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 8 of 8

Q71.
Companies that are part of an industry of 'service providers' are
Discuss
Answer: (c).service sector companies
Q72.
The normal activity range in which there is relationship between activity and costs is classified as
Discuss
Answer: (a).relevant range
Q73.
The companies in the industry that purchase the finished goods, and further sell the products into the market are classified as
Discuss
Answer: (d).merchandising sector companies
Q74.
If the cost per unit is $50 and the total number of units manufactured in company are 5000, then the total manufacturing cost will be
Discuss
Answer: (c).$250,000
Q75.
An inventory which consists of stock waiting to be used In the process of manufacturing is known as
Discuss
Answer: (c).direct materials inventory
Q76.
If the total manufacturing cost is $40000 and the total units manufactured is 500 units, then the per unit cost would be
Discuss
Answer: (a).$80
Discuss
Answer: (d).indirect material inventory
Q78.
If the cost per unit is $70 and the total number of units manufactured in company are 6000, then the total manufacturing cost would be
Discuss
Answer: (d).$420,000
Q79.
The cost computed by dividing total manufacturing cost and total manufactured units is known as
Discuss
Answer: (a).per unit cost
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