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Accounting Concepts Multiple Choice Questions 1

Practice accounting concepts multiple choice questions (MCQs), cost accounting test 1 for online exams. Practice inventory types, inventoriable cost and period cost MCQs questions and answers on inventory types, inventoriable cost and period cost, manufacturing costs, prime costs, conversion costs with answers. Free accounting concepts quiz, online study guide has helping answer key with choices as indirect manufacturing labor costs, direct manufacturing labor costs, work in process cost and finished costs of multiple choice questions as labor related to manufacturing of product can be classified under to test learning skills for viva exam preparation and job's interview questions. Study to learn inventory types, inventoriable cost and period cost quiz questions with online learning MCQs for competitive exam preparation test. Inventory Types, Inventoriable Cost and Period Cost Video

MCQ on Accounting Concepts Quiz PDF Download Test 1

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

  1. direct manufacturing labor costs
  2. indirect manufacturing labor costs
  3. work in process cost
  4. finished costs

A

MCQ. The direct material costs are added into direct manufacturing costs to calculate

  1. discuss costs
  2. prime costs
  3. resale cost
  4. merchandise costs

B

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

  1. transaction costs
  2. conversion costs
  3. resale costs
  4. merchandise costs

B

MCQ. In cost terms, the direct manufacturing labor cost is included in

  1. manufacturing costs
  2. prime costs
  3. conversion costs
  4. both B and C

D

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

  1. $27,000
  2. $13,000
  3. $130,000
  4. $29,500

B