Quiz 2 - Materials And Payroll Students Copy.docx

Batangas State University College of Accountancy, Business, Economic and International Hospitality Management Cost Accounting POM 306 Name: ______________________

Score: _____________

Direction: Select the letter that corresponds to your answer. Shade the box corresponding to your answer on the answer sheet provided. 1. Material left over when making a product is referred to as a. reworked units. c. scrap. b. spoilage. d. defective units. 2. Cost of raw materials are debited to Raw Materials Inventory when the a materials are ordered. c materials are put into production. b materials are received. d the bill for the materials is paid. 3. The entry to record the acquisition of raw materials on account is a. Work in Process Inventory c. Accounts Payable Accounts Payable Raw Materials Inventory b. Manufacturing Overhead d. Raw Materials Inventory Raw Materials Inventory Accounts Payable Accounts Payable 4. Under an effective system of internal control, the authorization for issuing materials is made a. orally. b. on a prenumbered materials requisition slip. c. by the accounting department. d. by anyone on the production line. 5. Which among the following is not a benefit of having an effective control of the element of production cost? a. Maximizes manufacturing efficiency b. Increases unit cost c. Enables management to attain desired inventory levels d. Reduces unit cost 6. This form certifies the quantity of inspection and of quality tests. a. Purchase order b. Materials requisition 7. This form shows the materials storeroom. a. Materials ledger cards b. Purchase order

items received and may state the results of

previously

c. Purchase requisition d. Receiving report issued

and

are

being

returned

to

the

c. Returned shipping order d. Returned materials report

8. How many copies of purchase order were prepared by the purchasing department? a. 3 copies b. 4 copies c. 5 copies d. 6 copies 9. What form did the supplier provides to the receiving and inspection department after delivery of the goods to the company? a. Sales invoice c. Official receipt b. Purchase order d. Receiving report 10. What department prepares the voucher for payment of materials to supplier? a. Purchasing department c. Receiving department b. Accounting department d. Stores department 11. This form is both a request for issuance and receipt for items so issued because an acknowledgement blank is provided therein. a. Purchase requisition c. Purchase order b. Stores requisition d. Returned shipping order 12. Those are attached to storage bins, shelves, racks or other containers of items in the storeroom showing the movement of stock in said containers. a. Purchase requisition c. Bin tags b. Returned materials report d. Returned shipping order

13.

What will be the entry required upon issuance of direct materials to production: a. Stores c. Factory overhead Accounts Payable Stores b Work in Process d Stores Stores Work in process

14. What will be the entry required when there was a return of materials from factory to storeroom? a. Stores c. Factory overhead Accounts Payable Stores b Work in Process d Stores Stores Work in process 15. What will be the entry required upon purchase of materials for immediate need in a job? a. Stores c. Factory overhead Accounts Payable Stores b Work in Process d Stores Accounts Payable Work in process 16.

What will be the pro forma entry upon payment of materials within discount period? a. Materials c. Vouchers Payable Vouchers Payable Cash b. Vouchers Payable d. Vouchers Payable Cash Purchase discounts lost Allowance for Purchase Cash discounts Allowance for Purchase discount

17. These costs refer to those incurred incidental to acquisition and storage of materials. a. Freight in c. Trade discount b. Cash discount d. Materials handling cost 18. These goods refer to those that have developed imperfections and are disposed of as such. a. Spoiled goods c. Defective goods b. Reworked units d. Scrap materials 19. This phase of accounting for labor cost involves payroll preparation and the keeping of records of employees’ earnings, deductions, payment of salaries and wages and the different payroll-related liabilities. a. Cost accounting phase c. Financial accounting phase b. Timekeeping phase d. None of the above 20. This form shows the time an employee reports for work and goes out and is used in payroll preparation. a. Time ticket c. Clock card b. Earnings record d. Daily time report 21.

This form shows how the employees’ net pays are arrived at. a. Time ticket c. Clock card b. Daily time report d. Payroll

22.

Which among the following is not a special holiday? a. Chinese New Year c. Christmas Day b. All Saints Day d. Black Saturday

23.

Which among the following is not a regular holiday? a. New Year’s Eve c. Ninoy Aquino Day b. Good Friday d. Rizal Day

24. It refers to the additional compensation for work performed within eight hours on non-working days such as rest days and special days as required by law. a. Overtime pay c. Overtime premium b. Premium pay d. Amount earned 25. According to The Labor Code of the Philippines, the normal hours of work of any employee shall not exceed ____ hours a day. a. Six b. Seven c. Eight d. Nine

For 26 to 30 A worker has a daily rate of P 400.00. How much will the worker earned if he works for eight hours on the following days? 26. On a rest day a. P 520.00 b. P 600.00 c. P 800.00 d. P 1,040.00 27. On a special day a. P 520.00 b. P 600.00 c. P 800.00 d. P 1,040.00 28. On a rest day which is also a special day a. P 520.00 b. P 600.00 c. P 800.00 d. P 1,040.00 29. On a regular holiday a. P 520.00 b. P 600.00 c. P 800.00 d. P 1,040.00 30. On a regular holiday which is also a rest day a. P 520.00 b. P 600.00 c. P 800.00 d. P 1,040.00 For 31 to 35 If a worker has a daily rate of P 300.00 and works for 12 hours, how much will be the amount earned on a 31. Working day a. 812.50 b. 750.00 c. 825.00 d. 1,000.00 32. On a regular holiday a. 643.50 b. 742.50 c. 990.00 d. 1,287.00 33. On a regular holiday which is also a rest day a. 643.50 b. 742.50 c. 990.00 d. 1,287.00 34. On a rest day a. 643.50 b. 742.50 c. 990.00 d. 1,287.00 35. On a rest day which is also a special day a. 643.50 b. 742.50 c. 990.00 d. 1,287.00

Answer sheet

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