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 14 of 17

Discuss
Answer: (d).assign total cost to completed units
Discuss
Answer: (b).compute cost for each equivalent unit
Q133.
The costing method, which calculates per equivalent unit cost of all the production related work done, till calculated date is termed as
Discuss
Answer: (a).weighted average method
Discuss
Answer: (d).compute output in units
Q135.
The standardized technique that is performed repetitively on different kind of materials to convert them into different finished products is known as
Discuss
Answer: (b).operation
Q136.
If the total incurred cost in a production process are $30000 and the number of output units are 5000 units, then the units cost will be
Discuss
Answer: (c).$6
Q137.
If the cost incurred for work in process inventory is $350000 and total equivalent units completed till date are 3500, then weighted average cost will be
Discuss
Answer: (b).$100
Discuss
Answer: (c).summarize total costs
Q139.
The hybrid costing system, which is applied to batches of similar products, but are not identical is classified as
Discuss
Answer: (d).operation costing system
Q140.
The costing system, which classify cost into cost categories in a way when an expense is incurred in the process is called
Discuss
Answer: (c).process costing system