MCQOPTIONS
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MCQOPTIONS
This section includes 436 Mcqs, each offering curated multiple-choice questions to sharpen your Bioinformatics knowledge and support exam preparation. Choose a topic below to get started.
| 301. |
Total cost related to work in process inventory is divided by total units of work done is used to calculate |
| A. | Gross weighted margin |
| B. | weighted average revenue |
| C. | weighted average cost |
| D. | weighted average conversion cost |
| Answer» D. weighted average conversion cost | |
| 302. |
The types of spoilage include |
| A. | normal spoilage |
| B. | abnormal spoilage |
| C. | weighted spoilage |
| D. | both a and b |
| Answer» E. | |
| 303. |
The partial or completed units of manufactured goods, that do not meet customer specifications and get sold at reduced price or simply discarded, are called |
| A. | spoilage |
| B. | rework |
| C. | scrap |
| D. | equivalence |
| Answer» B. rework | |
| 304. |
The costing system, which is a combination of process costing and job costing system, is classified as |
| A. | weighted costing system |
| B. | average costing system |
| C. | hybrid costing system |
| D. | double costing system |
| Answer» D. double costing system | |
| 305. |
The costs that are incurred in last department, where the product has been processed and will be carried to next department for further processing are called |
| A. | partial work costs |
| B. | transferred-in costs |
| C. | transferred-out costs |
| D. | weighted average costs |
| Answer» C. transferred-out costs | |
| 306. |
In process costing method, when the work done in current accounting period, and beginning inventory before current accounting period, is classified as |
| A. | partial inventory costing method |
| B. | current period inventory method |
| C. | Last-in, first-out method |
| D. | First-in, first-out method |
| Answer» E. | |
| 307. |
The first step in process costing system is to |
| A. | summarize flow of output |
| B. | compute output in units |
| C. | summarize total costs |
| D. | compute cost for each equivalent unit |
| Answer» B. compute output in units | |
| 308. |
If the beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and units completed in current period are 4000, then ending work in process equivalent units will be |
| A. | 1800 units |
| B. | 2300 units |
| C. | 10300 units |
| D. | 1500 units |
| Answer» C. 10300 units | |
| 309. |
The costing method, which calculates per equivalent unit cost of all the production related work done, till calculated date is termed as |
| A. | weighted average method |
| B. | net present value method |
| C. | Gross production method |
| D. | net present value method |
| Answer» B. net present value method | |
| 310. |
Total cost of producing similar products divided by number of units produced is a technique known as |
| A. | sale costing system |
| B. | job costing system |
| C. | price costing system |
| D. | process costing system |
| Answer» E. | |
| 311. |
If the beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and ending work in process equivalent units are 5000, then complete equivalent units in current period are |
| A. | 1800 units |
| B. | 1500 units |
| C. | 1300 units |
| D. | 1500 units |
| Answer» D. 1500 units | |
| 312. |
The production units that do not meet customer specification, but can be sold to other customers as finished goods are classified as |
| A. | reduced work |
| B. | spoilage |
| C. | rework |
| D. | scrap |
| Answer» D. scrap | |
| 313. |
The normal spoilage is subtracted from total spoilage to calculate |
| A. | abnormal spoilage |
| B. | Gross weighted spoilage |
| C. | inventoriable spoilage |
| D. | partial spoilage |
| Answer» B. Gross weighted spoilage | |
| 314. |
The aspects of accounting for scrap includes |
| A. | physical tracking |
| B. | non-inventoriable costing |
| C. | inventory costing |
| D. | both a and c |
| Answer» E. | |
| 315. |
The costing, which explains how and when scrap affects the operating income of company is classified as |
| A. | inventory costing |
| B. | conversion costing |
| C. | normal scrap costing |
| D. | abnormal scrap costing |
| Answer» B. conversion costing | |
| 316. |
The residual material which results from manufacturing products is called |
| A. | reduced work |
| B. | spoilage |
| C. | rework |
| D. | scrap |
| Answer» E. | |
| 317. |
An amount of spoilage that is natural in any particular production process is classified as |
| A. | normal scrap |
| B. | normal spoilage |
| C. | abnormal spoilage |
| D. | weighted spoilage |
| Answer» C. abnormal spoilage | |
| 318. |
The rate of return to cover a risk of investment and decrease in purchasing power, as a result of inflation is known as |
| A. | nominal rate of return |
| B. | accrual accounting rate of return |
| C. | real rate of return |
| D. | required rate of return |
| Answer» B. accrual accounting rate of return | |
| 319. |
The method, which calculates the time to recoup initial investment of project in form of expected cash flows is known as |
| A. | net value cash flow method |
| B. | payback method |
| C. | single cash flow method |
| D. | lean cash flow method |
| Answer» C. single cash flow method | |
| 320. |
If the real rate is 16% and an inflation rate is 8%, then the nominal rate of return will be |
| A. | 27.28% |
| B. | 25.28% |
| C. | 22.28 |
| D. | 21.28 |
| Answer» C. 22.28 | |
| 321. |
The costing system, which classify cost into cost categories in a way when an expense is incurred in the process is called |
| A. | conversion expense costing system |
| B. | inventory costing system |
| C. | process costing system |
| D. | job costing system |
| Answer» D. job costing system | |
| 322. |
The vertically upward dimension of cost analysis is also called |
| A. | project dimension |
| B. | accounting-period dimension |
| C. | back-flush accounting dimension |
| D. | lean accounting dimension |
| Answer» C. back-flush accounting dimension | |
| 323. |
If the budgeted indirect cost arte is $115 and the budgeted cost allocation base is $830 per hour, then the annual indirect cost (budgeted) will be |
| A. | $93,450 |
| B. | $94,560 |
| C. | $96,450 |
| D. | $95,450 |
| Answer» E. | |
| 324. |
The method of costing that supports creation of value for customer by accounting whole value stream, rather than individual departments or products is classified as |
| A. | economic accounting |
| B. | back-flush accounting |
| C. | lean accounting |
| D. | lead accounting |
| Answer» D. lead accounting | |
| 325. |
The cost of abnormal spoilage is not treated as |
| A. | conversion costs |
| B. | sunk costs |
| C. | inventoriable costs |
| D. | non inventoriable costs |
| Answer» E. | |
| 326. |
The total costs incur in a production process, is divided by total number of output units, to calculate the |
| A. | cost of indirect labor |
| B. | cost of direct labor |
| C. | cost of direct material |
| D. | unit costs |
| Answer» E. | |
| 327. |
A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as |
| A. | accounting period costing system |
| B. | process costing system |
| C. | job costing system |
| D. | none of above |
| Answer» C. job costing system | |
| 328. |
The spread of over allocated overhead and under allocated overhead among work in process, finished goods and goods sold cost is classified as |
| A. | proration approach |
| B. | appreciation approach |
| C. | depreciation approach |
| D. | adjusted approach |
| Answer» B. appreciation approach | |
| 329. |
If the budgeted annual indirect cost is $60000, budgeted annual quantity of cost allocation base is $3600, then budgeted indirect cost rate will be |
| A. | 15.67 per piece |
| B. | 16.67 per piece |
| C. | 14.67 per piece |
| D. | 13.67 per piece |
| Answer» C. 14.67 per piece | |
| 330. |
An example of rework is |
| A. | short lengths from wood work |
| B. | defective aluminum cans recycled by manufacturer |
| C. | detection of defective pieces before shipment |
| D. | none of above |
| Answer» D. none of above | |
| 331. |
The required rate of return, is multiplied per unit cost of purchased units to calculate |
| A. | irrelevant inventory carrying costs |
| B. | relevant opportunity cost of capital |
| C. | relevant purchase order costs |
| D. | relevant inventory carrying costs |
| Answer» C. relevant purchase order costs | |
| 332. |
In normal costing, the budgeted rate is multiplied to an actual quantity, which have been used as the allocation base to calculate |
| A. | budget overhead applied |
| B. | manufacturing overhead applied |
| C. | labor overhead applied |
| D. | none of above |
| Answer» C. labor overhead applied | |
| 333. |
Buying of goods or materials for production in a way that they are delivered directly on the manufacturing facility of company is called |
| A. | economic order quantity purchasing |
| B. | annual purchasing |
| C. | just in time purchasing |
| D. | both a and b |
| Answer» D. both a and b | |
| 334. |
The costing system, which omits some of the journal entries in accounting system is known as |
| A. | in-time costing |
| B. | trigger costing |
| C. | back flush costing |
| D. | lead time costing |
| Answer» D. lead time costing | |
| 335. |
The budgeted total direct labor cost is divided with budgeted total direct labor, to calculate |
| A. | budgeted indirect labor cost rate |
| B. | expected direct labor cost rate |
| C. | budgeted direct labor cost rate |
| D. | expected indirect labor cost rate |
| Answer» D. expected indirect labor cost rate | |
| 336. |
The costs associated with storage of finished goods such as spoilage, obsolescence and insurance of goods are classified as |
| A. | carrying costs |
| B. | purchasing costs |
| C. | stock-out costs |
| D. | ordering costs |
| Answer» B. purchasing costs | |
| 337. |
The standardized technique that is performed repetitively on different kind of materials to convert them into different finished products is known as |
| A. | conversion process |
| B. | operation |
| C. | hybridization |
| D. | both a and b |
| Answer» C. hybridization | |
| 338. |
If the economic order quantity for one year is 15000 packages and demand in units for one year are 1500 units, then number of deliveries in a year will be |
| A. | 16 |
| B. | 12 |
| C. | 10 |
| D. | 14 |
| Answer» D. 14 | |
| 339. |
A document which consists information about labor time usage, for specific job in a specific department, is known as |
| A. | selling time record |
| B. | labor time record |
| C. | buying time record |
| D. | direct time record |
| Answer» C. buying time record | |
| 340. |
The single or multiple units of distinct services or products are classified as |
| A. | cost |
| B. | job |
| C. | post |
| D. | price |
| Answer» C. post | |
| 341. |
The stage in production process, where the manufactured goods are checked; whether the units are acceptable or not is classified as |
| A. | rework point |
| B. | inspection point |
| C. | spoilage point |
| D. | scrap point |
| Answer» C. spoilage point | |
| 342. |
If the payback period is 4 years and the uniform increases in cash flows per year is $2750000, then the net initial investment can be |
| A. | $10,511,000 |
| B. | $12,105,000 |
| C. | $1,100,000 |
| D. | $11,000,000 |
| Answer» E. | |
| 343. |
If the budgeted total direct labor hours are 5500 and budgeted direct labor cost is $755000, then the budgeted direct labor cost rate is |
| A. | $138 per labor hour |
| B. | $137.27 per hour |
| C. | $140 per labor hour |
| D. | $142 per labor hour |
| Answer» C. $140 per labor hour | |
| 344. |
The cost of previous department is a part of |
| A. | transferred-in costs |
| B. | transferred-out costs |
| C. | FIFO costs |
| D. | LIFO costs |
| Answer» B. transferred-out costs | |
| 345. |
The fifth step in process costing system is to |
| A. | allocate separable costs |
| B. | allocate joint costs |
| C. | compute gross margin |
| D. | assign total cost to completed units |
| Answer» E. | |
| 346. |
If the budgeted direct labor hours are 3550 and direct labor cost rate is $500 per labor hour, then total direct labor cost would be |
| A. | $1,775,000 |
| B. | $1,675,000 |
| C. | $1,875,000 |
| D. | $1,975,000 |
| Answer» B. $1,675,000 | |
| 347. |
The budgeted direct labor hours are multiplied to direct labor cost rate, to calculate |
| A. | expected total direct labor cost |
| B. | budgeted total direct labor cost |
| C. | budgeted total indirect labor cost |
| D. | expected labor hours |
| Answer» C. budgeted total indirect labor cost | |
| 348. |
If the demand in units are 18000, relevant ordering cost for each year is $150 and an order quantity is 1500, then annual relevant ordering cost would be |
| A. | $200 |
| B. | $190 |
| C. | $160 |
| D. | $180 |
| Answer» E. | |
| 349. |
If the purchase order lead time is 35 minutes and number of units sold per time is 400 units, then reorder point will be |
| A. | 14000 units |
| B. | 14500 units |
| C. | 15000 units |
| D. | 15500 units |
| Answer» B. 14500 units | |
| 350. |
The budgeted annual indirect costs are divided to budgeted annual quantity of cost allocation base, to calculate |
| A. | expected indirect cost rate |
| B. | expected direct cost rate |
| C. | budgeted indirect cost rate |
| D. | budgeted direct cost rate |
| Answer» D. budgeted direct cost rate | |