Costing – Set 1

0%

Report a question

You cannot submit an empty report. Please add some details.

Costing – Set 1

Dear ! This is Costing – Set 1 Quiz and it contains 50 questions.


Keep Learning!

1 / 50

1) If beginning work in process inventory units are 2600, units started are 9000, ending work in process units are 2300 and completed good units are 8000 then total spoilage will be

2 / 50

2) Gross margin percentage in constant gross-margin percentage NRV method is based on

3 / 50

3) Production units that do not meet customer specification, but can be sold to other customers as finished goods are classified as

4 / 50

4) Types of spoilage include

5 / 50

5) Method which allocates joint costs of joint products, considering physical measures such as volume or relative weight at point of split off is known as

6 / 50

6) Final sales is subtracted from net realizable value is used to calculate

7 / 50

7) In a joint process of production, a product which yields high volume of sales as compared to total sales volume of other products is known as

8 / 50

8) An amount of spoilage that is not natural in a specific production process is categorized as

9 / 50

9) In a joint process of production, product which yields low volume of sales as compared to total sales of other products is known as

10 / 50

10) Costing, which explains how and when scrap affects operating income of company is classified as

11 / 50

11) Third step in constant gross margin percentage NRV Method to allocate joint cost is to compute

12 / 50

12) Manufacturing, distribution and marketing costs incur after split off point is classified under

13 / 50

13) Difference between final sales value and separable costs is equal to

14 / 50

14) Units of normal spoilage are divided to total completed units, rather than total actual produced units to calculate

 

15 / 50

15) Approaches used to allocate joint costs include

16 / 50

16) Normal spoilage is subtracted from total spoilage to calculate

17 / 50

17) Percentage of overall gross margin is multiplied to final sales value of products total production is used to calculate

18 / 50

18) Point in joint production process, in which two or more products are separately identifiable is termed as

19 / 50

19) Residual material which results from manufacturing products is called

20 / 50

20) If units of normal spoilage are 150 and total good units manufactured are 1500, then normal spoilage rate would be

21 / 50

21) Gross margin is subtracted from sales value of all production to yield

22 / 50

22) A joint cost allocation method is based on relative value of total sales, at point of split off is classified as

 

23 / 50

23) Value of sales considers sales value at split off method is of

24 / 50

24) Net realizable value is added into separate costs to calculate

25 / 50

25) If net realizable value is $20000 and separable costs are $18000, then final sales will be

26 / 50

26) Aspects of accounting for scrap includes

27 / 50

27) Any output that has total positive sales is a

28 / 50

28) An amount of spoilage that is natural in any particular production process is classified as

29 / 50

29) Stage in production process, where manufactured goods are checked; whether units are acceptable or not is classified as

30 / 50

30) Which one of following is an example of spoilage?

31 / 50

31) As compared to sale value of main products, by-products have

32 / 50

32) Second step, in constant gross margin percentage NRV method, to allocate joint cost is to compute

33 / 50

33) If transferred out total cost is $1850000 and number of good units (produced), then cost per good unit transferred out and completed can be

34 / 50

34) Partial or completed units of manufactured goods, that do not meet customer specifications and get sold at reduced price or simply discarded, are called

35 / 50

35) An additional cost, incurred for some specific activity to bring processed product on to next production stage is

36 / 50

36) Joint cost allocation method for joint products, which is based on achievable value is known as

37 / 50

37) An expected future revenue, which diverges in unconventional course of action is classified as

38 / 50

38) If final sales are $50000 and separable costs are $35000, then net realizable value will be

39 / 50

39) Costs incurred in production process that yield range of products simultaneously are known as

40 / 50

40) Cost of abnormal spoilage is not treated as

41 / 50

41) An example of rework is

42 / 50

42) If value of final sales is $48000 and net realizable value is $35000, then value of sales costs would be

 

43 / 50

43) Joint cost allocation method, in which individual product from joint products must gain a gross margin percentage is classified as

44 / 50

44) Type of spoilage, which is considered as controllable and can be avoided is called

 

45 / 50

45) Total transferred-out cost plus normal spoilage is divided by number of goods units produced to calculate

46 / 50

46) In a joint process of production, two or more products that yield high volume of sales as compared to total sales of other products are classified as

47 / 50

47) In process and job costing system, normal spoilage cost is considered as

48 / 50

48) Sum of beginning work in process inventory units and started units, is subtracted from sum of ending work in process inventory units and transferred out units of goods to calculate

49 / 50

49) An expected future cost which diverges in unconventional course of action is known as

50 / 50

50) If percentage of overall gross margin is 15 and final sales value of whole production is $20000, then gross margin (in dollars) will be

Your score is

The average score is 0%

🎉 Challenge alert! 💡 Share this quiz with your friends and see who scores the highest! 🏆🤩🔥
LinkedIn Facebook
0%

Exit

We’d love to hear your thoughts! 📝 Share your valuable review with us. 🙌

🌟 Thank you for your support! Your feedback means the world to us. 🙏💖

You cannot copy content of this page