The costing system, which classify cost into cost categories in a way when an expense is incurred in the process is called ____________?

Related Mcqs:

1. The costing technique, which classify all the activities in costing hierarchy is classified as ____________?

   A. activity based costing
   B. non-financial costing
   C. profit costing
   D. lump sum costing

2. The costing system, which is a combination of process costing and job costing system, is classified as __________?

   A. weighted costing system
   B. average costing system
   C. hybrid costing system
   D. double costing system

3. In normal costing, the situation in which the allocated amount of indirect cost is greater than the incurred cost, is considered as _____________?

   A. incurred indirect cost
   B. over allocated indirect cost
   C. applied indirect cost
   D. applied direct cost

4. A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as _________?

   A. accounting period costing system
   B. process costing system
   C. job costing system
   D. none of above

5. If the total incurred cost in a production process are $30000 and the number of output units are 5000 units, then the units cost will be __________?

   A. $16
   B. $60
   C. $6
   D. $26

6. If the cost incurred for work in process inventory is $350000 and total equivalent units completed till date are 3500, then weighted average cost will be __________?

   A. $10
   B. $100
   C. $1,000
   D. $1,200

7. The costing and allocating situation, in which the indirect cost allocated amount is less than actually incurred amount is known as ___________?

   A. over allocated budget
   B. under allocated budget
   C. under allocated indirect cost
   D. over allocated direct cost

8. If an actual indirect cost incurred is $25000 and the indirect cost allocated is $23000, then the over allocated indirect cost would be ________?

   A. $48,000
   B. −$2000
   C. $2,000
   D. −$48000

9. The per unit opportunity cost to the selling subunit of company, is added into per unit incremental cost is incurred at point of transfer to calculate ____________?

   A. minimum operating cost
   B. maximum operating costs
   C. maximum transfer price
   D. minimum transfer price

10. If the fixed manufacturing cost expenses are under variable costing and are not expensed in absorption costing, it is resulting in _________?

    A. production exceeds breakeven sales
    B. breakeven sales exceeds production
    C. price exceeds cost
    D. cost exceeds price