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- 1. Multiple Choice
Manufacturing Account is prepared to calculate
Cost of capital
Cost of sales
Cost of goods sold
Cost of production
- 2. Multiple Choice
Manufacturing Account does not include
Direct and Indirect cost
Prime and Factory Overhead cost
Administrative & Selling cost
Direct & Indirect cost
- 3. Multiple Choice
Cost of Raw Material does not include
Opening stock of raw material
Purchase of raw material
Carriage on raw material
Closing stock of raw material
- 4. Multiple Choice
Depreciation on machinery used for production is recorded in
Prime cost
Factory cost
Trading expense
Profit & Loss expense
- 5. Multiple Choice
Expense on acquiring patent is
part of factory cost
part of trading cost
part of prime cost
part of selling cost
- 6. Multiple Choice
Manufacturing business has
1 type of inventory
2 types of inventory
3 types of inventory
4 types of inventory
- 7. Multiple Choice
Work-in progress means goods which are
partially completed
completed
ready for sale
ready for packing
- 8. Multiple Choice
What is included in Trading A/C section of Manufacturing business but not in other type of business
Purchase of finished goods
Cost of production
Carriage on purchase of finished goods
Inventory of finished goods
- 9. Multiple Choice
What entry is passed for purchase of raw material
Trade Payable Dr
Bank Dr
Manufacturing A/C Cr
Manufacturing A/C Dr
- 10. Multiple Choice
Salary of factory manager is a
Direct ecpense
Indirect expense
Variable expense
Semi-variable expense
- 11. Multiple Choice
Rent of factory shed is a
Variable expense
Semi-variable expense
Indirect expense
Direct expense
- 12. Multiple Choice
Wages of machine operator is a
Direct expense
Indirect expense
Fixed expense
Semi-variable expense
- 13. Multiple Choice
Electricity consumption is a
Direcy expense
Indirect expense
Variable expense
Semi-variable expense
- 14. Multiple Choice
Prime cost is sum of
DM+DW+DE-WIP
DM+DW-DE
DM+DW+DE
DM+DW+DE+WIP
- 15. Multiple Choice
Increase in WIP is..........to the sum of factory cost and prime cost
added
subtracted
not adjusted
None
- 16. Multiple Choice
A manufacturing busuness prepares
Manufacturing A/C
Trading A/C
Profit & Loss A/C
All 3
- 17. Fill in the Blank
Opening stock of finished goods............purchase of finished goods............cost of production............closing stock of finished goods is cost of sales of manufacturing business
- 18. Multiple Choice
A manufacturer will purchase some finished goods and not make them when
production does not meet demand
cheaper to buy than make
items cannot be made in the factory
All 3
- 19. Multiple Choice
Calculate the cost of production
PC = Prime Cost = 135000
FO = Factory Overhead = 85000
Op WIP = 19000
Cl WIP = 21000
2,22,000
2,18,000
2,20,000
2,39,000
- 20. Multiple Choice
Manufacturing Account is prepared by
Trader
Producer
Person in service
None
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