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Accounting Mcqs – MCQs
1591 questions. Click to practice.
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1.
In an accounting system, what is the term for the document that contains all the costs allocated to a particular job?
record of job costs
cost sheet for the job
original source document
both A and B
2.
What term is used to describe one or more units of unique services or products?
expense
job
entry
charge
3.
What term is used to describe the average cost assigned to each identical unit produced?
per unit cost
per post cost
per price cost
application cost
4.
What term describes a collection of individual indirect cost elements grouped together?
direct cost group
cost pool
indirect cost cluster
item collection
expense bundle
5.
In normal costing, what term describes the condition when the allocated indirect costs exceed the actual indirect costs incurred?
actual indirect cost incurred
overapplied indirect cost
allocated indirect cost
applied direct cost
underapplied indirect cost
6.
What is the process called that involves assigning indirect costs to a specific cost object?
cost allocation
sales tracing
sales allocation
cost tracing
7.
When combining relevant ordering expenses with relevant holding expenses, what is the resulting calculation called?
relevant total costs
contribution costs
throughput costs
optimized costs
variable costs
8.
To determine ____________, you multiply the purchase order lead time by the quantity of units sold within a given time period.
storage expenses
total applicable expenses
optimal order quantity
reorder point
order processing time
9.
To determine ___________, the reorder point is divided by the quantity of units sold per time period.
applicable inventory holding cost
applicable ordering expense
duration of a purchase order cycle
total count of purchase orders
10.
In the manufacturing process, what is the term for the phase when accounting journal entries are recorded?
linking stage
entry phase
initiation point
trigger point
activation phase
11.
Which costing method involves skipping certain journal entries in the accounting process?
just-in-time costing
event-driven costing
backflush costing
lead-time costing
process costing
12.
To determine ___________, the relevant incremental costs are combined with the appropriate opportunity cost of capital.
expenses related to purchase orders
applicable costs for holding inventory
non-essential inventory holding expenses
pertinent costs associated with ordering
13.
What do you obtain by multiplying the average inventory units by the yearly relevant carrying cost per unit?
Yearly irrelevant ordering expenses
Yearly relevant carrying expenses
Yearly relevant ordering expenses
Yearly irrelevant carrying expenses
14.
Given an annual demand of 18,000 units, a relevant ordering cost of $150 per order, and an order size of 1,500 units, what is the total relevant ordering cost for the year?
$200
$190
$160
$180
15.
What term describes the organized movement of products, services, or information from the procurement of raw materials to the final delivery to customers?
supply chain
value chain
material flow chain
production flow chain
distribution network
16.
To determine __________, the required rate of return is multiplied by the cost per unit of purchased inventory.
non-essential inventory holding expenses
the pertinent opportunity cost of capital
significant purchase order expenses
important inventory holding charges
17.
Which category includes expenses related to product defects, error prevention, and quality assessments?
Inventory holding expenses
Costs due to inventory shortages
Quality-related costs
Losses from product shrinkage
Operational overheads
18.
Given an average inventory of 2,000 units and an annual carrying cost of $5 per unit, what is the total annual carrying cost?
$5,000
$4,500
$5,500
$6,000
19.
Which of the following represents a type of cost associated with purchasing?
transportation fees for delivery
expenses for warehousing
insurance charges
losses due to product damage
maintenance expenses
20.
Given an annual demand of 25,000 units, an ordering cost of $210 per order, and a holding cost of $25 per unit, what is the Economic Order Quantity (EOQ)?
678 units
648 units
658 units
668 units
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