Product Costing Systems MCQs
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MCQs 1-10
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1. Which of the following costs are treated as period costs under direct costing?
Correct!
Wrong!
2. Materials requisitioned from the storeroom included Rs. 1,000 of direct materials and Rs. 2,000 of indirect materials. Manufacturing overhead should be debited for what amount to record the transaction?
Correct!
Wrong!
3. At what point are manufacturing costs expensed?
Correct!
Wrong!
4. Costs a company incurs that are not product costs are referred to as?
Correct!
Wrong!
5. Which of the following accounts does not appear on the Balance Sheet?
Correct!
Wrong!
6. The three components of product cost include?
Correct!
Wrong!
7. Which of the following is not classified as a fixed product cost?
Correct!
Wrong!
8. When direct materials are used, which of the following accounts increases?
Correct!
Wrong!
9. Finished Goods Inventory includes which of the following costs?
Correct!
Wrong!
10. When a product is sold to a customer, which of the following inventory accounts is increased or decreased?
Correct!
Wrong!
Related Topics
Factory Overhead Problems
References
Cost Accounting For Dummies – By Kenneth W. Boyd
Fundamentals Of Cost Accounting – By William Lanen, Shannon Anderson Et.Al
Cost Accounting Fundamentals – By Steven M. Bragg
Cost Accounting Made Simple – By Mike Piper
Principles Of Cost Accounting – By Maria R. Mitchell
Fundamentals Of Cost Accounting 5th Edition – By William Lanen, Shannon Anderson, And Michael Maher
I would like more of these multiple choice questions please, they really helped alot.