C) 1.25 kg
(b) 1.2 kg
(d) 1.33 kg
18.400 litres of a chemical were manufactured in a period. There is a normal loss of 25% of the
material input into the process. An abnormal loss of 5% of material input occurred in the period,
How many litres of material(to the nearest litre) were input into the process in the period?
(a) 500
(b) 520
(c) 560
(d) 571
Answers
Answer:
CHAPTER - 1 : COST CONTROL ACCOUNTS
MULTIPLE CHOICE QUESTIONS
1. Materials Requisition Note
(a) authorises and records the issue of materials for use
(b) records the return of unused materials
(c) records the transfer of materials from one store to another
(d) a classified record of materials, issues, returns and transfers
2. Materials Transfer Note
(a) authorises and records the issue of materials for use
(b) records the return of unused materials
(c) records the shifting of materials from one store to another
(d) a classified record of materials, issues, returns and transfers
3. A document which is a classified record of material issues, returns and transfers
(a) Materials Requisition Note (b) Materials Return Note
(c) Materials Transfer Note (d) Materials Issue Analysis Sheet
4. This is essential to make the cost ledger 'self-balancing’.
(a) General Ledger Adjustment Account (b) Stores Ledger Control Account
(c) Work-in-Progress Ledger (d) Finished Goods Control Account
5. This is debited with all purchases of materials for the stores and credited with all issues of
materials
(a) General Ledger Adjustment Account (b) Stores Ledger Control Account
(c) Work-in-Progress Ledger (d) Finished Goods Control Account
6. In this, cost of materials, wages and overheads of each job undertaken is posted.
(a) General Ledger Adjustment Account (b) Stores Ledger Control Account
(c) Work-in-Progress Ledger (d) Finished Goods Control Account
7. This represents the total value of finished goods in stock.
(a) General Ledger Adjustment Account (b) Stores Ledger Control Account
(c) Work-in-Progress Ledger (d) Finished Goods Control Account
8. Material amounting to ` 58,300 is purchased on credit.
The entry in Cost Ledger under non-integrated System is
(a) Purchases A/c Dr. 58,300
To Sundry Creditors 58,300
(b) Stores Ledger Control A/c Dr. 58,300
To General Ledger Adjustment A/c 58,300
(c) Purchases A/c Dr. 58,300
To Cost Ledger Control A/c 58,300
(d) Work-in-Progress Control A/c Dr. 58,300
To General Ledger Adjustment A/c 58,300
9. Salaries and wages amounting to ` 62,100 gross and earned by the employees, and deductions
of ` 5,400 as provident fund. ` 2,400 as ESIC and ` 4,300 as Income Tax are made from the
gross amount.
The entry in Cost Ledger under non-integrated System is
(a) Salaries and Wages Control A/c Dr. 62,100
To General Ledger Adjustment A/c 62,100
(b) Salaries and Wages Control A/c Dr. 50,000
To General Ledger Adjustment A/c 50,000
(c) Salaries and Wages Control A/c Dr. 62,100
To Cost Ledger Adjustment A/c 62,100