Strategic Cost Accounting MCQ with Answers

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Online MCQ Quiz of Strategic Cost Accounting

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Strategic Cost Accounting

1 / 20

Q: ___is referred to as continuous improvement costing.

A. Kaizen

B. JIT

C. Kanban

D. Cost sensitivity

2 / 20

Q: ___is an important part of lean thinking.

A. Lean Management

B. Cost Management

C. Strategic Cost

D. Cost Reduction

3 / 20

Q: A retail firm would normally use an inventory account titled?

A. Finished Goods Inventory

B. Merchandise Inventory

C. Goods in Process Inventory

D. Raw Materials Inventory

4 / 20

Q: Sales revenues are usually considered earned when?

A. Cash is received from credit sales

B. An order is received

C. Goods have been transferred from the seller to the buyer

D. Adjusting entries are made

5 / 20

Q: The average inventory costing method which results in a changed unit Inventory Cost after each successive purchase?

A. Weighted average

B. Moving average

C. Specific cost

D. Simple average

6 / 20

Q: Which of the following types of spoilage should not affect the recorded cost of inventories

A. Normal spoilage

B. Standard spoilage

C. Abnormal spoilage

D. Seasonal spoilage

7 / 20

Q: Which of the following characteristics is relevant to Process costing but not to job order costing?

A. Averaging process

B. Identifiable batches of production

C. Equivalent units

D. Use of standard cost

8 / 20

Q: A loss in processing departments which can be avoided under normal and efficient working conditions is generally known as

A. Normal loss

B. Extra loss

C. Abnormal loss

D. Department loss

9 / 20

Q: Where the normal loss in a department is identified at the end of process, its cost is :-

A. Ignored

B. Charged to work in progress ending inventory only

C. Charged to units completed and transferred out only

D. Charged to work in Process ending inventory as well as to units completed and transferred out

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Q: In Process costing system, the predetermined overhead rate is computed.

A. Only once and used for all the processing department

B. Separately for each processing department

C. Only for the first processing department where units are started

D. Only for the last department where units are completed and transferred to finished goods area.

11 / 20

Q: The direct material costing Rs. 4000 has been used in mixing department. The correct journal Entry would be

A. Direct materials Dr. and work in process-mixing department CR

B. Work-in -process-mixing department Dr and Direct materials Cr

C. Finished goods DR and Direct materials Cr

D. Mixing department Dr and Direct material Cr

12 / 20

Q: Materials labor and overhead costs are traced to processing departments rather than individual products or jobs. This statement is true for

A. A job order costing system

B. An activity based costing system

C. A Process costing system

D. A variable costing system

13 / 20

Q: A production cost report

A. Used to record the costs chargeable to a specific job

B. Shows only cost data for a production department

C. Provides a basis for evaluating the productivity of a department

D. Combines Process cost and job order costing systems costs

14 / 20

Q: One characteristic of products that are mass-produced in a continuous production Process is that

A. The products are identical or very similar in nature.

B. They are grouped in batches.

C. They are produced at the time an order is receiv

15 / 20

Q: If beginning work in Process is 2,000 units, ending work in Process is 1,000 units, and the unitsaccounted for equals 5,000 units, what are the units completed and transferred out?

A. 7000

B. 6000

C. 4000

D. 2000

16 / 20

Q: In order to compute equivalent units of production using the Weighted Average method of Process costing, the following equation should be used:

A. Equivalent units of beginning work in Process + units completed and transferred out

B. Equivalent units of beginning work in Process + equivalent units of ending work in process

C. Units completed and transferred out + equivalent units of ending work in process

D. Units completed and transferred out + equivalent units of beginning work in process

17 / 20

Q: When traditional production volume based overhead allocations are made, rather than activity based allocations,

A. The unit costs of high volume and large size products tend to be overstated, while the unit cost of low volume and small products tend to be understated.

B. The unit costs of high volume and large size products tend to be understated, while the unit cost of low volume and small products tend to be overstated.

C. The unit costs of high volume and small products tend to be overstated, while the unit costs of low volume and large products is understat

18 / 20

Q: A company that uses a traditional two stage cost allocation approach is likely to do the following.

A. Overhead allocations to high volume products will tend to be overstated while overhead allocations to low volume products will tend to be understated.

B. Overhead allocations to high volume products will tend to be understated, while allocations to low volume products will tend to be overstated.

C. Overhead allocations to large products will tend to be understat

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Q: Which of the following types of characteristics tend to cause too little overhead costs to be charged to the product using traditional cost allocations?

A. a relatively small product.

B. a relatively low volume product.

C. a relatively simple product.

D. a and b.

20 / 20

Q: Increasing in selling price

A. Increase PV ratio

B. Decrease break even point

C. Increase margin of safety

D. None of the above

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