Practice Cost Concept Multiple Choice Questions with Answers Quiz-3

Q.1.

Variable costs ..-

Q.2.

The formula for calculating the cost of goods sold for manufacturing company is ..-

Finished goods at beginning of the year + cost of finished goods produced - finished goods at end of the year
Total manufacturing costs + work-in-progress at beginning of the year - work-in-progress at end of the year
Finished goods at beginning of the year + cost of sales - finished goods at end of the year
Finished goods at beginning of the year - cost of finished goods produced - finished goods at end of the year

Q.3.

Depreciation on office furniture is considered to be a (an).. -

Q.4.

The subtotal, "Cost of goods manufactured" appears on..

a merchandising companies' Statements of Comprehensive Income
both manufacturing and a merchandising companies' Statements of Comprehensive Income
neither manufacturing nor a merchandising companies' Statements of Comprehensive Income
a manufacturing companies' Statements of Comprehensive Income

Q.5.

Factory insurance is considered to be a (an).. -

Q.6.

The product cost that is most difficult to associate with a product is..

Q.7.

A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n)..

Q.8.

Which one of the following costs would not be inventoriable?

Q.9.

Manufacturing costs include..