MGT402 Current Midterm Paper Fall 2013 Shared by shabbir ghuman File 2

Bismillah,,,,,

Generally Paper was Easy

Total=27

MCQZ=22

3x3

2x5

MCQZ were easy just correct idea about Financial accounting You can solve almost 90 percent without any problem,,,

subjective were also about basic knowledges are are below

Q:1.Wage rate per hour Rs. 4.5
Time allowed for the job 1 hours
Time taken 36 Minutes.
Required:
1. Calculate the Gross earnings of the worker. (From Hasley method)
2. Find out effective “rate of earnings”
Q. 2 Gross profit = 20,000
GP Markup = 15% of cost
Calculate = Sales and cost of goods sold
Q. 3
ABC Co manufactured 1500 Items to fill an order by incurring:
Direct material Rs. 151,000
Direct labor cost 100,000
F.O.H (60% of labor cost) 59,000
Total production cost 311,000
Some of the work was found defective, to make good such loss, following cost was incurred:
Rework cost on defective work
Material Rs. 11,000
Labor 30,000
F.O.H (60% of Labor cost) 15,000
Required: Pass accounting entries to record the cost incurred along with the adjusting entry for re-work cost, treating the loss as:
a) Normal
b) Abnormal
Q.4 Differneciate between Normal And Abnormal Losses with example,,
Q. was lengthy aur time nai bacha tha meray pass…..