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MCQs

Total Questions : 163 | Page 10 of 17 pages
Question 91. The fifth step in process costing system is to
  1.    allocate separable costs
  2.    allocate joint costs
  3.    compute gross margin
  4.    assign total cost to completed units
 Discuss Question
Answer: Option D. -> assign total cost to completed units
Answer: (d).assign total cost to completed units
Question 92. The second step in processing costing system is to
  1.    summarize total costs
  2.    compute cost for each equivalent unit
  3.    summarize flow of output
  4.    compute output in units
 Discuss Question
Answer: Option D. -> compute output in units
Answer: (d).compute output in units
Question 93. The costing method, which calculates per equivalent unit cost of all the production related work done, till calculated date is termed as
  1.    weighted average method
  2.    net present value method
  3.    Gross production method
  4.    net present value method
 Discuss Question
Answer: Option A. -> weighted average method
Answer: (a).weighted average method
Question 94. The forth step in process costing system is to
  1.    summarize total costs
  2.    compute cost for each equivalent unit
  3.    summarize flow of output
  4.    compute output in units
 Discuss Question
Answer: Option B. -> compute cost for each equivalent unit
Answer: (b).compute cost for each equivalent unit
Question 95. The standardized technique that is performed repetitively on different kind of materials to convert them into different finished products is known as
  1.    conversion process
  2.    operation
  3.    hybridization
  4.    both a and b
 Discuss Question
Answer: Option B. -> operation
Answer: (b).operation
Question 96. The cost pool category, which have the similar cause and effect relationship, with each cost driver uses as an allocation base is classified as
  1.    heterogeneous price pool
  2.    homogenous cost pool
  3.    heterogeneous cost pool
  4.    homogenous price pool
 Discuss Question
Answer: Option B. -> homogenous cost pool
Answer: (b).homogenous cost pool
Question 97. The costing system, in which individual activities are identified as the cost object, is considered as
  1.    manufactured costing
  2.    activity based costing
  3.    allocation costing
  4.    base costing
 Discuss Question
Answer: Option B. -> activity based costing
Answer: (b).activity based costing
Question 98. The type of costs that cannot be traced for individual products but help in supporting an organization are classified as
  1.    individual sustaining costs
  2.    facility sustaining costs
  3.    sustained tracing
  4.    support tracing
 Discuss Question
Answer: Option B. -> facility sustaining costs
Answer: (b).facility sustaining costs
Question 99. In the activity based costing method implementation, the indirect costs are allocated by using the
  1.    no cost pool
  2.    One or two cost pools
  3.    sustained tracing
  4.    support tracing
 Discuss Question
Answer: Option B. -> One or two cost pools
Answer: (b).One or two cost pools
Question 100. In the activity based costing method implementation, an output unit level costs are classified as
  1.    indirect costs
  2.    direct cost
  3.    labor cost
  4.    raw material cost
 Discuss Question
Answer: Option A. -> indirect costs
Answer: (a).indirect costs

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