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 2 of 8

Q11.
The prime cost is $50000 and the direct manufacturing labor is $10000, then the direct material cost will be
Discuss
Answer: (a).$40,000
Q12.
An inventory, which consists of partially worked goods is called
Discuss
Answer: (b).work in process inventory
Q13.
The balance sheet, in which all the costs of the product that must be considered as its assets, is said to be
Discuss
Answer: (c).Inventoriable costs
Q14.
The direct material cost is $75000 and direct manufacturing labor is $20000, then prime cost would be
Discuss
Answer: (c).$95,000
Q15.
The period cost, which consists the income statement of manufacturing companies belong to
Discuss
Answer: (c).non-manufacturing costs
Q16.
An acquisition cost of raw material is to be used in the manufacturing, and becoming a component of cost object is classified as
Discuss
Answer: (a).direct material costs
Q17.
The wages and other benefits, provided to assembly line workers and operators of machine are classified under the
Discuss
Answer: (d).indirect manufacturing labor costs
Q18.
The conversion cost is subtracted from manufacturing overhead cost is to calculate the
Discuss
Answer: (c).direct manufacturing labor costs
Q19.
The labor which works as forklift truck, plant guards and the rework labor is classified as
Discuss
Answer: (d).manufacturing overhead
Q20.
The inventory of the final goods that are not yet sold is called
Discuss
Answer: (a).finished goods inventory
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