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 15 of 17

Q141.
Total cost related to work in process inventory is divided by total units of work done is used to calculate
Discuss
Answer: (c).weighted average cost
Q142.
The costing system, which is a combination of process costing and job costing system, is classified as
Discuss
Answer: (c).hybrid costing system
Q143.
The partial or completed units of manufactured goods, that do not meet customer specifications and get sold at reduced price or simply discarded, are called
Discuss
Answer: (a).spoilage
Q144.
In process and job costing system, the normal spoilage cost is considered as
Discuss
Answer: (c).inventoriable costs
Discuss
Answer: (d).both a and b
Discuss
Answer: (b).defective aluminum cans recycled by manufacturer
Q147.
The units of normal spoilage are divided to total completed units, rather than total actual produced units to calculate
Discuss
Answer: (a).normal spoilage rates
Q148.
An amount of spoilage that is not natural in a specific production process is categorized as
Discuss
Answer: (c).abnormal spoilage
Q149.
The sum of beginning work in process inventory units and started units, is subtracted from the sum of ending work in process inventory units and transferred out units of goods, to calculate
Discuss
Answer: (d).total spoilage
Q150.
The stage in production process, where the manufactured goods are checked; whether the units are acceptable or not is classified as
Discuss
Answer: (b).inspection point