A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as _________?
A. accounting period costing system
B. process costing system
C. job costing system
D. none of above
Accounting MCQs with Answers
The total costs incur in a production process, is divided by total number of output units, to calculate the ____________?
A. cost of indirect labor
B. cost of direct labor
C. cost of direct material
D. unit costs
The cost of previous department is a part of ____________?
A. transferred-in costs
B. transferred-out costs
C. FIFO costs
D. LIFO costs
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 _____________?
A. 1800 units
B. 1500 units
C. 1300 units
D. 1500 units
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 __________?
A. partial work costs
B. transferred-in costs
C. transferred-out costs
D. weighted average costs
The fifth step in process costing system is to ___________?
A. allocate separable costs
B. allocate joint costs
C. compute gross margin
D. assign total cost to completed units
The forth step in process costing system is to __________?
A. summarize total costs
B. compute cost for each equivalent unit
C. summarize flow of output
D. compute output in units
The costing method, which calculates per equivalent unit cost of all the production related work done, till calculated date is termed as __________?
A. weighted average method
B. net present value method
C. Gross production method
D. net present value method
The second step in processing costing system is to ___________?
A. summarize total costs
B. compute cost for each equivalent unit
C. summarize flow of output
D. compute output in units
