CMA I - Process Costing

CMA I - Process Costing

University

12 Qs

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CMA I - Process Costing

CMA I - Process Costing

Assessment

Quiz

Other

University

Hard

Created by

Cheryl Lim

Used 15+ times

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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following companies is most likely to use a process costing system?

A law office

A custom home builder

A car repair business

A food manufacturer

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A cost incurred in one processing department that s transferred to the next processing department is called a

Transferred-in cost

Split cost

Conversion cost

Overhead cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When partially completed units are converted to a comparable number of completed units, they are referred to as?

Converted units

Equitable units

Equivalent units

Split-off units

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A process costing system is used by a company that?

Accumulates costs by job

Produces items by special request of customers

Produce homogeneous products

Produces heterogenous products

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Expected Output is equal to

Input – Abnormal Loss

Input – Normal Loss

Input – Abnormal Gain

NONE

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Process costing is applied when

small number of different products are manufactured

large number of different products are manufactured

large number of identical products are manufactured

small numbers of customized made-to-order products are manufactured

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Unit Cost is equal to

Normal Cost ÷ Normal Output

Total Cost ÷ Normal Output

Normal Cost ÷ Total Output

Total Cost ÷ Total Output

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