Material Accounting MCQ Quiz
The Material Accounting MCQ Quiz depends on different MCQ on Material Accounting in different language with decipher button.
This test comprise 25 MCQ.
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This Material Accounting MCQ Quiz depends on following questions. Answers are shown in bold format
1. The storage space for material may be in the form of………………..?
a. Constructed building
b. Godowns
c. Temporary structures
d. All of the above
2. …………………….are the equipment which are commonly used in storing materials
a. Pallets and skids
b. Open and closed shelving
c. Bins
d. All of the above
3. The basic principles of stores location are ……………….?
a. Straight line movement
b. Minimization of handling
c. Minimum of backtracking
d. All of the above
4. The location of the store can be …………….?
a. Centralized location
b. Decentralized location
c. Multi-plant location
d. Any of the above
5. A ………..is a quantitative record of receipts, issues and closing balances of items of stores.
a. Bincard
b. Store Ledger
c. Cabinets
Material Accounting MCQ Quiz Free MCQ For 2022 Exam
6. A Bincard is maintained by a ……………….?
a. Purchase manager
b. Store keeper
c. Production manager
7. A Bincard in kept at ……………… the store.
a. Outside
b. Inside
c. Somewhere else
8. A Bincard provides information with respect to …………….?
a. Quantities of material available
b. Material Issued
c. Requisition of material
d. All of the above
9. The ………………..is maintained to record all receipt and issue transactions in respect of materials.
a. Store ledger
b. Cabinets
c. Pallets and skids
10. Store Ledger provides the information of material with respect to ……………?
a. Quantities
b. Value
c. Issues
d. All of the above
Material Accounting MCQ Quiz Free MCQ For 2022 Exam
11. Transactions of material are posted …………..in store ledger.
a. Periodically
b. Hourly
c. Daily
12. The Store Ledger is maintained by
a. Store keeper
b. Purchase department
c. Accounts department
13. The store ledger is kept at ………….. the store.
a. Inside
b. Outside
c. At the door
14. …………………is the function of receiving materials, storing them and issuing these to workshops or departments.
a. Purchasing
b. Storekeeping
c. Financing
15. The stores department is under the control of a person known as………………?
a. Storekeeper
b. Purchase manager
c. Finance manager
Material Accounting MCQ Quiz Free MCQ For 2022 Exam
16. The storekeeper is a ………………….of all the items kept in the store.
a. Owner
b. Custodian
c. Not responsible
17. The objective of store-keeping are ………………?
a. Protect stores against losses
b. Avoid over-stocking and under-stocking
c. Facilitate perpetual inventory
d. All of the above
18. …………………….is the procedure for assigning symbols for each item of material in accordance with a proper plan.
a. Codification
b. Classification
c. None of the above
19. ……………… is the process where, similar items are divided into sub-groups and a number of sub-groups are classified under major groups.
a. Codification of material
b. Classification of material
c. Grouping of material
20. …………… method is based on the assumption that materials which are purchased first are issued first.
a. LIFO
b. FIFO
c. Weighted Average
21. …………….method is based on the assumption that materials used in production is from the latest purchase.
a. FIFO
b. LIFO
c. Simple Average
22. ………..method is also known as ‘Replacement Cost Method’.
a. FIFO
b. LIFO
c. Weighted Average
23. In FIFO method the materials in stock are valued at the price of the………….purchases.
a. Latest
b. Previous
c. Future
24. In LIFO method the inventory is priced at the ……………….costs.
a. Future
b. Oldest
c. Current
25. …………………….can be used when the prices are normally stable and the stocks purchased are in equal quantities or the stock value is small.
a. Simple Average Method
b. Weighted Average Method
c. FIFO
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