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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

The conversion cost is $2000 and the manufacturing overhead cost is $7000, then the direct manufacturing labor cost will be

Options

A : a. $27,000

B : b. $13,000

C : c. $130,000

D : d. $29,500

If the direct service labor is $7000, the idle time wages are $2000 and the overtime premium is $950, then the total figure would be

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

The direct service labor is $5000, the idle time wages are $1000 and the overtime premium is $450, then the total figure would be

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

The prime cost is $50000 and the direct manufacturing labor is $10000, then the direct material cost will be

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

The direct material cost is $75000 and direct manufacturing labor is $20000, then prime cost would be

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

The labor which works as forklift truck, plant guards and the rework labor is classified as

Options

A : a. prime overhead

B : b. conversion overhead

C : c. factory overhead

D : d. manufacturing overhead

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

D : d. labor overheads

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