Question No:
1 ( Marks: 1 ) - Please choose one
D
Corporation uses process costing to calculate the cost of manufacturing
Crunchies. During the month 12,500 units were completed, 1,500 units remained
in work in process at 25 percent completed. How many equivalent units are
produced?
► 12,500 units
► 12,875 units
► 14,250 units
► 12,125 units
Completed units = 12500
25% of 1500 also completed = 0.25*1500 = 375
Total = 12500+375 = 12875
Question No:
2 ( Marks: 1 ) - Please choose one
During
the year 60,000 units put in to process.55, 000 units were completed. Closing
WIP were 25,000 units, 40% completed. How much the equivalent units of output
would be produced?
► 25,000 units
► 10,000 units
► 65,000 units
► 80,000 units
Completed units = 55000
40% of 25000 also completed = 0.4*25000 = 10000
Total = 55000+10000 = 65000
Question No:
3 ( Marks: 1 ) - Please choose one
FIFO is
the abbreviation of:
► Final
Interest-Free Option
► First in First out Method
► None of the given
options
► Fixed
income Financial Operations
(See page #41 of handouts)
Question No:
4 ( Marks: 1 ) - Please choose one
The
cost that is subject to actual payment or will be paid for in future is called:
► Fixed cost
► Step cost
► Explicit cost
► Imputed cost
( See page #8 of handouts)
Explicit cost is the cost that is subject to actual payment or will
be paid for in future.
Question No:
5 ( Marks: 1 ) - Please choose one
A cost
that has been incurred but cannot be changed by present or future decisions is
called:
► Sunk
cost
► Differential
cost
► Opportunity
cost
► Marginal
cost
Sunk costs are those costs which are incurred in the
past.
They are called sunk because a past cost cannot be changed and decisions
involve
only the
present and the future
On Fri, Nov 20, 2009 at 9:33 AM, Saqib Kamran <konenuchiha@yahoo.co.id>
wrote:
|
Please do not
mind. I was testing myself. I am not student of mgt402 neither I studied cost
accounting, but I wanted to guess my answers. Will somebody reply me that how
much of these are right? Question No:
1 ( Marks: 1 ) - Please choose one D Corporation
uses process costing to calculate the cost of manufacturing Crunchies. During
the month 12,500 units were completed, 1,500 units remained in work in
process at 25 percent completed. How many equivalent units are produced? ► 12,500 units ► 12,875 units ► 14,250 units ► 12,125 units Question No:
2 ( Marks: 1 ) - Please choose one During
the year 60,000 units put in to process.55, 000 units were completed. Closing
WIP were 25,000 units, 40% completed. How much the equivalent units of output
would be produced? ► 25,000 units ► 10,000 units ► 65,000 units ► 80,000 units Question No:
3 ( Marks: 1 ) - Please choose one FIFO
is the abbreviation of: ► Final
Interest-Free Option
►
First in First out Method ► None of the
given options ► Fixed
income Financial Operations Question No:
4 ( Marks: 1 ) - Please choose one The
cost that is subject to actual payment or will be paid for in future is
called: ► Fixed cost ► Step cost ► Explicit cost ► Imputed cost Question No:
5 ( Marks: 1 ) - Please choose one A
cost that has been incurred but cannot be changed by present or future
decisions is called: ► Sunk cost ► Differential
cost ► Opportunity
cost ► Marginal cost Question No:
6 ( Marks: 1 ) - Please choose one In
the process costing when material is issued for production to department no
1.what would be the journal entry Passed? ► W.I.P
(Dept-I) To Material a/c ► W.I.P (Dept-ii) To Material a/c ► Material a/c To W.I.P (Dept-ii) ► W.I.P (Dept-ii) To FOH applied.
Question No:
7 ( Marks: 1 ) - Please choose one Which
of the following loss is not included as part of the cost of transferred or
finished goods, but rather treated as a period cost? ► Operating loss ► Abnormal loss ► Normal loss
► Non-operating loss Question No:
8 ( Marks: 1 ) - Please choose one In
the process costing when labor is charged to production department no 1. What
would be the journal entry Passed? ► Payroll a/c To W.I.P (Dept-I) ► Payroll a/c To W.I.P (Dept-II) ► W.I.P
(Dept-I) To Payroll a/c ► W.I.P (Dept-II) To Payroll a/c Question No:
9 ( Marks: 1 ) - Please choose one In a
process costing system, the journal entry used to record the transfer of
units from Department A, a processing department, to Department B, the next
processing department, includes a debit to: ► Work in Process
Department A and a credit to Work in Process Department B ► Work in
Process Department B and a credit to Work in Process Department A ► Work in Process
Department B and a credit to Materials ► Finished Goods
and a credit to Work in Process Department B Question No:
10 ( Marks: 1 ) - Please choose one Which
of the following is/are reported in production cost report? ► The costs
charged to the department ► How the costs
were assigned to the output? ► The equivalent
units of production by the department ► All of the
given options |
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