Top 150+ Solved Cost and Works Accounting 1 MCQ Questions Answer

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Q. Weighted average method is a generally accepted accounting principle?

a. True

b. False

c. none

d. none

  • a. True
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Q. If WIP opening stock is 10,000 units, work done in the period is 13,000 and WIP closingstock is 5,000 units. The equivalent completed unit during the period is:

a. 19,000n

b. 18,000

c. 17,000

d. none

  • b. 18,000
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Q. US GAAP allows FIFO, LIFO and Weighted average method to value stock?

a. True

b. False

c. all

d. none

  • a. True
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Q. Weighted average method for inventory is permissible in:

a. IFRS only

b. US GAAP only

c. IFRS & US GAAP Both

d. none

  • b. US GAAP only
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Q. Weighted average method is same as:

a. Specific identification method

b. LIFO

c. FIFO

d. None of the above

  • d. None of the above
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