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Question: 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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Question: 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
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Question: 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
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Question: 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
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Question: A section of the cost of production report which shows the physical flow of units through various producing departments is usually labeled as
- A. Schedule of physical flow
- B. Quantity schedule
- C. Equivalent units of production
- D. Cost to be accounted for
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Question: A___is any factor that limits the organization from getting more of whatever it strives for.
- A. Constraint
- B. Cost
- C. Profit
- D. Revenue
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Question: Activity based cost systems would probably provide the greatest benefits for organizations that use
- A. Job order costing
- B. Process costing
- C. Historical costing
- D. Standard costing
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Question: Activity-based costing:
- A. Uses a plant-wide overhead rate to assign overhead
- B. Is not expensive to implement
- C. Typically applies overhead costs using direct labor-hours
- D. Uses multiple activity rates
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Question: An increase in inventories indicates that?
- A. More merchandise was purchased then the amount sold to customer
- B. Less merchandise was purchased then sold to the customer
- C. Not all purchases were cash
- D. Cash payments were more than purchases on account
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Question: Assigning overhead using ABC often:
- A. Shifts overhead costs from high-volume products to low-volume products
- B. Shifts overhead costs from low-volume products to high-volume products
- C. Provides the same results as traditional costing
- D. Requires one predetermined overhead rate
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Question: Assume that a company produces two products in a manufacturing plant. One is a low volume specialty product that is produced on a demand pull basis, while the other is a high volume product that is produced on a push basis for inventory. A production volume based cost allocation system would tend to
- A. Accurately reflect the product cost of the two products
- B. Overstate the product cost of the low volume product
- C. Understate the product cost of the low volume product
- D. Overstate the product cost of both products
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Question: Backflush costing is an accounting method that records costs after a good is sold or a service is___
- A. Initiated
- B. Progressed
- C. Completed
- D. Planned
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Question: Calculating equivalent units in a weighted average method:
- A. The beginning inventory percentage complete is used only for conversion costs
- B. The beginning inventory percentage complete is used for both material and conversion costs
- C. The beginning inventory amount is not accounted for
- D. The beginning inventory amount is used in total
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Question: Contribution is known as___
- A. Marginal income
- B. Marginal cost
- C. Gross profit
- D. Net income
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Question: Conversion costs are the sum of:
- A. Direct materials costs and direct labor costs
- B. Indirect materials costs and indirect labor costs
- C. Direct materials costs and overhead costs
- D. Direct labor costs and overhead costs
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Question: Cooper and Kaplan recommend using which of the following as the basis, or denominator, when developing activity cost pool rates for activity based costing.
- A. The maximum capacity for each activity
- B. The practical capacity for each activity
- C. The planned or budgeted for each activity
- D. The normal capacity for each activity
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Question: ___Costing Also known as delayed costing,
- A. Backflush
- B. Conventional
- C. Modern
- D. Competitive
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Question: ___describes the activities within and around an organization, and relates them toan analysis of the competitive strength of the organization.
- A. Value Chain Analysis
- B. Value Management
- C. Value Engineering
- D. Strategic Cost
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Question: During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted to 100,000 and opening inventory was 34,000. The value of closing inventory was?
- A. Rs. 24,000
- B. Rs. 26,000
- C. Rs. 42,000
- D. Rs. 54,000
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Question: For decision making purpose, which is more suitable to the management
- A. Standard costing
- B. Marginal costing
- C. Absorption costing
- D. Traditional costing
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