Cost Allocation MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Cost Allocation, 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 Cost Allocation 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 Cost Allocation mcq questions that explore various aspects of Cost Allocation problems. Each MCQ is crafted to challenge your understanding of Cost Allocation 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 Cost Allocation 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 Cost Allocation. 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 Cost Allocation knowledge to the test? Let's get started with our carefully curated MCQs!

Cost Allocation MCQs | Page 5 of 6

Q41.
The gross margin is subtracted from sales value of all production to yield
Discuss
Answer: (b).production cost incurred on product
Q42.
In a joint process of production, the two or more products that yield high volume of sales as compared to total sales of other products are classified as
Discuss
Answer: (b).joint product
Q43.
Joint cost allocation method for joint products, which is based on achievable value is known as
Discuss
Answer: (d).net realizable value method
Q44.
Any output that has total positive sales is a
Discuss
Answer: (d).all of above
Q45.
The point in joint production process, in which two or more products are separately identifiable is termed as
Discuss
Answer: (c).split off point
Q46.
The costs incurred in production process that yield range of products simultaneously are known as
Discuss
Answer: (b).joint costs
Q47.
The percentage of overall gross margin is multiplied to final sales value of products total production is used to calculate
Discuss
Answer: (a).Gross margin in terms of amount of money
Q48.
The final sales is subtracted from net realizable value is used to calculate
Discuss
Answer: (a).separable costs
Q49.
If the percentage of overall gross margin is 15 and the final sales value of whole production is $20000, then the gross margin (in dollars) will be
Discuss
Answer: (b).$300,000
Discuss
Answer: (d).all of above
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