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accounting mcq quiz




Question;1. (TCO 3) Which system would a manufacturer of unique special orders or batch processes most likely use to accumulate costs? (Points: 3)Contract costingVariable costingProcess costingJob-order costingQuestion 2. 2. (TCO 3) Which is NOT a feature of a process costing system? (Points: 3)Standardized products pass through standardized processes.Each unit is treated uniquely in receiving a process.Manufacturing costs are accumulated by a process for a given time period.Unit costs are calculated for each department.Question 3. 3. (TCO 3) The whole units that could have been produced in a period given the amount of manufacturing inputs used are called (Points: 3)FIFO costing.transferred-in cost.weighted average cost.equivalent units of output.Question 4. 4. (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month.0 Units, beginning work-in-process300 Units started? Units completed100 Units, ending work-in-process (40% complete)Which are the equivalent units using the weighted average method? (Points: 3)300240260200None of the aboveQuestion 5. 5. (TCO 3) Which is NOT a difference between the job-order costing system and the process costing system? (Points: 3)They accumulate their costs to different cost objectives.The number of work-in-process accounts is different.One does not use the finished goods account.All of the aboveQuestion 6. 6. (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month.0 Units, beginning work-in-process10,000 Units started? Units completed5,000 Units, ending work-in-process$440,000 Cost of direct materials$64,000 Cost of conversionEnding inventory is 100% complete for materials and 20% complete for conversion.How many units were started and completed? (Points: 3)10,00005,00020,000None of the aboveQuestion 7. 7. (TCO 3) Unit cost of materials for a department using the FIFO method of process costing is found by takingthe total cost of materials issued to the department during the year divided by (Points: 3)units in process.units started and units manufactured.equivalent units of output.Question 8. 8. (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.CostsUnitsMaterialsConversionBeginning work-in-process10,000$70,750$175,350Started during month65,000$250,000$736,350Ending work-in-process6,000Beginning inventory was 70% complete. Ending inventory was 40% complete.How many equivalent units for conversion costs would there be for Abby Corp. during the month using the weighted average method?(Points: 3)65,00068,40075,00064,400Question 9. 9. (TCO 2) The following information was provided by Sally Company.% completeUnitsBegninning work-in-process30%15,000Units transferred in40,000Ending work-in-process60%13,000Materials are added at the beginning of the process.How many equivalent units for materials would there be using the weighted average method? (Points: 3)68,00040,00047,80055,000Question 10. 10. (TCO 3) The costs included in the cost per equivalent unit using the weighted average method are (Points: 3)current costs.beginning work in process.ending work in process.Both A and B


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