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Accounting Concepts – MCQs
31 questions. Click to practice.
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Correct options are highlighted when revealed.
1.
In cost accounting, how is overtime typically classified?
Expenses that are indirect
Costs related to overhead
Additional premium expenses
Both indirect and overhead costs
None of the above
2.
Which category of costs includes expenses such as supplies, plant maintenance, plant rent, plant insurance, and cleaning labor?
wages and salaries
factory overhead expenses
completed goods costs
production costs
none of the above
3.
Which cost is determined by deducting direct manufacturing labor expenses from the total conversion cost?
direct production overheads
indirect manufacturing expenses
plant overhead charges
manufacturing overhead cost
none of the above
4.
If the direct labor expenses amount to $40,000 and the manufacturing overhead totals $7,000, what is the value of the conversion cost?
$47,000
$33,000
$57,000
$18,000
Cannot be determined
5.
Which category encompasses all expenses allocated directly to the production of goods for particular computations?
contracting expenses
manufacturing costs
public sector expenses
sales expenses
none of the above
6.
What term is used for expenses that are recognized within the same accounting period?
stock-related expenses
period expenses
time-based costs
wage overheads
none of the above
7.
Which category does labor such as forklift operators, plant security personnel, and rework staff fall under?
Direct overhead costs
Transformation overhead
Production facility overhead
Manufacturing overhead expenses
None of the above
8.
Wages and benefits given to assembly line employees and machine operators are categorized under which type of cost?
Costs related to work in progress
Expenses of completed goods
Direct labor costs in manufacturing
Indirect labor expenses in production
None of the above
9.
In the income statement of a manufacturing firm, period costs are classified under which category?
Costs related to inventory
Expenses tied to products
Costs not involved in manufacturing operations
Expenses incurred during manufacturing
None of the above
10.
What term is used for the balance sheet classification that includes all product costs considered as assets?
Factory overhead expenses
Production overhead charges
Inventoriable costs
Completed product expenses
None of the above
11.
What is the term for inventory that includes items that are only partially completed in the production process?
Raw materials stock
Work-in-progress inventory
Completed goods inventory
Indirect materials stock
None of the above
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