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 16 of 17

Q151.
The production units that do not meet customer specification, but can be sold to other customers as finished goods are classified as
Discuss
Answer: (c).rework
Discuss
Answer: (c).detection of defective pieces before shipment
Q153.
If the transferred out total cost is $1850000 and the number of good units (produced), then the cost per good unit transferred out and completed can be
Discuss
Answer: (b).255.1724
Q154.
The aspects of accounting for scrap includes
Discuss
Answer: (d).both a and c
Q155.
The normal spoilage is subtracted from total spoilage to calculate
Discuss
Answer: (a).abnormal spoilage
Q156.
If the beginning work in process inventory units are 2600, units started are 9000, ending work in process units are 2300 and the completed good units are 8000 then total spoilage will be
Discuss
Answer: (c).1100 units
Q157.
The residual material which results from manufacturing products is called
Discuss
Answer: (d).scrap
Q158.
The costing, which explains how and when scrap affects the operating income of company is classified as
Discuss
Answer: (a).inventory costing
Q159.
An amount of spoilage that is natural in any particular production process is classified as
Discuss
Answer: (b).normal spoilage
Q160.
The cost of abnormal spoilage is not treated as
Discuss
Answer: (d).non inventoriable costs