The first step in process costing system is to ___________?

Related Mcqs:

1. 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...

2. 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...

3. 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...

4. 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...

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. The second step in processing 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...

7. 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...

8. 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...

9. 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...

10. The step by step business functions, in which product or services must have customer usefulness, is classified as ___________?

    A. value chain B. useful chain C. product chain D. services chain...