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Management Sciences 5307 MCQs [All-Courses]

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Management Sciences focuses on the planning, organizing, leading, and controlling of resources to achieve organizational goals.This subject is highly important for competitive exams, academic study, and professional careers in the business and public sectors.

All Topics  5307

The costing method, which calculates per equivalent unit cost of all the production related work done, till calculated date is termed as __________?
A weighted average method
B net present value method
C Gross production method
D net present value method
Correct Answer: weighted average method
The forth step in process costing system is to __________?
A summarize total costs
B compute cost for each equivalent unit
C summarize flow of output
D compute output in units
Correct Answer: compute cost for each equivalent unit
The fifth step in process costing system is to ___________?
A allocate separable costs
B allocate joint costs
C compute gross margin
D assign total cost to completed units
Correct Answer: assign total cost to completed units
The costs that are incurred in last department, where the product has been processed and will be carried to next department for further processing are called __________?
A partial work costs
B transferred-in costs
C transferred-out costs
D weighted average costs
Correct Answer: transferred-in costs
If the beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and units completed in current period are 4000, then ending work in process equivalent units will be ___________?
A 1800 units
B 2300 units
C 10300 units
D 1500 units
Correct Answer: 2300 units
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 units
B 1500 units
C 1300 units
D 1500 units
Correct Answer: 1300 units
The cost of previous department is a part of ____________?
A transferred-in costs
B transferred-out costs
C FIFO costs
D LIFO costs
Correct Answer: transferred-in costs
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
Correct Answer: unit costs
A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as _________?
A accounting period costing system
B process costing system
C job costing system
D none of above
Correct Answer: process costing system
The first step in process costing system is to ___________?
A summarize flow of output
B compute output in units
C summarize total costs
D compute cost for each equivalent unit
Correct Answer: summarize flow of output
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