Accounting Concepts MCQs

Option A: indirect wages

Option B: health wages

Option C: idle time wages

Option D: shortage time wages

Correct Answer: idle time wages ✔

Option A: $13,500

Option B: $55,600

Option C: $60,000

Option D: $110,000

Correct Answer: $110,000 ✔

Option A: $19,500

Option B: $30,500

Option C: $45,500

Option D: $22,500

Correct Answer: $19,500 ✔

Option A: payroll fringe costs

Option B: health costs

Option C: premium costs

Option D: workers costs

Correct Answer: payroll fringe costs ✔

Option A: finished goods inventory

Option B: indirect material inventory

Option C: direct materials inventory

Option D: work in process inventory

Correct Answer: finished goods inventory ✔

Option A: manufacturing labor costs

Option B: direct labor costs

Option C: direct manufacturing labor costs

Option D: indirect manufacturing labor costs

Correct Answer: manufacturing labor costs ✔

Option A: direct material costs

Option B: indirect material costs

Option C: direct labor costs

Option D: indirect labor costs

Correct Answer: direct material costs ✔

Option A: $55,000

Option B: $37,500

Option C: $95,000

Option D: $26,000

Correct Answer: $95,000 ✔

Option A: information accounting

Option B: cost accounting

Option C: analyzing accounts

Option D: marketing costs

Correct Answer: cost accounting ✔

Option A: $5,850

Option B: $5,950

Option C: $9,950

Option D: $10,050

Correct Answer: $9,950 ✔

Option A: discuss costs

Option B: prime costs

Option C: resale cost

Option D: merchandise costs

Correct Answer: prime costs ✔

Option A: $4,450

Option B: $6,450

Option C: $21,500

Option D: $14,300

Correct Answer: $6,450 ✔

Option A: $40,000

Option B: $60,000

Option C: $52,000

Option D: $20,000

Correct Answer: $40,000 ✔

Option A: inventoriable costs

Option B: finished costs

Option C: factory overhead costs

Option D: manufacturing overhead costs

Correct Answer: inventoriable costs ✔

Option A: manufacturing costs

Option B: prime costs

Option C: conversion costs

Option D: both B and C

Correct Answer: both B and C ✔

Option A: $27,000

Option B: $13,000

Option C: $130,000

Option D: $29,500

Correct Answer: $13,000 ✔

Option A: direct manufacturing labor costs

Option B: indirect manufacturing labor costs

Option C: work in process cost

Option D: finished costs

Correct Answer: direct manufacturing labor costs ✔

Option A: transaction costs

Option B: conversion costs

Option C: resale costs

Option D: merchandise costs

Correct Answer: conversion costs ✔

Option A: manufacturing costs

Option B: prime costs

Option C: conversion costs

Option D: both B and C

Correct Answer: both B and C ✔

Option A: workers premium

Option B: overtime premium

Option C: factory premium

Option D: wage premium

Correct Answer: overtime premium ✔

Option A: indirect costs

Option B: overhead costs

Option C: premium costs

Option D: both a and b

Correct Answer: both a and b ✔

Option A: labor costs

Option B: factory overhead costs

Option C: finished costs

Option D: manufacturing costs

Correct Answer: factory overhead costs ✔

Option A: direct overheads

Option B: overhead costs

Option C: factory overhead

Option D: manufacturing overhead cost

Correct Answer: manufacturing overhead cost ✔

Option A: $47,000

Option B: $33,000

Option C: $57,000

Option D: $18,000

Correct Answer: $47,000 ✔

Option A: contracting costs

Option B: product cost

Option C: government costs

Option D: marketing costs

Correct Answer: product cost ✔

Option A: inventory costs

Option B: period costs

Option C: timed costs

Option D: labor overheads

Correct Answer: period costs ✔

Option A: prime overhead

Option B: conversion overhead

Option C: factory overhead

Option D: manufacturing overhead

Correct Answer: manufacturing overhead ✔

Option A: work in process costs

Option B: finished costs

Option C: direct manufacturing labor costs

Option D: indirect manufacturing labor costs

Correct Answer: direct manufacturing labor costs ✔

Option A: inventory costs

Option B: product costs

Option C: non-manufacturing costs

Option D: manufacturing costs

Correct Answer: non-manufacturing costs ✔

Option A: factory overhead costs

Option B: manufacturing overhead costs

Option C: Inventoriable Costs

Option D: finished costs

Correct Answer: Inventoriable Costs ✔

Option A: direct materials inventory

Option B: work in process inventory

Option C: finished goods inventory

Option D: indirect material inventory

Correct Answer: work in process inventory ✔