5,000 0.3 3 4 5 4,750
C 6 10,000 0.15 2 3 4 2,000

Weekly production varies from 175 to 225 units, averaging 200 units.
What would you expect the quantities of the following to be:
(a) Minimum stock of A
(b) Maximum stock of B
(c) Re-order level of C
(d) Danger stock level of A
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