Accounting Practice MCQ Page 7

Multiple Choice questions for Accounting in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.

Question: 1195 Continuous stock-taking is a part of

Annual stock-taking
Perpetual inventory system
ABC analysis
periodic inventory system

Question: 1197 The classification of items in ABC analysis is made on the basis of

Investment value of materials
Consumption value of materials
Quantity of materials consumed
All of these

Question: 1202 In which of the following methods, issues of materials are priced at a pre-determined rate

Inflated price method
Standard price method
Replacement price method
Specific price method

Question: 1204 In which of the following methods, materials are issued at the price prevailing at the time of issue

Inflated price method
Standard price method
Replacement price method
Specific price method

Question: 1205 The storekeeper should initiate a purchase requisition when stock reaches

Minimum levelvel
maximum level
re-order level
overage level

Question: 1207 Which of the following material losses should be transferred to costing profit and loss account

Loss by evaporation
Loss due to improper storage of materials
Loss due to breaking the bulk
All of these

Question: 1210 When material prices fluctuate widely, the method of pricing that gives absurd results is

Simple average price
Weighted average price
Moving average price
Inflated price

Question: 1212 When prices fluctuate widely, the method that will smooth out the effect of fluctuations is

simple average
weighted average
FIFO
LIFO

Question: 1213 In which of the following methods, the charge to production is at actual cost

Weighted average price
standard price
Replacement price
FIFO

Question: 1294 Expected annual usage of a particular raw material is 2,00,000 units and the economic order quantity is 10,000 units The invoice cost of each unit is RS.500 and the cost to place one order is RS.80. The average inventory is

1,00,000 units
5,ooo units
10,000 units
7,500 units

Question: 1297 Taking the data in Q.3.21 above, the estimated annual ordering cost is

RS.1,600
RS.10,000
RS.3,200
RS.5,000

Question: 1300 On the basis of data given in Q 3.21 above, number of orders to be placed in each year are

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
1195 . B 1197 . D 1202 . B 1204 . C 1205 . B 1207 . B 1210 . A 1212 . B 1213 . D 1294 . B 1297 . A 1300 . B

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Accounting Practice MCQ Page 7

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