The aspects of accounting for scrap includes __________?
A. physical tracking B. non-inventoriable costing C. inventory costing D. both a and c
Accounting MCQs with Answers
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
Total transferred-out cost plus normal spoilage is divided by number of goods units produced, to calculate ___________?
A. cost per good units transferred out B. cost per good units transferred in C. revenue per good units transferred out D. revenue per good units transferred in
The type of spoilage, which is considered as controllable and can be avoided is called _____________?
A. abnormal spoilage B. normal spoilage C. transferred-in spoilage D. transferred-out spoilage
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
The types of spoilage include ___________?
A. normal spoilage B. abnormal spoilage C. weighted spoilage D. both a and b
The units of normal spoilage are divided to total completed units, rather than total actual produced units to calculate ____________?
A. normal spoilage rates B. abnormal spoilage rates C. normal scrap rates D. abnormal scrap rates
The sum of beginning work in process inventory units and started units, is subtracted from the sum of ending work in process inventory units and transferred out units of goods, to calculate ____________?
A. Gross weighted spoilage B. inventoriable spoilage C. partial spoilage D. total spoilage
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
If the transferred out total cost is $1850000 and the number of good units (produced), then the cost per good unit transferred out and completed can be __________?
A. 245.1724 B. 255.1724 C. 278.1724 D. 268.1724 To find the cost per good unit transferred out and completed, we use the formula: Cost per good unit=Number of good units producedTotal cost transferred outGiven: Total cost transferred out = $1,850,000 To determine the cost per good unit, we need the number of good units produced. Once we have that number, we can … Read more