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# Basic Accounting Concepts Online Exam Quiz

Important questions about Basic Accounting Concepts. Basic Accounting Concepts MCQ questions with answers. Basic Accounting Concepts exam questions and answers for students and interviews.

### The labor related to the manufacturing of the product can be classified under

Options

A : a. direct manufacturing labor costs

B : b. indirect manufacturing labor costs

C : c. work in process cost

D : d. finished costs

### The direct material costs are added into direct manufacturing costs, to calculate

Options

A : a. discuss costs

B : b. prime costs

C : c. resale cost

D : d. merchandise costs

### The direct manufacturing labor costs is added into manufacturing overhead cost to calculate

Options

A : a. transaction costs

B : b. conversion costs

C : c. resale costs

D : d. merchandise costs

### In cost terms, the direct manufacturing labor cost is included in

Options

A : a. manufacturing costs

B : b. prime costs

C : c. conversion costs

D : d. both b and c

Options

A : a. \$27,000

B : b. \$13,000

C : c. \$130,000

D : d. \$29,500

Options

A : a. \$5,850

B : b. \$5,950

C : c. \$9,950

D : d. \$10,050

### The terms used in manufacturing cost systems are

Options

A : a. manufacturing costs

B : b. prime costs

C : c. conversion costs

D : d. both b and c

Options

A : a. \$4,450

B : b. \$6,450

C : c. \$21,500

D : d. \$14,300

### The calculation of product cost, gathering information for planning and analyzing information for decisions making are the features of

Options

A : a. information accounting

B : b. cost accounting

C : c. analyzing accounts

D : d. marketing costs

Options

A : a. \$40,000

B : b. \$60,000

C : c. \$52,000

D : d. \$20,000

### An inventory, which consists of partially worked goods is called

Options

A : a. direct materials inventory

B : b. work in process inventory

C : c. finished goods inventory

D : d. indirect material inventory

### The balance sheet, in which all the costs of the product that must be considered as its assets, is said to be

Options

A : a. factory overhead costs

B : b. manufacturing overhead costs

C : c. Inventoriable costs

D : d. finished costs

Options

A : a. \$55,000

B : b. \$37,500

C : c. \$95,000

D : d. \$26,000

### The period cost, which consists the income statement of manufacturing companies belong to

Options

A : a. inventory costs

B : b. product costs

C : c. non-manufacturing costs

D : d. manufacturing costs

### An acquisition cost of raw material is to be used in the manufacturing, and becoming a component of cost object is classified as

Options

A : a. direct material costs

B : b. indirect material costs

C : c. direct labor costs

D : d. indirect labor costs

### The wages and other benefits, provided to assembly line workers and operators of machine are classified under the

Options

A : a. work in process costs

B : b. finished costs

C : c. direct manufacturing labor costs

D : d. indirect manufacturing labor costs

### The conversion cost is subtracted from manufacturing overhead cost is to calculate the

Options

A : a. manufacturing labor costs

B : b. direct labor costs

C : c. direct manufacturing labor costs

D : d. indirect manufacturing labor costs

Options

### The inventory of the final goods that are not yet sold is called

Options

A : a. finished goods inventory

B : b. indirect material inventory

C : c. direct materials inventory

D : d. work in process inventory

### The costs which are considered as expenses in the accounting period are also known as

Options

A : a. inventory costs

B : b. period costs

C : c. timed costs