Related Mcqs:

1. The variance which is included in absorption costing, but not in variable costing is classified as __________?

   A. production volume variance
   B. cost volume variance
   C. profit volume variance
   D. fixed cost variance

2. 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

3. In process and job costing system, the normal spoilage cost is considered as ___________?

   A. conversion costs
   B. sunk costs
   C. inventoriable costs
   D. non inventoriable costs

4. 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

5. The normal costing and standard costing methods are used in decisions such as ___________?

   A. investment decisions
   B. pricing decisions
   C. product mix decisions
   D. Both B and C

6. In process costing method, when the work done in current accounting period, and beginning inventory before current accounting period, is classified as _________?

   A. partial inventory costing method
   B. current period inventory method
   C. Last-in, first-out method
   D. First-in, first-out method

7. The forth step in process costing system is to __________?

   A. summarize total costs
   B. compute cost for each equivalent unit
   C. summarize flow of output
   D. compute output in units

8. The first step in process costing system is to ___________?

   A. summarize flow of output
   B. compute output in units
   C. summarize total costs
   D. compute cost for each equivalent unit

9. The fifth step in process costing system is to ___________?

   A. allocate separable costs
   B. allocate joint costs
   C. compute gross margin
   D. assign total cost to completed units

10. The third step in process costing system is to ____________?

    A. summarize flow of output
    B. compute output in units
    C. summarize total costs
    D. compute cost for each equivalent unit