Top 150+ Solved Cost and Works Accounting 1 MCQ Questions Answer
Q. Purchase manager must know the exact …………………….of materials which are used in theproduction.
a. Specification
b. Procedure
c. Strategy
d. modification
Q. Purchasing department should purchase the material strictly as per ……………………….of thevarious department.
a. requisition
b. Bill book
c. Balance Sheet
d. Trading Account
Q. ………………..is an important element in purchase procedure.
a. Time
b. Demand
c. Recording
d. None of the above
Q. Preparation of…………………..is one of most important function of purchase Department.
a. Purchase Budget
b. Purchase Receipt
c. Purchase Price
d. Purchase Cost
Q. For prompt and correct payment of purchase bills there should be close liaison with the…………..and ……..department.
a. account and store
b. account and sales
c. sales and Purchase
d. Administration and Purchase
Q. ……………………….guides to the purchase manager in knowing what he has to buy.
a. Purchase budget
b. Purchase price
c. Purchase Cost
d. Purchase Amount
Q. After receiving the ……………………..the Purchase department starts exploring the source ofmaterials and suppliers.
a. Purchase Requisition
b. Purchase Data
c. Sales Information
d. Process Of Purchase
Q. An account payable is posted to accounting upon creation of the following document
a. Purchase Requisition
b. Purchase Order
c. Good Receipt
d. All of the above
Q. In which stage of the negotiation meeting are points of concession identified?
a. probing
b. closure
c. agreement
d. scratch bargaining
Q. Which type of warranty is enacted if a service or product does not meet the level of qualityspecified in the contract?
a. Implied warranty of merchantability
b. Implied warranty of specified quality
c. Express warranty
d. none of the above
Q. Which is not an element of procurement management?
a. Purchasing
b. Acquisition
c. Marketing
d. B and C
Q. The purchasing cycle consists of all the following elements except?
a. Defined need
b. Transmit Need
c. Inspection
d. Price and Terms
Q. The cost of corrective action taken by the purchaser and chargeable to the supplier underthe terms of the contract is:
a. Payment authorization
b. Bid cost considerations
c. Release payment
d. Back charge
Q. _________ is a narrative description of the work to be accomplished or resource to besupplied.
a. Purchase order
b. Level of effort work
c. Scope of work
d. Contract stipulation
Q. By which means is a contractor able to control costs overruns due to changingrequirements?
a. Project data review
b. Change order
c. Change control
d. Contract negotiations