Costing MCQ
Test your knowledge with important Costing MCQ and their applications. These MCQs are beneficial for competitive exams too. Explore 30+ more Costing MCQs on Bissoy. Bissoy App
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An estimated price, which is expected to be paid by customers for particular market offering is classified as
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Costing, which explains how and when scrap affects operating income of company is classified as
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Residual material which results from manufacturing products is called
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Stage in production process, where manufactured goods are checked; whether units are acceptable or not is classified as
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Which one of following is an example of spoilage?
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An expected future cost which diverges in unconventional course of action is known as
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Point in joint production process, in which two or more products are separately identifiable is termed as
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Joint cost allocation method for joint products, which is based on achievable value is known as
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An expected future revenue, which diverges in unconventional course of action is classified as
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Costing system, which is a combination of process costing and job costing system is classified as
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Costing system, which classify cost into cost categories in a way when an expense is incurred in process is called
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Hybrid costing system, which is applied to batches of similar products, but are not identical is classified as
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Costing method, which calculates per equivalent unit cost of all production related work done till calculate date is termed as
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In process costing method, when work done in current accounting period and beginning inventory before current accounting period, is classified as
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Costs that are incurred in last department, where product has been processed and will be carried to next department for further processing are called
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Situation in which cost object has any job, customer or product is known as
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In normal costing, budgeted rate is multiplied to an actual quantity, which have been used as allocation base to calculate
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In an accounting system, document which supports journal entries is classified as
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An allocation approach, in which all overhead entries are restated using actual cost rates in place of budgeted rates is called
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Costing technique, in which actual direct rates are multiplied to quantity of direct cost inputs is classified as
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Costing and allocating situation, in which indirect cost allocated amount is less than actually incurred amount is known as
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In accounting system, a document which consists of all assigned cost for specific job is classified as
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A document which consists information about labour time usage, for specific job in a specific department, is known as
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An approach which yields benefits of normal costing and actual manufacturing overhead is classified as
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In normal costing, situation in which allocated amount of indirect cost is greater than incurred cost, is considered as
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A document which contains information about materials of specific product, in specific department comes under
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Term which describes assigning of indirect cost to any cost abject is classified as
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Method which determines weights of cost allocation by considering cost of each user as separate entity is known as
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Process in which earned revenue is related to specific revenue object, which can cannot trace it in cost effective way is known as
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Method which allocates cost of support department to only operating departments is called