Accounting Mcqs Practice Test

Question 1

The stage in production process, where the manufactured goods are checked; whether the units are acceptable or not is classified as __________?

Accepted Answer

B. inspection point

Question 2

An amount of spoilage that is not natural in a specific production process is categorized as ____________?

Accepted Answer

C. abnormal spoilage

Question 3

Which one of the following is an example of spoilage?

Accepted Answer

B. defective aluminum cans recycled by manufacturer

Question 4

In process and job costing system, the normal spoilage cost is considered as ___________?

Accepted Answer

C. inventoriable costs

Question 5

Total cost related to work in process inventory is divided by total units of work done is used to calculate _____________?

Accepted Answer

C. weighted average cost

Question 6

The costing system, which classify cost into cost categories in a way when an expense is incurred in the process is called ____________?

Accepted Answer

C. process costing system

Question 7

The third step in process costing system is to ____________?

Accepted Answer

C. summarize total costs

Question 8

If the cost incurred for work in process inventory is $350000 and total equivalent units completed till date are 3500, then weighted average cost will be __________?

Accepted Answer

B. $100

Question 9

If the total incurred cost in a production process are $30000 and the number of output units are 5000 units, then the units cost will be __________?

Accepted Answer

C. $6

Question 10

The second step in processing costing system is to ___________?

Accepted Answer

D. compute output in units

Question 11

The costing method, which calculates per equivalent unit cost of all the production related work done, till calculated date is termed as __________?

Accepted Answer

A. weighted average method

Question 12

The forth step in process costing system is to __________?

Accepted Answer

B. compute cost for each equivalent unit

Question 13

The fifth step in process costing system is to ___________?

Accepted Answer

D. assign total cost to completed units

Question 14

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 __________?

Accepted Answer

B. transferred-in costs

Question 15

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 ___________?

Accepted Answer

B. 2300 units

Question 16

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 _____________?

Accepted Answer

C. 1300 units

Question 17

The cost of previous department is a part of ____________?

Accepted Answer

A. transferred-in costs

Question 18

The total costs incur in a production process, is divided by total number of output units, to calculate the ____________?

Accepted Answer

D. unit costs

Question 19

A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as _________?

Accepted Answer

B. process costing system

Question 20

The first step in process costing system is to ___________?

Accepted Answer

A. summarize flow of output