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Accounting For Material Quiz: Test!

Question 1 of 3

Q1 . Direct material is a _________.

Q2 . In most industries, what is the most important element of cost?

Q3 . Continuous stock-taking is a part of _________.

Q4 . Select the pricing method in which costs log behind the current economic values.

Q5 . Direct material is a _______.

Q6 . When price fluctuates widely, which method smooth out the effect of fluctuations?

Q7 . The storekeeper should initiate a purchase requisition when stock reaches.

Q8 . Name the stock control method that aims at concentrating efforts on selected items of materials.

Q9 . Which of the following cost items should NOT be treated as direct material ?

Q10 . In base stock method of pricing the material issues, what does the term ‘base stock’ represent?

Q11 . Which of the following options can be categorized as an accounting record?

Q12 . The ________ type of loss is considered to be the normal loss of materials.

Q13 . Which of these material losses should be transferred to Costing Profit and Loss Account?

Q14 . When material prices fluctuate widely, the method of pricing that gives absurd results is called _________.

Q15 . Pick the method in which the charge to production is not at actual cost.

Q16 . In which of the following methods, materials are issued at the price prevailing at the time of issue ?

Q17 . Name the document that is used for issuing materials to production departments.