Costing Methods MCQs

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

Costing Methods MCQs | Page 10 of 17

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Q91.
The single or multiple units of distinct services or products are classified as
Discuss
Answer: (b).job
Q92.
A document which consists information about labor time usage, for specific job in a specific department, is known as
Discuss
Answer: (b).labor time record
Q93.
If the budgeted total direct labor hours are 3800 and budgeted direct labor cost is $480000, then the budgeted direct labor cost rate will be
Discuss
Answer: (a).$126.32 per labor hour
Q94.
If the budgeted total direct labor hours are 5500 and budgeted direct labor cost is $755000, then the budgeted direct labor cost rate is
Discuss
Answer: (b).$137.27 per hour
Q95.
In accounting system, a document which consists of all assigned cost for specific job is classified as
Discuss
Answer: (d).both a and b
Q96.
The manufacturing overhead cost allocated to individual jobs is classified as
Discuss
Answer: (d).both a and c
Q97.
If the budgeted annual indirect cost is $85000 and budgeted annual quantity of cost allocation base is $7500, then budgeted indirect cost rate would be
Discuss
Answer: (b).113.34 per piece
Q98.
The costing and allocating situation, in which the indirect cost allocated amount is less than actually incurred amount is known as
Discuss
Answer: (c).under allocated indirect cost
Q99.
The systematic way of linking group of indirect cost to a cost object is classified as
Discuss
Answer: (d).cost allocation base
Q100.
In a normal accounting period, an allocated amount of indirect cost is $700 and an actual amount is $800, then this can be classified as
Discuss
Answer: (a).under allocated indirect cost