Practice Test

1) The manufacturing account is prepared

2) Under-statement of closing W.I.P in the period will

3) 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

4) 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 :

5) 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 :

6) 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:

7) Motor is

8) work-in-progress is

9) The debit side of manufacturing account

10) with reference to manufacturing account which of the following is not true

11) with reference to manufacturing account which of the following is not true

12) Raw-material consumed is equal to

13) The manufacturing account is closed by transferring its balance to the

14) which of the following does not appear in the manufacturing account

15) under statement of closing stock of raw material in the period will

16) over statement of opening stock of raw material in the period will

17) over statement of opening work-in-progress in the period will

18) 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

19) 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

20) 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

21) 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

22) 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

23) 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

24) 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

25) 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

26) 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

27) A list of balances of all the accounts in ledger is called ________.

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

29) Drawings account is closed by transferring the balance to the _______ account.

30) External liabilities plus capital is ________.

31) Outstanding expenses is a ________ account.

32) Depreciation is always charged on ________ assets.

33) Pre-received income is shown on __ side of balance sheet.

34) Royalty on production is a _________ expenses.

35) Interest on investment is _______ of business concern.

36) All items of income are shown in the credit side of the ______ account.

37) A provision made for debts irrecoverable from the debtors is called _______.

38) Profit and loss A/c is _________ account.

39) Income received in advance is shown on the ________ side of balance sheet.

40) Return outward is deducted from ________.

41) Trading account is prepared on the basis of ____ expenses.

42) All indirect expenses are debited to _________ account.

43) Trading A/c is a __________ A/c.

44) Net Sales are shown on credit side of _______.

45) Abnormal losses are shown on ________.

46) _____are intangible assets but do not have exchange value.

47) Sales is equal to

48) Indirect Manufacturing expenses are also called

49) Sale value of the by-product is credited to

50) Manufacturing account shows