This quiz works best with JavaScript enabled. Home > Cost Accounting > Process Costing > Process Costing – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Process Costing Quiz 4 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In RXZ Company, there are zero units in beginning work in process, 7, 000 units started into production, and 500 units in ending work in process 20% completed. The physical units to be accounted for are: A) 7, 000. B) 7, 360. C) 7, 500. D) 7, 340. Show Answer Correct Answer: A) 7, 000. 2. In process manufacturing, the manufacturing input categories include A) Only work in process. B) Only cost of goods sold. C) Only raw materials. D) . Show Answer Correct Answer: D) . 3. Differences between a job order cost system and a process cost system include all of the following except the A) Documents used to track costs. B) Point at which costs were totalled. C) Unit cost computations. D) Flow of costs. Show Answer Correct Answer: D) Flow of costs. 4. A transfer of RM24, 000 from the assembly department to the packaging department would require the entry of a: A) Debit to finished goods inventory. B) Debit to WIP inventory-assembly. C) Credit to raw materials inventory. D) Credit to WIP inventory-assembly. Show Answer Correct Answer: D) Credit to WIP inventory-assembly. 5. Process costing is applicable in ..... A) Construction industry. B) Ship building industry. C) Airline company. D) Pharmaceutical industry. Show Answer Correct Answer: D) Pharmaceutical industry. 6. Process costing will be used for all of the following products except: A) Chemical products. B) Soft drink products. C) Movie production. D) None of above. Show Answer Correct Answer: C) Movie production. 7. A cost incurred in one processing department that s transferred to the next processing department is called a A) Transferred-in cost. B) Split cost. C) Conversion cost. D) Overhead cost. Show Answer Correct Answer: A) Transferred-in cost. 8. Under the ..... method there are two categories of completed units; units started and completed during the period and units from beginning inventory A) FIFO. B) Average. C) Both. D) None. Show Answer Correct Answer: A) FIFO. 9. 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. Show Answer Correct Answer: D) Unit costs. 10. ..... are of relatively smaller / insignificant value. A) Substitute product. B) Complementary product. C) By-product. D) Joint product. Show Answer Correct Answer: C) By-product. 11. Process costing is applied when A) Small number of different products are manufactured. B) Large number of different products are manufactured. C) Large number of identical products are manufactured. D) Small numbers of customized made-to-order products are manufactured. Show Answer Correct Answer: C) Large number of identical products are manufactured. 12. A company making identical items through a series of uniform processes uses what costing system? A) Weighted average. B) Job order. C) Process. D) First-in, first-out. Show Answer Correct Answer: C) Process. 13. If input unit for Process 1 is 20, 000 unit, a normal loss for 2% of input will be: A) 40 unit. B) 4000 unit. C) 400 unit. D) 4 unit. Show Answer Correct Answer: C) 400 unit. 14. Input in a process is 4000 units and normal loss is 20%. When finished output in the process is only 3, 240 units, there is an A) Abnormal loss of 40 units. B) Abnormal gain of 40 units. C) Neither abnormal loss nor gain. D) Abnormal loss of 60 units. Show Answer Correct Answer: B) Abnormal gain of 40 units. 15. 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. B) 1500. C) 1300. D) 1200. Show Answer Correct Answer: C) 1300. 16. The combined direct labor and factory overhead per equivalent unit is called the: A) Prime cost per unit. B) Processing cost per unit. C) Conversion cost per unit. D) Combined cost per unit. Show Answer Correct Answer: C) Conversion cost per unit. 17. Beginning inventory:200 units300 units transferred in150 units transferred outHow many units in ending inventory? A) 500. B) 300. C) 350. D) 200 $ 200+300=150+x$ $ x=500-150=350$. Show Answer Correct Answer: C) 350. 18. Other name for normal loss is A) Total loss. B) Output Loss. C) Expected loss. D) Unexpected loss. Show Answer Correct Answer: C) Expected loss. 19. A characteristic of products that are mass-produced in a continuous fashion is that.. A) The products are identical or very similar in nature. B) They are grouped in batches. C) They are produced at the time an order is received. D) Their costs are accumulated on job cost sheets. Show Answer Correct Answer: A) The products are identical or very similar in nature. 20. BONUS!!! Who is the Lab lecturer. Your Cost Accounting? A) Joshua. B) Hadi. C) Ko Hadi. D) Hadianto. Show Answer Correct Answer: D) Hadianto. ← PreviousNext →Related QuizzesCost Accounting QuizzesProcess Costing Quiz 1Process Costing Quiz 2Process Costing Quiz 3Process Costing Quiz 5Process Costing Quiz 6 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books