Basic Accounting Concepts MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Basic Accounting Concepts, a fundamental topic in the field of Cost Accounting. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our Basic Accounting Concepts MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of Basic Accounting Concepts mcq questions that explore various aspects of Basic Accounting Concepts problems. Each MCQ is crafted to challenge your understanding of Basic Accounting Concepts principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace Cost Accounting tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our Basic Accounting Concepts MCQs are your pathway to success in mastering this essential Cost Accounting topic.

Note: Each of the following question comes with multiple answer choices. Select the most appropriate option and test your understanding of Basic Accounting Concepts. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

So, are you ready to put your Basic Accounting Concepts knowledge to the test? Let's get started with our carefully curated MCQs!

Basic Accounting Concepts MCQs | Page 1 of 8

Q1.
The labor related to the manufacturing of the product can be classified under
Discuss
Answer: (a).direct manufacturing labor costs
Q2.
The direct material costs are added into direct manufacturing costs, to calculate
Discuss
Answer: (b).prime costs
Q3.
The direct manufacturing labor costs is added into manufacturing overhead cost to calculate
Discuss
Answer: (b).conversion costs
Q4.
In cost terms, the direct manufacturing labor cost is included in
Discuss
Answer: (d).both b and c
Q5.
The conversion cost is $2000 and the manufacturing overhead cost is $7000, then the direct manufacturing labor cost will be
Discuss
Answer: (b).$13,000
Q6.
If the direct service labor is $7000, the idle time wages are $2000 and the overtime premium is $950, then the total figure would be
Discuss
Answer: (c).$9,950
Q7.
The terms used in manufacturing cost systems are
Discuss
Answer: (d).both b and c
Q8.
The direct service labor is $5000, the idle time wages are $1000 and the overtime premium is $450, then the total figure would be
Discuss
Answer: (b).$6,450
Q9.
In an income statement, when costs become cost of sold goods and manufactured products are sold, such costs are
Discuss
Answer: (a).inventoriable costs
Q10.
The calculation of product cost, gathering information for planning and analyzing information for decisions making are the features of
Discuss
Answer: (b).cost accounting
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