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MCQs

Total Questions : 163 | Page 15 of 17 pages
Question 141. If the beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and units completed in current period are 4000, then ending work in process equivalent units will be
  1.    1800 units
  2.    2300 units
  3.    10300 units
  4.    1500 units
 Discuss Question
Answer: Option B. -> 2300 units
Answer: (b).2300 units
Question 142. In process costing method, when the work done in current accounting period, and beginning inventory before current accounting period, is classified as
  1.    partial inventory costing method
  2.    current period inventory method
  3.    Last-in, first-out method
  4.    First-in, first-out method
 Discuss Question
Answer: Option D. -> First-in, first-out method
Answer: (d).First-in, first-out method
Question 143. The costs that are incurred in last department, where the product has been processed and will be carried to next department for further processing are called
  1.    partial work costs
  2.    transferred-in costs
  3.    transferred-out costs
  4.    weighted average costs
 Discuss Question
Answer: Option B. -> transferred-in costs
Answer: (b).transferred-in costs
Question 144. The partial or completed units of manufactured goods, that do not meet customer specifications and get sold at reduced price or simply discarded, are called
  1.    spoilage
  2.    rework
  3.    scrap
  4.    equivalence
 Discuss Question
Answer: Option A. -> spoilage
Answer: (a).spoilage
Question 145. In process and job costing system, the normal spoilage cost is considered as
  1.    conversion costs
  2.    sunk costs
  3.    inventoriable costs
  4.    non inventoriable costs
 Discuss Question
Answer: Option C. -> inventoriable costs
Answer: (c).inventoriable costs
Question 146. Total cost related to work in process inventory is divided by total units of work done is used to calculate
  1.    Gross weighted margin
  2.    weighted average revenue
  3.    weighted average cost
  4.    weighted average conversion cost
 Discuss Question
Answer: Option C. -> weighted average cost
Answer: (c).weighted average cost
Question 147. The costing system, which is a combination of process costing and job costing system, is classified as
  1.    weighted costing system
  2.    average costing system
  3.    hybrid costing system
  4.    double costing system
 Discuss Question
Answer: Option C. -> hybrid costing system
Answer: (c).hybrid costing system
Question 148. The types of spoilage include
  1.    normal spoilage
  2.    abnormal spoilage
  3.    weighted spoilage
  4.    both a and b
 Discuss Question
Answer: Option D. -> both a and b
Answer: (d).both a and b
Question 149. The categories of cash flows include
  1.    net initial investment
  2.    cash flow from operations after paying taxes
  3.    cash flow from terminal disposal after paying taxes
  4.    all of above
 Discuss Question
Answer: Option D. -> all of above
Answer: (d).all of above
Question 150. If the nominal rate is 26% and the inflation rate is 12%, then the real rate can be
  1.    13.75%
  2.    11.65%
  3.    12.50%
  4.    13.50%
 Discuss Question
Answer: Option C. -> 12.50%
Answer: (c).12.50%

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