Quiznetik

Cost and Works Accounting 1 | Set 3

1. Weighted average method is a generally accepted accounting principle?

Correct : A. True

2. If WIP opening stock is 10,000 units, work done in the period is 13,000 and WIP closing stock is 5,000 units. The equivalent completed unit during the period is:

Correct : B. 18,000

3. US GAAP allows FIFO, LIFO and Weighted average method to value stock?

Correct : A. True

4. Weighted average method for inventory is permissible in:

Correct : B. US GAAP only

5. Weighted average method is same as:

Correct : D. None of the above