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MCQs

Total Questions : 163 | Page 9 of 17 pages
Question 81. An allocation approach, in which all the overhead entries are restated using actual cost rates in place of budgeted rates is called
  1.    unadjusted budget rate approach
  2.    adjusted allocation rate approach
  3.    unadjusted allocation rate approach
  4.    adjusted budget rate approach
 Discuss Question
Answer: Option B. -> adjusted allocation rate approach
Answer: (b).adjusted allocation rate approach
Question 82. The procedure of assigning the direct cost to any cost abject is classified as
  1.    sales allocation
  2.    cost tracing
  3.    cost allocation
  4.    sales tracing
 Discuss Question
Answer: Option C. -> cost allocation
Answer: (c).cost allocation
Question 83. In an accounting system, the document which supports journal entries is classified as
  1.    cost document
  2.    priced document
  3.    source document
  4.    direct document
 Discuss Question
Answer: Option C. -> source document
Answer: (c).source document
Question 84. If an actual indirect cost incurred is $25000 and the indirect cost allocated is $23000, then the over allocated indirect cost would be
  1.    $48,000
  2.    −$2000
  3.    $2,000
  4.    −$48000
 Discuss Question
Answer: Option C. -> $2,000
Answer: (c).$2,000
Question 85. If the budgeted cost in indirect cost pool is $144500 and total quantity of cost allocation base is $165500, then the budgeted indirect cost rate will be
  1.    67.30%
  2.    87.31%
  3.    55.50%
  4.    45.50%
 Discuss Question
Answer: Option B. -> 87.31%
Answer: (b).87.31%
Question 86. If the budgeted indirect cost arte is $115 and the budgeted cost allocation base is $830 per hour, then the annual indirect cost (budgeted) will be
  1.    $93,450
  2.    $94,560
  3.    $96,450
  4.    $95,450
 Discuss Question
Answer: Option D. -> $95,450
Answer: (d).$95,450
Question 87. The spread of over allocated overhead and under allocated overhead among work in process, finished goods and goods sold cost is classified as
  1.    proration approach
  2.    appreciation approach
  3.    depreciation approach
  4.    adjusted approach
 Discuss Question
Answer: Option A. -> proration approach
Answer: (a).proration approach
Question 88. In a normal accounting period, the allocated amount of indirect cost is $2000 and the actual amount is $2200, it classified as
  1.    over allocated budget
  2.    under allocated budget
  3.    under allocated indirect cost
  4.    over allocated direct cost
 Discuss Question
Answer: Option A. -> over allocated budget
Answer: (a).over allocated budget
Question 89. If the budgeted annual manufacturing indirect cost is $2250000 and the cost allocation base is 2800 labor hour, then budgeted manufacturing overhead rate will be
  1.    $803.571 per labor hour
  2.    $805 per labor hour
  3.    $905 per labor hour
  4.    $802 per labor hour
 Discuss Question
Answer: Option A. -> $803.571 per labor hour
Answer: (a).$803.571 per labor hour
Question 90. If the budgeted indirect cost is $225 and the budgeted cost allocation base is $750 per hour, then the annual indirect cost (budgeted) would be
  1.    $168,750
  2.    $148,570
  3.    $186,750
  4.    $125,680
 Discuss Question
Answer: Option A. -> $168,750
Answer: (a).$168,750

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