QUIZ 3 : TOPIC 2 [MANUFACTURING COSTS:CONCEPTS & COMPONENTS]

QUIZ 3 : TOPIC 2 [MANUFACTURING COSTS:CONCEPTS & COMPONENTS]

1st Grade - University

20 Qs

quiz-placeholder

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QUIZ 3 : TOPIC 2 [MANUFACTURING COSTS:CONCEPTS & COMPONENTS]

QUIZ 3 : TOPIC 2 [MANUFACTURING COSTS:CONCEPTS & COMPONENTS]

Assessment

Quiz

Professional Development, Business, Education

1st Grade - University

Practice Problem

Medium

Created by

MASITAH Moe

Used 24+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Factory overhead is all costs other than direct labour and direct materials.

True

False

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The term total manufacturing costs and cost of goods manufactured are used interchangeably.

True

False

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Fixed costs are costs that do not vary with volume.

True

False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Mixed costs contain both variable and fixed elements.

True

False

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Product costs include direct labour.

True

False

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Prime cost is the sum of _____________ and _____________.

Direct materials

Direct labour

Manufacturing overhead

Indirect materials

Indirect labour

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Cost of goods sold is beginning finished goods inventory plus _______________minus ending finished goods inventory.

costs of goods available for sales

costs of goods purchased

costs of goods manufactured

costs of direct material purchased

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