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Accounting Concepts Multiple Choice Questions Test 1

Practice accounting concepts multiple choice questions (MCQs), cost accounting test 1 online to learn. Practice inventory types, inventoriable cost & 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 answer key with choices as indirect manufacturing labor costs, direct manufacturing labor costs, work in process cost and finished costs of multiple choice questions (MCQ) as labor related to manufacturing of product can be classified under to test learning skills. Study to learn inventory types, inventoriable cost & period cost quiz questions to practice MCQ based online exam preparation test. Inventory Types, Inventoriable Cost & Period Cost Video

MCQ on Accounting Concepts Quiz pdf Download Test 1

MCQ. Labor related to manufacturing of 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. 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. 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, direct manufacturing labor cost is included in

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

D

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

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

B