Q1/

ABC Company has the following records for the production of 10000 units.

Direct Labor OMR 60000

Opening inventory of Finished Goods OMR 12000

Factory Expenses 20% of prime cost

Closing inventory of Raw Materials OMR 10000

Raw Materials used OMR 90000

Opening inventory of Raw Materials OMR 20000

Closing Inventory of Finished goods 3000 Units

Calculate cost of goods sold for ABC Company.

Select one:

a. OMR 189000

b. OMR 146400

c. OMR 201000

d. OMR 138000

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Q2/

Management accounting information can help managers identify problems, solve problems and evaluate performance.

Select one:

True

False

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Q3/

Which of the following is the similarity between management accounting and cost accounting.

Select one:

a. Both are for internal use

b. none of the option

c. Both are using accounting standards

d. Both are compulsory

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Q4/

Which of the following is the largest body of Management accounting association in the world?

Select one:

a. The Chartered Institute of Management Accountants (CIMA)

b. Institute of Management Accountants (IMA)

c. Association of Chartered Certified Accountants (ACCA)

d. Chartered Institute of Public Finance and Accountancy (CIPFA)

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Q5/

What will be the Prime Cost of the company, if the following information is given?

Material purchased OMR 105000, freight in OMR 3500, purchase returns OMR 6500, Opening inventory of materials OMR 4000, Wages paid to workers OMR 30000, Direct chargeable expenses OMR 6000, closing inventory of materials OMR 2000, other factory expenses OMR 10500, opening inventory of finished goods OMR 12000 and closing inventory of finished goods OMR 10000

Select one:

a. OMR 150500

b. OMR 140000

c. OMR 104000

d. OMR 152500

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Q6/

Which of the following is the tools of management accounting except?

Select one:

a. Cost effectiveness

b. Marginal costing

c. Standard costing

d. Budgetary control

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Q7/

ABC Company has the following records for the period ended 31 December 2019.

Material purchased OMR 210000
Purchase returns of raw materials OMR 8000
Office Expenses OMR 10000
Purchase Expenses (Freight charges) OMR 2000
Direct labor OMR 90000
General and administrative expenses OMR 15000
Factory Expenses 10% of prime cost
Selling and distribution expenses 5% of production cost
Inventories, Raw Materials Work-in-process Finished Goods	Opening Inventory OMR 15000 OMR 30000 OMR 10000	Closing Inventory OMR 25000 OMR 20000 OMR 20000

What is the Cost of Goods Manufactured for ABC Company ?

Select one:

a. OMR 312400

b. OMR 330800

c. OMR 322400

d. OMR 304200

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Q8/

Which of the following would not be an element of factory overhead?

Select one:

a. Salary of factory supervisor

b. Factory maintenance

c. Advertisement expenses

d. Depreciation of Machinery

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Q9/

Which of the following is not the scope of management accounting except?

Select one:

a. Preparing Trial balance

b. Reporting to management

c. Budgeting

d. Financial analysis

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Q10/

Financial accounting's adoption by any firm depends upon its utility and desirability.

Select one:

True

False

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Q11/

XYZ Company has the following records for the period ended 31 December 2020.

Material purchased OMR 110000

Purchase returns of raw materials OMR6000

Factory maintenance OMR 7500

Salary of office staff OMR 21400

Power and heatfactory OMR 4500

Insurance expensefactory OMR 2000

Depreciationfactory building and equipment OMR 8500

Purchase Expenses on raw material OMR 1500

Insurance expenseOffice OMR 8000

DepreciationOffice building OMR 19000

Advertisement expenses OMR 8000

Inventories, 1 January 2020: Raw Materials OMR 8000

Direct labor OMR 60000

Direct Expenses OMR 9000

Inventories, 31 December 2020: Raw Material OMR 5000

What is the Production Cost (Cost of production) for XYZ Company?

Select one:

a. OMR 200000

b. OMR 206000

c. OMR 204000

d. OMR 193000