Accounting MCQs

1590 MCQs  (Page 54 of 159)

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The costing, which explains how and when scrap affects the operating income of company is classified as ___________?
A. Inventory costing
B. Conversion costing
C. Normal scrap costing
D. Abnormal scrap costing
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The aspects of accounting for scrap includes __________?
A. Physical tracking
B. Non-inventoriable costing
C. Inventory costing
D. Both a and c
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The stage in production process, where the manufactured goods are checked; whether the units are acceptable or not is classified as __________?
A. Rework point
B. Inspection point
C. Spoilage point
D. Scrap point
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An example of rework is ____________?
A. Short lengths from wood work
B. Defective aluminum cans recycled by manufacturer
C. Detection of defective pieces before shipment
D. None of above
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Which one of the following is an example of spoilage?
A. Short lengths from wood work
B. Defective aluminum cans recycled by manufacturer
C. Detection of defective pieces before shipment
D. All of above
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An amount of spoilage that is not natural in a specific production process is categorized as ____________?
A. Normal scrap
B. Normal spoilage
C. Abnormal spoilage
D. Weighted spoilage
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Total cost related to work in process inventory is divided by total units of work done is used to calculate _____________?
A. Gross weighted margin
B. Weighted average revenue
C. Weighted average cost
D. Weighted average conversion cost
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In process and job costing system, the normal spoilage cost is considered as ___________?
A. Conversion costs
B. Sunk costs
C. Inventoriable costs
D. Non inventoriable costs
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The costing system, which classify cost into cost categories in a way when an expense is incurred in the process is called ____________?
A. Conversion expense costing system
B. Inventory costing system
C. Process costing system
D. Job costing system
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If the cost incurred for work in process inventory is $350000 and total equivalent units completed till date are 3500, then weighted average cost will be __________?
A. $10
B. $100
C. $1,000
D. $1,200
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Word of the Day
16 Jul
Volatile
(of a substance) easily evaporated at normal temperatures.
بدلتے مزاج والا، کافور صفت

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