Top 150+ Solved Cost and Works Accounting 1 MCQ Questions Answer
Q. The time period between placing an order its receipt in stock is known as
a. Lead time
b. Carrying time
c. Shortage time
d. Over time
Q. Re-ordering level is calculated as
a. Maximum consumption rate x Maximum re-order period
b. Minimum consumption rate x Minimum re-order period
c. Maximum consumption rate x Minimum re-order period
d. Minimum consumption rate x Maximum re-order period
Q. Average stock level can be calculated as
a. Minimum stock level + ½ of Re-order level
b. Maximum stock level + ½ of Re-order level
c. Minimum stock level + 1/3 of Re-order level
d. Maximum stock level + 1/3 of Re-order level
Q. The Economic Order Quantity (EOQ) is calculated as
a. (2D*d/h)^1/3
b. Root of 2AO / C
c. COST + Profit = Sales
d. none of the above
Q. Proper classification and codification of various items in stores is essential forefficient…………….. .
a. Record keeping
b. Storage
c. Selling
d. none
Q. …………… is he grouping of material according to its nature.
a. Classification
b. Codification
c. Centralization
d. none
Q. ………………..is the procedure for assigning symbols to the material.
a. Classification
b. Codification
c. Centralisation
d. none
Q. The ……………..method of codification is generally based on the mnemonic system.
a. Alphabetical
b. Numerical
c. Alpha-Numerical
d. none
Q. …………………..is the organisational head of the stores department.
a. Storekeeper
b. Purchase Manager
c. Stores clerk
d. none
Q. Maintaining prompt and accurate records of all goods received, issued and returned is theduty of ……………..
a. Inspection clerk
b. Goods receiving clerk
c. Storekeeper
d. none
Q. The………………..is maintained by the storekeeper.
a. Bin Card
b. Sales report
c. Production report
d. none
Q. …………………is a record of both quantities and values.
a. Bin Card
b. Stores Ledger
c. Inspection report
d. none
Q. …………………… method of pricing issues follows the principle that material received first areissued first.
a. Weighted Average
b. LIFO
c. FIFO
d. none