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Accounting Mcqs – MCQs
1591 questions. Click to practice.
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1.
At which phase in the production process are the finished products evaluated to determine if they meet quality standards?
point for reprocessing
quality inspection stage
defect identification phase
discarding stage
2.
What term is used to describe spoilage that occurs beyond the expected level in a particular manufacturing process?
expected waste
normal spoilage
excessive spoilage
adjusted spoilage
unusual discard
3.
Which of the following best illustrates an instance of spoilage?
Wood offcuts produced during carpentry
Faulty aluminum cans that are reclaimed and reused by the producer
Identification of flawed items prior to dispatch
All of the above
4.
In a process and job costing system, how is the cost of normal spoilage classified?
Costs related to conversion
Costs that have already been incurred and cannot be recovered
Costs that are included in inventory valuation
Costs that are not assigned to inventory
5.
What is calculated by dividing the total cost associated with work in process inventory by the total number of units completed?
Overall weighted profit margin
Weighted average income
Weighted average cost
Weighted average cost of conversion
6.
Which costing method categorizes costs based on the stages of production as expenses occur during the process?
costing system for conversion expenses
system for inventory costing
process costing method
job order costing system
7.
What is the third stage in the process costing method?
Aggregate the movement of products
Calculate the number of units produced
Compile all incurred costs
Determine the cost per equivalent unit
8.
Given that the cost assigned to work-in-process inventory is $350,000 and the total equivalent units completed so far amount to 3,500, what is the weighted average cost per unit?
$10
$100
$1,000
$1,200
None of the above
9.
Given that the total production cost is $30,000 and the output quantity is 5,000 units, what is the cost per unit?
$16 per unit
$60 per unit
$6 per unit
$26 per unit
None of the above
10.
What is the second step in a process costing system?
aggregate all incurred costs
calculate the cost per equivalent unit
outline the movement of products
determine the quantity of output produced
11.
Which costing technique determines the cost per equivalent unit by considering all production activities completed up to the specified date?
Weighted average method
Net present value technique
Gross output approach
Discounted cash flow method
Standard costing method
12.
What is the fourth stage in the process costing method?
aggregate all incurred costs
calculate the cost per equivalent unit
detail the movement of production output
determine the quantity of output units
13.
In a process costing system, what is the fifth step in the costing procedure?
Distribute separable costs
Distribute joint costs
Calculate gross profit
Assign the total cost to finished units
Determine cost per equivalent unit
14.
What is the term for the expenses accumulated in the previous department before the product moves on to the next stage of processing?
incomplete work expenses
costs transferred in
costs transferred out
average weighted expenses
15.
Given that the beginning work in process equivalent units are 2,500, the equivalent units added during the current period are 3,800, and the number of units completed this period is 4,000, what is the equivalent units in ending work in process?
1,800 units
2,300 units
10,300 units
1,500 units
2,700 units
16.
Given that the beginning work in process equivalent units are 2,500, the equivalent units added during the current period are 3,800, and the ending work in process equivalent units are 5,000, what is the number of completed equivalent units for the current period?
1,800 units
1,500 units
1,300 units
1,500 units
17.
Which category includes the expenses incurred by the preceding department?
Costs transferred in from an earlier department
Costs transferred out to the next department
Costs calculated using the FIFO method
Costs calculated using the LIFO method
18.
When the overall expenses of a manufacturing process are divided by the total quantity of units produced, what is the resulting value called?
expense related to indirect labor
expense related to direct labor
expense related to direct materials
cost per unit
19.
Which costing method involves determining the unit cost by allocating total expenses across numerous identical units?
costing based on accounting periods
process costing method
job order costing approach
none of the above
20.
What is the initial step in a process costing system?
Outline the movement of production output
Calculate the number of units produced
Aggregate all incurred costs
Determine the cost per equivalent unit
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