Costing – Set 2 January 30, 2025 by aasi 0% Report a question What’s wrong with this question? You cannot submit an empty report. Please add some details. 1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950 Costing – Set 2 Dear ! This is Costing – Set 2 Quiz and it contains 50 questions. Keep Learning! 1 / 50 1) If budgeted annual manufacturing indirect cost is $2250000 and cost allocation base is 2800 labour hour, then budgeted manufacturing overhead rate will be $802 per labour hour $905 per labour hour $805 per labour hour $803.571 per labour hour 2 / 50 2) Budgeted annual indirect costs are divided to budgeted annual quantity of cost allocation base to calculate expected indirect cost rate budgeted direct cost rate budgeted indirect cost rate expected direct cost rate 3 / 50 3) First step in constant gross margin percentage NRV method is to allocate joint to compute allocated joint costs Gross margin percentage cost of split off point total production cost of each product 4 / 50 4) If total incurred cost in a production process are $30000 and number of output units are 5000 units, then units cost will be $6 $60 $26 $16 5 / 50 5) In process costing method, when work done in current accounting period and beginning inventory before current accounting period, is classified as Last-in, first-out method First-in, first-out method current period inventory method partial inventory costing method 6 / 50 6) Manufacturing overhead cost allocated to individual jobs is classified as both A and C manufacturing overhead allocated cost overhead applied manufacturing overhead applied 7 / 50 7) In a normal accounting period, allocated amount of indirect cost is $2000 and actual amount is $2200, then this is classified as under allocated budget over allocated direct cost over allocated budget under allocated indirect cost 8 / 50 8) If an actual indirect cost incur is $35000 and indirect cost allocated is $43000, then under allocated indirect cost will be -$78000 -$8000 $78,000 $8,000 9 / 50 9) If an allocated indirect cost is $1500 and actual incurred indirect cost is $1200, then this is classified as applied indirect cost over allocated indirect cost incurred indirect cost applied direct cost 10 / 50 10) Costing method, which calculates per equivalent unit cost of all production related work done till calculate date is termed as net present value method Gross production method weighted average method net present value method 11 / 50 11) Procedure of assigning direct cost to any cost abject is classified as sales tracing sales allocation cost tracing cost allocation 12 / 50 12) If cost incurred for work in process inventory is $350000 and total equivalent units completed till date are 3500, then weighted average cost will be $1,000 $1,200 $100 $10 13 / 50 13) If budgeted cost in indirect cost pool is $144500 and total quantity of cost allocation base is $165500, then budgeted indirect cost rate will be 87.31% 55.50% 67.30% 45.50% 14 / 50 14) Costing and allocating situation, in which indirect cost allocated amount is less than actually incurred amount is known as under allocated indirect cost over allocated direct cost over allocated budget under allocated budget 15 / 50 15) Situation in which cost object has any job, customer or product is known as sale application base price application base cost application base direct application base 16 / 50 16) Costing technique, in which actual direct rates are multiplied to quantity of direct cost inputs is classified as indirect costing actual costing priced costing direct costing 17 / 50 17) An allocation approach, in which all overhead entries are restated using actual cost rates in place of budgeted rates is called adjusted budget rate approach unadjusted budget rate approach unadjusted allocation rate approach adjusted allocation rate approach 18 / 50 18) Fifth step in process costing system is to allocate separable costs assign total cost to completed units allocate joint costs compute gross margin 19 / 50 19) Hybrid costing system, which is applied to batches of similar products, but are not identical is classified as split off costing system operation costing system incremental costing system inventoriable costing system 20 / 50 20) If an actual manufacturing overhead costs is $225000 and actual total quantity of cost allocation base is 2500 labour hours, then overhead rate will be $80 $60 $70 $90 21 / 50 21) Total cost related to work in process inventory is divided by total units of work done is used to calculate weighted average conversion cost weighted average cost Gross weighted margin weighted average revenue 22 / 50 22) If an actual manufacturing overhead costs is $485000 and actual total quantity of cost allocation base is 4500 labour hours, then overhead rate would be $106.56 $107.78 109.87 $104.34 23 / 50 23) Costing system, which is a combination of process costing and job costing system is classified as weighted costing system double costing system average costing system hybrid costing system 24 / 50 24) First step in process costing system is to summarize flow of output compute cost for each equivalent unit compute output in units summarize total costs 25 / 50 25) Total costs incur in a production process, is divided by total number of output units to calculate the cost of indirect labour unit costs cost of direct material cost of direct labour 26 / 50 26) If an actual indirect cost incurred is $25000 and indirect cost allocated is $23000, then over allocated indirect cost would be $2,000 $48,000 -$48000 -$2000 27 / 50 27) Spread of over allocated overhead and under allocated overhead among work in process, finished goods and goods sold cost is classified as depreciation approach proration approach appreciation approach adjusted approach 28 / 50 28) In normal costing, budgeted rate is multiplied to an actual quantity, which have been used as allocation base to calculate none of these budget overhead applied manufacturing overhead applied labour overhead applied 29 / 50 29) A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as none of these job costing system accounting period costing system process costing system 30 / 50 30) Costing system, which classify cost into cost categories in a way when an expense is incurred in process is called conversion expense costing system process costing system job costing system inventory costing system 31 / 50 31) In a normal accounting period, an allocated amount of indirect cost is $700 and an actual amount is $800, then this can be classified as over allocated direct cost under allocated indirect cost over allocated budget under allocated budget 32 / 50 32) In normal costing, manufacturing overhead allocated is also called budget overhead applied cost overhead applied manufacturing overhead applied labour overhead applied 33 / 50 33) Systematic way of linking group of indirect cost to a cost object is classified as linked allocation base cost allocation base indirect allocation base direct allocation base 34 / 50 34) In an accounting system, document which supports journal entries is classified as source document direct document priced document cost document 35 / 50 35) Forth step in process costing system is to summarize total costs summarize flow of output v compute cost for each equivalent unit 36 / 50 36) If budgeted indirect cost base is $115 and budgeted cost allocation base is $830 per hour, then annual indirect cost (budgeted) will b $94,560 $96,450 $93,450 $95,450 37 / 50 37) Cost of previous department is a part of transferred-in costs transferred-out costs FIFO costs LIFO costs 38 / 50 38) In accounting system, a document which consists of all assigned cost for specific job is classified as both a and b source document job cost record job cost sheet 39 / 50 39) Systematic way of linking group of indirect cost to a cost object is classified as linked allocation base indirect allocation base cost allocation base direct allocation base 40 / 50 40) If beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and ending work in process equivalent units are 5000, then complete equivalent units in current period are 1300 units 1500 units 1500 units 1800 units 41 / 50 41) If budgeted annual indirect cost is $850000 and budgeted annual quantity of cost allocation base is $7500, then budgeted indirect cost rate would be 113.33 per piece 112.34 per piece 111.34 per piece 110.34 per piece 42 / 50 42) If budgeted indirect cost arte is $225 and budgeted cost allocation base is $750 per hour, then annual indirect cost (budgeted) would be $125,680 $148,570 $168,750 $186,750 43 / 50 43) Costs that are incurred in last department, where product has been processed and will be carried to next department for further processing are called weighted average costs transferred-out costs transferred-in costs partial work costs 44 / 50 44) Standardized technique that is performed repetitively on different kind of materials to convert them into different finished products is known as operation both a and b conversion process hybridization 45 / 50 45) Third step in process costing system is to summarize flow of output compute cost for each equivalent unit compute output in units summarize total costs 46 / 50 46) Second step in processing costing system is to summarize flow of output compute output in units compute cost for each equivalent unit summarize total costs 47 / 50 47) If budgeted cost in indirect cost pool is $139600 and total quantity of cost allocation base is $155600, then budgeted indirect cost rate would be 99.75% 69.72% 89.72% 79.72% 48 / 50 48) Total cost of producing similar products divided by number of units produced is a technique known as process costing system sale costing system job costing system price costing system 49 / 50 49) If beginning work in process equivalent units is 2500 units, work done in current period equivalent units is 3800 units and units completed in current period are 4000, then ending work in process equivalent units will be 2300 units 10300 units 1800 units 1500 units 50 / 50 50) Costing and allocating situation, in which indirect cost allocated amount is less than actually incurred amount is known as under allocated budget under allocated indirect cost over allocated direct cost over allocated budget Your score isThe average score is 0%🎉 Challenge alert! 💡 Share this quiz with your friends and see who scores the highest! 🏆🤩🔥 LinkedIn Facebook Follow Us @ 0% Restart quiz Exit We’d love to hear your thoughts! 📝 Share your valuable review with us. 🙌 🌟 Thank you for your support! 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