ACC306 Tma Solutions
1. The kind of production in which it has not yet reached the final stage of completion is known as.
Finished goods
—>> Woek in progress
Stock in progress
Semi-finished overhead
2. One among the following is the classification of overhead:
Labour overhead
Material overhead
Expenses overhead
—>> Selling overhead
3. The method used when it is not possible to identify each item separately and when prices of purchases do not fluctuate very much is
—>> Simple average method
LIFO method
Standard price method
FIFO method
4. The method in which stores balances are record after every receipts and issue materials so that the balance of stock at anytime can be ascertained immediately is called.
Ledger system
—>> Perpetual inventory system
Materials re-order
Inventory stocking
5. One among these is an example of administrative overhead.
Carriage inward
Branding charges
—>> Repairs of buildings
Steam services
6. The best strategy for the purchaser is to balance the four factors to obtain the exact combination needed at the most advantagous cost to his firm. Such factors are ..
Quality, quantity, price and material
Price, product, quality and labour
—>> Quality, quantity, price and delivery
Delivery, quantity, production and material
7. The great advantage of LIFO method is that:
Stock is not only depended on cost
When prices are high, the charge to production tend to be low
Materials used are calculated at each stage
—>> The charge to production is as closely related to current price level
8. Indirect materials are such materials used in the course of manufacturing which either cannot be traced as part of the product or which are too small in value to be… conveniently measure. Such example is;
—>> Inspectors
Depreciation
Work canteen
Production overhead
9. The method of costing that is used where there are a variety of component parts separately produced is called ..
—>> Multiple costing
Departmental costing
Operational costing
Unit costing
10. One of these is not a method of stock valaution.
Weighted average
FIFO
LIFO
—>> Assessment
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