Material costing methods
Quizsummary
0 of 10 questions completed
Questions:
 1
 2
 3
 4
 5
 6
 7
 8
 9
 10
Information
Material costing method mcqs
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 10 questions answered correctly
Time has elapsed
Categories
 Not categorized 0%
 1
 2
 3
 4
 5
 6
 7
 8
 9
 10
 Answered
 Review

Question 1 of 10
1. Question
When new material is purchased, it is recorded in:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Receipts columns” (option 1).

Question 2 of 10
2. Question
When material is issued, it is recorded in:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Issue column” (option 2).

Question 3 of 10
3. Question
FIFO means:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Firt in first out” (option 1).

Question 4 of 10
4. Question
Material returned to supplier is recorded in column:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Receipts” (option 1).

Question 5 of 10
5. Question
Red entry in store ledger card is made when material is returned from:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Store to factory” (option 2).

Question 6 of 10
6. Question
Material returned from factory to store is recorded in column:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “issue” (option 2).

Question 7 of 10
7. Question
To calculate average price, the total cost is divided by:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Total received units” (option 1).

Question 8 of 10
8. Question
Which method is used for valuation of material issued:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “All above” (option 4).

Question 9 of 10
9. Question
The opening inventory of material is recorded in the store ledger card in:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Balance column” (option 3).

Question 10 of 10
10. Question
Which one is comparatively difficult method to record the calculation of material:
Correct
Awesome! your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Average” (option 3).
Leave a comment