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MCQs

Total Questions : 79 | Page 2 of 8 pages
Question 11. The cost which is related to specific cost object and cannot be economically traceable is classified as
  1.    line cost
  2.    staff cost
  3.    direct cost
  4.    indirect cost
 Discuss Question
Answer: Option D. -> indirect cost
Answer: (d).indirect cost
Question 12. In accounting, the cost which is predicted to be incurred or future cost is known as
  1.    past cost
  2.    incurred cost
  3.    actual cost
  4.    budgeted cost
 Discuss Question
Answer: Option D. -> budgeted cost
Answer: (d).budgeted cost
Question 13. The cost which remains unchanged, in proportion to level the total volume of production is classified as
  1.    total cost
  2.    infeasible cost
  3.    fixed cost
  4.    variable cost
 Discuss Question
Answer: Option C. -> fixed cost
Answer: (c).fixed cost
Question 14. The process of assigning the indirect costs to any specific cost object is known as
  1.    economic cost
  2.    cost tracing
  3.    cost allocation
  4.    non-economic costs
 Discuss Question
Answer: Option C. -> cost allocation
Answer: (c).cost allocation
Question 15. In accounting, the resources sacrifice for achieving or fulfill specific objective is known as
  1.    source cost
  2.    sacrifice cost
  3.    treated cost
  4.    cost
 Discuss Question
Answer: Option D. -> cost
Answer: (d).cost
Question 16. The labor related to the manufacturing of the product can be classified under
  1.    direct manufacturing labor costs
  2.    indirect manufacturing labor costs
  3.    work in process cost
  4.    finished costs
 Discuss Question
Answer: Option A. -> direct manufacturing labor costs
Answer: (a).direct manufacturing labor costs
Question 17. The direct manufacturing labor costs is added into manufacturing overhead cost to calculate
  1.    transaction costs
  2.    conversion costs
  3.    resale costs
  4.    merchandise costs
 Discuss Question
Answer: Option B. -> conversion costs
Answer: (b).conversion costs
Question 18. The conversion cost is $2000 and the manufacturing overhead cost is $7000, then the direct manufacturing labor cost will be
  1.    $27,000
  2.    $13,000
  3.    $130,000
  4.    $29,500
 Discuss Question
Answer: Option B. -> $13,000
Answer: (b).$13,000
Question 19. The direct material costs are added into direct manufacturing costs, to calculate
  1.    discuss costs
  2.    prime costs
  3.    resale cost
  4.    merchandise costs
 Discuss Question
Answer: Option B. -> prime costs
Answer: (b).prime costs
Question 20. In cost terms, the direct manufacturing labor cost is included in
  1.    manufacturing costs
  2.    prime costs
  3.    conversion costs
  4.    both b and c
 Discuss Question
Answer: Option D. -> both b and c
Answer: (d).both b and c

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