
Cost Accounting 1
Authored by JM Loriaga
Specialty
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Direct material costs are
Prime and conversion costs
Prime and manufacturing costs
Conversion and manufacturing costs
Prime, conversion and manufacturing costs
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Utilities expense incurred in production facilities (e.g., water, heat and light) is classified as
Factory overhead
Period cost
Prime cost
Administrative overhead
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Actual, normal and standard cost systems may be used in conjunction with
Process costing only
Job order costing only
Either job order or process costing
Neither job order nor process costing
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which one is most likely to use process costing in accounting for production costs?
Road builder
Electrical contractor
Newspaper publisher
Automobile repair shop
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In job order cost system, direct labor costs usually are recorded initially as an increase in
Factory overhead applied
Factory overhead control
Finished goods
Work in process
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In job order costing, the application of Factory Overhead would be reflected in the general ledger as an increase in
Factory overhead control
Finished goods
Work in process
Cost of goods sold
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In a well controlled materials system, the Purchasing agent performs the following activities except the
placing of purchase orders with suppliers
receiving of purchase requisitions
approving and checking invoices
preparation of purchase order
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