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MCQs

Total Questions : 163 | Page 14 of 17 pages
Question 131. If the budgeted total direct labor hours are 5500 and budgeted direct labor cost is $755000, then the budgeted direct labor cost rate is
  1.    $138 per labor hour
  2.    $137.27 per hour
  3.    $140 per labor hour
  4.    $142 per labor hour
 Discuss Question
Answer: Option B. -> $137.27 per hour
Answer: (b).$137.27 per hour
Question 132. If the budgeted total direct labor hours are 3800 and budgeted direct labor cost is $480000, then the budgeted direct labor cost rate will be
  1.    $126.32 per labor hour
  2.    $128.32 per labor hour
  3.    $130 per labor hour
  4.    $132 per labor hour
 Discuss Question
Answer: Option A. -> $126.32 per labor hour
Answer: (a).$126.32 per labor hour
Question 133. In accounting system, a document which consists of all assigned cost for specific job is classified as
  1.    job cost record
  2.    job cost sheet
  3.    source document
  4.    both a and b
 Discuss Question
Answer: Option D. -> both a and b
Answer: (d).both a and b
Question 134. If an allocated indirect cost is $1500 and the actual incurred indirect cost is $1200, then this is classified as
  1.    applied indirect cost
  2.    applied direct cost
  3.    incurred indirect cost
  4.    over allocated indirect cost
 Discuss Question
Answer: Option D. -> over allocated indirect cost
Answer: (d).over allocated indirect cost
Question 135. The total costs incur in a production process, is divided by total number of output units, to calculate the
  1.    cost of indirect labor
  2.    cost of direct labor
  3.    cost of direct material
  4.    unit costs
 Discuss Question
Answer: Option D. -> unit costs
Answer: (d).unit costs
Question 136. If the budgeted direct labor hours are 3550 and direct labor cost rate is $500 per labor hour, then total direct labor cost would be
  1.    $1,775,000
  2.    $1,675,000
  3.    $1,875,000
  4.    $1,975,000
 Discuss Question
Answer: Option A. -> $1,775,000
Answer: (a).$1,775,000
Question 137. If the beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and ending work in process equivalent units are 5000, then complete equivalent units in current period are
  1.    1800 units
  2.    1500 units
  3.    1300 units
  4.    1500 units
 Discuss Question
Answer: Option C. -> 1300 units
Answer: (c).1300 units
Question 138. The cost of previous department is a part of
  1.    transferred-in costs
  2.    transferred-out costs
  3.    FIFO costs
  4.    LIFO costs
 Discuss Question
Answer: Option A. -> transferred-in costs
Answer: (a).transferred-in costs
Question 139. A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as
  1.    accounting period costing system
  2.    process costing system
  3.    job costing system
  4.    none of above
 Discuss Question
Answer: Option B. -> process costing system
Answer: (b).process costing system
Question 140. The first step in process costing system is to
  1.    summarize flow of output
  2.    compute output in units
  3.    summarize total costs
  4.    compute cost for each equivalent unit
 Discuss Question
Answer: Option A. -> summarize flow of output
Answer: (a).summarize flow of output

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