Practice Test

Q1) The manufacturing account is prepared Show Answer

Q2) Under-statement of closing W.I.P in the period will Show Answer

Q3) If Sales are Rs.2,000 and the rate of gross profit on cost of goods sold is 25%,then the cost of goods will be Show Answer

Q4) Consider the following information , answer the question given below :1st January Stock of raw material Rs.17,400 , Work-in-progress Rs.11,200 , Stock of finished goods Rs.41,500 and on 31st December Stock of raw material Rs.18,100 , Work-in-progress Rs.11,400 , Stock of finished goods Rs.40,700.During the year manufacturing overheads amounted to Rs.61,100,manufacturing wages to Rs.40,400 and purchases of raw material to Rs.91,900.There were no other direct expenses. The cost of raw materials consumed , issued and used were : Show Answer

Q5) Consider the following information , answer the question given below :1st January Stock of raw material Rs.17,400 , Work-in-progress Rs.11,200 , Stock of finished goods Rs.41,500 and on 31st December Stock of raw material Rs.18,100 , Work-in-progress Rs.11,400 , Stock of finished goods Rs.40,700.During the year manufacturing overheads amounted to Rs.61,100,manufacturing wages to Rs.40,400 and purchases of raw material to Rs.91,900.There were no other direct expenses. The manufacturing cost of finished goods , produced were : Show Answer

Q6) Consider the following information , answer the question given below :1st January Stock of raw material Rs.17,400 , Work-in-progress Rs.11,200 , Stock of finished goods Rs.41,500 and on 31st December Stock of raw material Rs.18,100 , Work-in-progress Rs.11,400 , Stock of finished goods Rs.40,700.During the year manufacturing overheads amounted to Rs.61,100,manufacturing wages to Rs.40,400 and purchases of raw material to Rs.91,900.There were no other direct expenses. The manufacturing cost of finished goods sold was: Show Answer

Q7) Motor is Show Answer

Q8) work-in-progress is Show Answer

Q9) The debit side of manufacturing account Show Answer

Q10) with reference to manufacturing account which of the following is not true Show Answer

Q11) with reference to manufacturing account which of the following is not true Show Answer

Q12) Raw-material consumed is equal to Show Answer

Q13) The manufacturing account is closed by transferring its balance to the Show Answer

Q14) which of the following does not appear in the manufacturing account Show Answer

Q15) under statement of closing stock of raw material in the period will Show Answer

Q16) over statement of opening stock of raw material in the period will Show Answer

Q17) over statement of opening work-in-progress in the period will Show Answer

Q18) Stock of raw material on 1st Jan Rs.17,000 ; on 31st dec. 18,000 ; work in progress on 1st Jan Rs.11,000 , on 31st dec Rs.12,000 ; stock of finished goods on 1st Jan Rs.42,000 , on 31st dec Rs. 41,000 ;, during the year manufacturing overheads expenses amounted to Rs.61,000 , Manufacturing wages to Rs.40,000 & purchase of raw material to Rs.92,000.there were no direct expenses. the cost of raw material consumed , were Show Answer

Q19) Stock of raw material on 1st Jan Rs.17,000 ; on 31st dec. 18,000 ; work in progress on 1st Jan Rs.11,000 , on 31st dec Rs.12,000 ; stock of finished goods on 1st Jan Rs.42,000 , on 31st dec Rs. 41,000 ; during the year manufacturing overheads expenses amounted to Rs.61,000 , Manufacturing wages to Rs.40,000 & purchase of raw material to Rs.92,000.there were no direct expenses. the manufacturing cost of finished goods produced , were Show Answer

Q20) stock of raw material on 1st Jan Rs.17,000 ; on 31st dec. 18,000 ; work in progress on 1st Jan Rs.11,000 , on 31st dec Rs.12,000 ; stock of finished goods on 1st Jan Rs.42,000 , on 31st dec Rs. 41,000 ;, during the year manufacturing overheads expenses amounted to Rs.61,000 , Manufacturing wages to Rs.40,000 & purchase of raw material to Rs2,92,000.there were no direct expenses. the manufacturing cost of finished goods available for sale, were Show Answer

Q21) stock of raw material on 1st Jan Rs.17,000 ; on 31st dec. 18,000 ; work in progress on 1st Jan Rs.11,000 , on 31st dec Rs.12,000 ; stock of finished goods on 1st Jan Rs.42,000 , on 31st dec Rs. 41,000 ;, during the year manufacturing overheads expenses amounted to Rs.61,000 , Manufacturing wages to Rs.40,000 & purchase of raw material to Rs.92,000.there were no direct expenses. the manufacturing cost of finished goods sold, were Show Answer

Q22) opening stock Rs.1,00,000 , purchase Rs.3,00,000 ,carriage inwards Rs.10,000 , freight outwards Rs.5,000 , return outward Rs.20,000, closing stock Rs.2,00,000 . The cost of raw material consumed Show Answer

Q23) Opening work-in-progress Rs.60,000 , closing work-in-progress Rs.15,000 , manufacturing overheads Rs.8,000 , sale of scrap Rs.3,000 , selling overheads Rs.10,000 , closing stock Rs. 30,000 . cost of raw material consumed Rs.1,00,000. cost of manufactured goods Show Answer

Q24) Opening finished goods Rs.20,000, closing finished goods Rs.25,000, cost of manufactured goods Rs.1,00,000, closing WIP Rs. 25,000. The manufacturing cost of finished goods sold is Show Answer

Q25) Opening stock of raw material Rs.1,00,000 , purchase Rs.3,00,000 , closing stock of raw material Rs.2,00,000 ,carriage inwards Rs.10,000 , freight outwards Rs.5,000 .return outward Rs.20,000 . opening work-in-progress Rs.25,000 , closing work-in-progress Rs.10,000 , manufacturing overheads Rs.6,000 , sale of by-product Rs.1,000 , selling overheads Rs.10,000 .royalty based on production Rs.5,000. opening finished goods Rs.1,00,000 , closing finished goods Rs.2,00,000 . The cost of finished goods sold is Show Answer

Q26) Opening stock of raw material Rs.1,00,000 , purchase Rs.3,00,000 , closing stock of raw material Rs.2,00,000 ,carriage inwards Rs.10,000 , freight outwards Rs.5,000 .return outward Rs.20,000 . opening work-in-progress Rs.25,000 , closing work-in-progress Rs.10,000 , manufacturing overheads Rs.6,000 , sale of by-product Rs.1,000 , selling overheads Rs.10,000 .royalty based on production Rs.5,000. . The manufacturing cost of goods is Show Answer

Q27) A list of balances of all the accounts in ledger is called ________. Show Answer

Q28) Opening stock is entered in a Trading A/c on the ___ side. Show Answer

Q29) Drawings account is closed by transferring the balance to the _______ account. Show Answer

Q30) External liabilities plus capital is ________. Show Answer

Q31) Outstanding expenses is a ________ account. Show Answer

Q32) Depreciation is always charged on ________ assets. Show Answer

Q33) Pre-received income is shown on __ side of balance sheet. Show Answer

Q34) Royalty on production is a _________ expenses. Show Answer

Q35) Interest on investment is _______ of business concern. Show Answer

Q36) All items of income are shown in the credit side of the ______ account. Show Answer

Q37) A provision made for debts irrecoverable from the debtors is called _______. Show Answer

Q38) Profit and loss A/c is _________ account. Show Answer

Q39) Income received in advance is shown on the ________ side of balance sheet. Show Answer

Q40) Return outward is deducted from ________. Show Answer

Q41) Trading account is prepared on the basis of ____ expenses. Show Answer

Q42) All indirect expenses are debited to _________ account. Show Answer

Q43) Trading A/c is a __________ A/c. Show Answer

Q44) Net Sales are shown on credit side of _______. Show Answer

Q45) Abnormal losses are shown on ________. Show Answer

Q46) _____are intangible assets but do not have exchange value. Show Answer

Q47) Sales is equal to Show Answer

Q48) Indirect Manufacturing expenses are also called Show Answer

Q49) Sale value of the by-product is credited to Show Answer

Q50) Manufacturing account shows Show Answer