Set#04 (Accounting) Flashcards
Computers taken on hire by a business for a period of twelve months should be classified as:___________?
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A. Current assets
B. Intangible assets
C. Deferred revenue expenditure
D. Not an asset
D. Not an asset
Direct cost incurred can be identified with_______________?
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A. Each Department
B. Each unit of output
C. Each Month
D. Each Executive
B. Each unit of output
Overhead cost is the total of ____________.
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A. all indirect costs.
B. all direct costs.
C. indirect and direct costs.
D. all specific costs
A. all indirect costs.
Warehouse rent is a part of _________?
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A. prime cost.
B. factory cost.
C. distribution cost.
D. production cost
C. distribution cost.
Tender is an_____________?
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A. estimation of profit.
B. estimation of cost.
C. estimation of selling price.
D. estimation of units.
C. estimation of selling price.
Audit fess is a part of__________.
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A. works on cost.
B. selling overhead.
C. distribution overhead.
D. administration overhead
D. administration overhead
Depreciation fund method is also known as__________?
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A. Sinking Fund Method
B. Annuity Method
C. Sum of Year Digits Method
D. None of these
A. Sinking Fund Method
Non Trading institution prepare:______________?
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A. profit and loss account
B. Manufacturing account
C. Income and Expenditure Account
D. Cost of good sold
C. Income and Expenditure Account
An inventory, which consists of partially worked goods is called _____________?
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A. direct materials inventory
B. work in process inventory
C. finished goods inventory
D. indirect material inventory
B. work in process inventory
The balance sheet, in which all the costs of the product that must be considered as its assets, is said to be
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A. factory overhead costs
B. manufacturing overhead costs
C. Inventoriable Costs
D. finished costs
C. Inventoriable Costs
The period cost, which consists the income statement of manufacturing companies belong to ____________?
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A. inventory costs
B. product costs
C. non-manufacturing costs
D. manufacturing costs
C. non-manufacturing costs
The wages and other benefits, provided to assembly line workers and operators of machine are classified under the _____________?
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A. work in process costs
B. finished costs
C. direct manufacturing labor costs
D. indirect manufacturing labor costs
D. indirect manufacturing labor costs
The labor which works as forklift truck, plant guards and the rework labor is classified as ____________?
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A. prime overhead
B. conversion overhead
C. factory overhead
D. manufacturing overhead
D. manufacturing overhead
The costs which are considered as expenses in the accounting period are also known as ____________?
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A. inventory costs
B. period costs
C. timed costs
D. labor overheads
B. period costs
All the costs, which are assigned to manufactured products for specific calculations are classified as ___________?
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A. contracting costs
B. product cost
C. government costs
D. marketing costs
B. product cost
The direct manufacturing labor costs is $40000 and manufacturing overhead cost is $7000, then conversion cost would be ____________?
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A. $47,000
B. $33,000
C. $57,000
D. $18,000
A. $47,000
The conversion cost is subtracted from direct manufacturing labor cost to calculate the ____________?
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A. direct overheads
B. overhead costs
C. factory overhead
D. manufacturing overhead cost
D. manufacturing overhead cost
An overtime is considered in cost accounting as ___________?
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A. indirect costs
B. overhead costs
C. premium costs
D. both a and b
D. both a and b
The supplies, plant maintenance, plant rent, plant insurance and cleaning labor come under the type of costs called ____________?
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A. labor costs
B. factory overhead costs
C. finished costs
D. manufacturing costs
B. factory overhead costs
The wages paid to workers of the factory are termed as ___________?
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A. workers premium
B. overtime premium
C. factory premium
D. wage premium
B. overtime premium
In cost terms, the direct manufacturing labor cost is included in ___________?
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A. manufacturing costs
B. prime costs
C. conversion costs
D. both B and C
D. both B and C
The direct manufacturing labor costs is added into manufacturing overhead cost to calculate ___________?
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A. transaction costs
B. conversion costs
C. resale costs
D. merchandise costs
B. conversion costs
The labor related to the manufacturing of the product can be classified under _____________?
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A. direct manufacturing labor costs
B. indirect manufacturing labor costs
C. work in process cost
D. finished costs
A. direct manufacturing labor costs
The conversion cost is $2000 and the manufacturing overhead cost is $7000, then the direct manufacturing labor cost will be _________?
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A. $27,000
B. $13,000
C. $130,000
D. $29,500
B. $13,000