This quiz works best with JavaScript enabled. Home > Cost Accounting > Process Costing > Process Costing – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Process Costing Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Units in a process that are 70% complete are referred to as: A) 20, 000 equivalent units of production. B) 6, 000 equivalent units of production. C) 14, 000 equivalent units of production. D) 6, 000 equivalent units of production. Show Answer Correct Answer: C) 14, 000 equivalent units of production. 2. Which is not a similarity between job order costing and process costing? A) Methods of assigned costs. B) Tracking of direct materials, direct labor and manufacturing overhead. C) Accumulating journal entries. D) Flow of costs. Show Answer Correct Answer: A) Methods of assigned costs. 3. The major benefit of the FIFO method is simplicity. A) True. B) False. C) Not so sure. D) Have no idea. Show Answer Correct Answer: B) False. 4. Which of the following businesses is likely to adopt a process costing system? A) Construction companies. B) Sugar refining units. C) Plan manufacturers. D) Printing presses. Show Answer Correct Answer: B) Sugar refining units. 5. When partially completed units are converted to a comparable number of completed units, they are referred to as? A) Converted units. B) Split-off units. C) Equitable units. D) Equivalent units. Show Answer Correct Answer: D) Equivalent units. 6. An accounting system used to apply costs to similar products that are mass-produced in a continuous fashion. A) Job order costing. B) Process costing. C) Added value costing. D) Just in time costing. Show Answer Correct Answer: B) Process costing. 7. Units were completed this period; 50 units are still in process that are 30% complete. How many total equivalent units were produced? A) 110. B) 200. C) 215. D) 250 $ \left(200\times100%\right)+\left(50\times30%\right)=215$. Show Answer Correct Answer: C) 215. 8. The loss which arises due to abnormal circumstances is ..... loss. A) Normal. B) Abnormal. C) Net. D) Gross. Show Answer Correct Answer: B) Abnormal. 9. In a production cost report, which one of the following sections is not shown under Costs? A) Costs per unit. B) Costs to be accounted for. C) Costs during the period. D) Units accounted for. Show Answer Correct Answer: D) Units accounted for. 10. When manufacturing overhead costs are assigned to production in a process costing system, they are debited to A) The Finished Goods Inventory account. B) Cost of Goods Sold. C) A Manufacturing Overhead account. D) A Work in Process Inventory account. Show Answer Correct Answer: D) A Work in Process Inventory account. 11. BONUS!!! How old is Ko Hadi? A) 17 years. B) 19 years old. C) 20 years. D) 21 years. Show Answer Correct Answer: A) 17 years. 12. Scrap value of normal loss is ..... to process account. A) Debited. B) Credited. C) Ignored. D) Not recorded. Show Answer Correct Answer: B) Credited. 13. What report shows equivalent units of production, costs, and assignment of costs for a department? A) Equivalent units report. B) Job costing report. C) Production cost report. D) TPS report. Show Answer Correct Answer: C) Production cost report. 14. There are 1, 000 units in process at the end of the period. They are 40% complete with respect to conversation. Direct materials are added at the end of the process. How many EUP for direct materials? A) 0. B) 400. C) 600. D) 1, 000 $ 1, 000\times0%=0$. Show Answer Correct Answer: A) 0. 15. An item of low value incidentally arising in a process is called ..... A) Joint product. B) By-product. C) Scrap. D) Waste. Show Answer Correct Answer: B) By-product. 16. BONUS!!! How much does Ko Hadi weigh? A) 40kg. B) 50kg. C) 60kg. D) 70kg. Show Answer Correct Answer: C) 60kg. 17. Costs that were incurred in a previous department that are brought into this department as part of a product's cost are A) Transferred-in costs. B) Transferred-out costs. C) Costs to account for. D) Costs accounted for. Show Answer Correct Answer: A) Transferred-in costs. 18. BONUS!!!How many ex Ko Hadi? A) 1. B) 0. C) 2. D) 7. Show Answer Correct Answer: B) 0. 19. Gloria Company had no beginning work in process. During the period, 16, 000 units were completed, and there were 1, 200 units of ending work in process. How many units were started into production? A) 17, 200. B) 16, 000. C) 14, 800. D) 1, 200. Show Answer Correct Answer: A) 17, 200. 20. In a process costing system loss might be: A) Normal. B) Abnormal. C) Both normal loss & abnormal loss. D) NONE. Show Answer Correct Answer: C) Both normal loss & abnormal loss. ← PreviousNext →Related QuizzesCost Accounting QuizzesProcess Costing Quiz 1Process Costing Quiz 2Process Costing Quiz 3Process Costing Quiz 4Process Costing Quiz 6 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books